Global HVAC Market 2017-2021
HVAC systems are used to ventilate and filter the air in residential and non-residential spaces to maintain thermal balance. Various components used in these systems are heat exchangers, pumps, and fans. These systems control and regulate the temperature and humidity levels. The type of HVAC system required is determined by the indoor and outdoor air quality. One of the key factors that is driving the demand for HVAC systems is the rapid growth of the construction sector and real estate markets worldwide. Most of the newly constructed, modern buildings have been employing energy-efficient HVAC systems. In addition, urbanization and industrialization have been on the rise in developing countries. This has resulted in an increase in the number of factories, manufacturing units, commercial buildings, and residential complexes that have been using HVAC systems.
Technavio’s analysts forecast the global HVAC market to grow at a CAGR of 5.24% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global HVAC market for 2017-2021. To calculate the market size, the report includes the market segmentation based on HVAC equipment and services, end-users (residential and non-residential), and geography.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global HVAC Market 2017-2021
Technavio recognizes the following companies as the key players in the global HVAC market: Carrier Corporation, DAIKIN INDUSTRIES, Ingersoll Rand, Johnson Controls, and LG Electronics.
Other Prominent Vendors in the market are: ELECTROLUX, Bosch Thermotechnik, FUJITSU, Midea Group, GREE ELECTRIC APPLIANCES, Haier, Hitachi, Lennox International, Nortek, and SAMSUNG.
Commenting on the report, an analyst from Technavio’s team said: “One trend in market is rise in incorporation of building automation systems. BASs, which control and monitor HVAC and other facilities of a given building, are embedded with computing and digital communication tools that allow these systems to enhance energy efficiency. The number of integrated BAS installations has increased owing to the rise in the number of construction projects and building retrofits. The BAS technology has advanced features owing to improvements in the sensor technology, availability of cheaper and faster communication systems, and improved user interfaces. Manufacturers are implementing open protocols, including the Internet protocol, to provide improved control solutions. BAS is becoming a common technology for enhancing the interaction and operability among HVAC, lighting, fire, and security control units of a building. The energy efficiency ensured by the ever-improving BAS technology enables building owners to enhance facility management with integrated user-friendly HVAC solutions. The integration of HVAC controls with access control technologies is one such example.”
According to the report, one driver in market is growing construction sector. The construction sector plays a major role in driving the demand for HVAC systems. With the increase in construction of commercial and residential buildings, the demand for HVAC equipment and services has been increasing, thereby, driving the growth of the global HVAC market. The construction industry is expanding significantly across the globe. There are a lot of factors leading to the expansion of the construction industry. APAC is the major market for construction and is expected to grow at the highest rate during the forecast period. The primary reason for the growth is the ongoing developments in the infrastructure and real estate sectors in the region. An increase in the trend of green buildings owing to the growing environmental concerns will drive the demand for HVAC systems. Office buildings and high-rise buildings adopt HVAC systems for maintaining the temperature within the building premises. Similarly, residential use of HVAC systems is on the rise, particularly in hot regions such as APAC and the Middle East. Design enhancements in housing constructions and increase in the number of building permits are fueling the increase in demand for ACs.
Further, the report states that one challenge in market is high market competition. The presence of many regional and international players has increased market competitiveness. Many international players are unable to retain their foothold in the market owing to lower cost offerings of HVAC components and parts by regional vendors. Some HVAC vendors in APAC sell components and parts at subsidized rates, reducing sales of high-quality premium products provided by international players. This affects the pricing strategy, R&D investments, and brand image of established international players. The competition in the market has increased due to joint ventures and strategic alliances to enhance energy management and automation. In 2015, Hitachi signed an agreement to form a global appliances joint venture with Johnson Controls, which gave the former a majority stake in the HVAC market. As air conditioning systems are key components of building solutions, this partnership helped both companies innovate and deliver high-quality HVAC solutions to their consumers.
Carrier Corporation, DAIKIN INDUSTRIES, Ingersoll Rand, Johnson Controls, LG Electronics, ELECTROLUX, Bosch Thermotechnik, FUJITSU, Midea Group, GREE ELECTRIC APPLIANCES, Haier, Hitachi, Lennox International, Nortek, and SAMSUNG.
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