HVAC equipment market to grow by 2022, according to report
Newly published report forecasts growth for HVAC equipment market
A new market research report produced by Credence Research Inc has forecasted significant growth for the heating, ventilation, and air conditioning (HVAC) equipment market for the years 2015-2022.
The report titled ‘Global HVAC (Heating, Ventilation And Air Conditioning) Equipment Market – Growth, Share, Opportunities & Competitive Analysis, 2015 – 2022’ has been published on CredenceResearch.com and suggests that the HVAC equipment market will reach over US$125bn by 2022; a growth of 5.6 per cent.
The HVAC equipment industry supplies heating, ventilation and air conditioning equipment for systems installed in commercial, industrial and residential buildings. HVAC systems are designed to heat, cool and refresh a building’s air supply by controlling humidity and temperature.
According to the report, the HVAC equipment market is expected to grow largely due to the push for energy efficient systems by worldwide governments, which have imposed stricter regulations upon the HVAC industry, including the Montreal Protocol and the Kyoto Protocol.
Another contributing factor to the forecasted modest growth is the global trend for ‘smart homes’, which incorporate app controlled HVAC systems that are eco-friendly. The report suggests that residential construction companies are spending more on this type of smart technology.
The report suggests that the top four global manufacturers of HVAC equipment made up less than 45 per cent of the global market in 2014, as smaller national manufacturers are fundamental players in the HVAC industry.
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