Growth forecasted for global Heating, Ventilation and Air Conditioning (HVAC) market
HVAC market to grow between 2016 and 2022
A report carried out by Research and Markets suggests that the global Heating, Ventilation and Air Conditioning (HVAC) market will continue to grow between 2016 and 2022.
The report, titled “Global Heating, Ventilation and Air Conditioning (HVAC) Market – Forecast & Analysis, 2016-2022”, claims that the industry will be worth $68.93 billion (£47bn) by the year 2022, which would be a compound annual growth rate (CAGR) of 4.34% between 2016 and 2022.
Research and Markets said that the growth is due to a rise in global population, the returning stability of the economy after the 2005 Financial Crisis, a rallying of the housing market and the innovation of new energy efficient resources, including the development of hybrid air conditioning technology and the increasing popularity of Packaged Terminal Air Conditioner (PTAC) systems (also known as split air conditioners).
The report states that there will be an increase in demand for HVAC services and systems in South America and North America. The report summary reads: “… robust demand is anticipated to come from the Americas over the forecasted period, Asia-Pacific continues to be the leading revenue generator in the global HVAC market.”
Due to the emerging market economies of China and India, and South East Asian countries including Thailand, the geographical area of Asia-Pacific is currently the global leader in the HVAC market.
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