HVAC: Key market research findings
- Growing focus on energy savings
- Increase in the adoption of green technology
Technavio has released a new market research report on the global HVAC market, which is expected to grow at a CAGR of around 7% between 2016 and 2020. Of late, the HVAC manufacturers are developing and launching eco-friendly equipment and phasing out chlorofluorocarbons (CFC) and hydrochlorofluorocarbons (HCFC) usage in HVAC equipment. APAC dominates the global market for HVAC systems, accounting for 51% of the total market share. Rising investments in the real estate sector and rapid urbanizations and infrastructure developments are expected to boost the HVAC market in APAC.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Of late, the vendors are focusing on energy savings and maintenance, hence are incorporating the HVAC systems into a single platform, with access control technologies. They are using BAS technology for enhancing interaction and operability among the HVAC, lighting, fire, and security control units of a building. This technology, besides ensuring energy efficiency, also enhances facility management using integrated user-friendly HVAC solutions,” says Anju Ajaykumar, Lead Analyst, Heavy Industry, Technavio Research.
The global HVAC market is shifting towards green technology and smart solutions to promote clean energy and reduce their carbon footprint. HVAC vendors are developing new heating and cooling equipment compatible with eco-friendly refrigerants. Several companies are manufacturing HVAC systems that abide by guidelines to meet Energy Star Ratings and energy guide labels.
The key vendors in the global HVAC market include Carrier, Daikin Industries, Ingersoll-Rand, Johnson Controls, and LG. This market is highly fragmented with the presence of international and regional vendors. Many regional vendors are providing customized HVAC systems at lower prices than international vendors to increase their market presence.
A more detailed analysis is available in the Technavio report, Global HVAC Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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