The global HVAC equipment market was valued at almost USD 97 billion in 2016 and is expected to surpass USD 139 billion by 2021
Procurement market intelligence analysts have announced their latest market research report on HVAC equipment for the period 2017-2021. This market analysis considers the key drivers and main emerging trends that will influence the growth of the HVAC equipment market during the forecast period. Some of the top vendors listed in this industry analysis include United Technologies (Carrier), Daikin, LG Electronics, Midea, and Johnson Controls.
Regarding geographical analysis, APAC is the largest shareholder in the global market, with a market share of around 40%. China and India are predicted to grow at a CAGR of around 11% during the forecast period and emerge as the key revenue generators.
According to Angad Singh, a procurement specialist at Technavio for research on category spend intelligence, “The increasing development of smart buildings, grids, and cities will augment the growth of the global HVAC equipment market. The use of superior HVAC systems will help increase the efficiency in energy usage and reduce overload on power grids. The trend of constructing smart cities is boosting the demand for automation and smart appliances in buildings. The integration of communication and data points from connected devices will enable buildings to be more efficient and reduce the load on power grids. The development of smart buildings and grids will allow several building systems and appliances to communicate and enable HVAC equipment to work at low energy costs.”
The new procurement market intelligence report examines some of the key drivers and trends responsible for the growth of this market and its sub-sections.
Advances in technologies
The global market is witnessing a growth in consumer spending on luxury goods and services which in turn, will increase the customer expectation to achieve advanced and sustainable HVAC systems. The manufacturers are focusing on innovating new technologies to fulfil growing expectations concerning efficiency, comfort, cost, health, and safety. The advent of new technologies will help the suppliers to increase the demand for HVAC equipment with better performance and value. The technological advancement will help vendors attract more consumers and will contribute to market growth.
Rising urbanization
The population of emerging countries like India and China is shifting from rural areas to urban areas, which is driving the government and private organization to invest in housing, commercial construction, and infrastructure. The rise in construction activities will boost the demand for new HVAC equipment installations which in turn, will contribute to the growth of the market. Additionally, the growing urban population in MEA will also drive the growth of the HVAC systems in the region.
Growing demand for replacement of old HVAC systems
Various organizations are replacing their old HVAC equipment with the new ones due to the growing awareness on improving energy efficiency, reducing carbon emissions, and operational costs. Such procurement of new machinery will boost the demand for HVAC systems in the global market. Countries such as the UK, the US, and Japan are investing on replacement of their outdated HVAC systems with sustainable HVAC systems that will reduce the overall operational cost.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global HVAC Equipment Market – Procurement Market Intelligence Report 2017-2021.’
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