Residential HVAC: Key market research findings
- Increasing use of smart thermostats
- Growing concerns about improving air quality
Technavio has released a new market research report on the global residential HVAC market, which is expected to grow at a CAGR of more than 10% between 2015 and 2019. The growing per capita income of many developing countries such as India, China, and Brazil has boosted the purchasing power of consumers, which has also increased sales of HVAC equipment. APAC dominates the global market for residential HVACs, accounting fro 53% of the total market share. Rapid urbanization and infrastructure developments are the major factors contributing to the growth of the market in this region.
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.
“Manufacturers are increasing using energy-efficient smart thermostats in HVACs, which can reduce energy use in the residential sector by 20%-30%, and costs by $15 billion and save 100 billion kWh annually. Programmable thermostats are important in energy conservation, where a set point temperature is created when a room is occupied and reverts to an energy-efficient setback temperature when the room is unoccupied. Governments in the US, India, and European countries are encouraging the use of these thermostats to reduce energy wastage,” says Anju Ajaykumar, Lead Analyst, Heavy Industry, Technavio Research
The growing concern for indoor air quality is one of the main reasons driving the growth of the HVAC market. Daily exposure to multiple chemicals, having an indoor presence adds to the increasing prevalence of asthma, autism, childhood cancer and many other medically unexplained symptom. Thus, people have become more aware of these concerns in the recent past and have started adopting measures to prevent these problems leading to an increase in the sales of HVAC equipment.
The key vendors in the global residential HVAC market include Daikin Industries, HCM, and LG Electronics. This market is dominated by the major vendors who have considerable market share. However, the market is facing intense competition from local and Chinese vendors who are selling their products at a reduced cost.
A more detailed analysis is available in the Technavio report, Global Residential HVAC Market 2015-2019.
We can customize reports by other regions and specific segments upon request.
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