Global HVAC Equipment Market 2017-2021
About HVAC Equipment
HVAC (heating, ventilation, and air conditioning) systems offer ventilation and filtration of air to maintain the thermal balance in residential and non-residential buildings. HVAC systems offer ventilation and filtration of air to maintain the thermal balance in residential and non-residential buildings. The various components used in these systems are heat exchangers, pumps, and fans that control and regulate the temperature and humidity levels. The type of HVAC systems required is determined by the air quality of indoor and outdoor environment.
Technavio’s analysts forecast the global HVAC equipment market to grow at a CAGR of 4.9% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global HVAC equipment market for 2017-2021. To calculate the market size, the report considers the revenue generated by the sale of HVAC equipment offered by market vendors.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global HVAC Equipment Market 2017-2021
Technavio recognizes the following companies as the key players in the global HVAC equipment market: Carrier, DAIKIN INDUSTRIES, Ingersoll Rand, Johnson Controls, and LG Electronics.
Other Prominent Vendors in the market are: Bosch Thermotechnik, Electrolux, FUJITSU, GREE ELECTRIC APPLIANCES, Haier, Hitachi, Lennox International, Midea Group, Nortek, and Samsung.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is rise in incorporation of building automation systems. BAS control and monitor HVAC systems that are incorporated in buildings. BAS are embedded with digital communication tools that allow to enhance energy efficiency in these systems. Due to the rise in construction of building and retrofit projects, the number of BAS installations has increased significantly.”
According to the report, one of the major drivers for this market is growing construction sector. The construction sector plays a major role in driving the demand for HVAC equipment. With increasing construction of commercial and residential buildings, the demand for HVAC systems will increase, thereby driving the HVAC equipment market. The construction industry is expanding at large across the globe. There are a lot of factors that lead to the expansion of the construction industry. APAC is a major market for construction activities and is expected to grow at the highest rate during the forecast period.
Further, the report states that one of the major factors hindering the growth of this market is high market competition. Competition has increased in the HVAC equipment market due to the presence of many regional and international players. Due to lower cost offerings of HVAC components by regional vendors, many international players are unable to retain their grip in the HVAC equipment market. In APAC, vendors even sell these components at a subsidized rate, which in turn affects the sales of high-quality premium products provided by international vendors. This also has a significant impact on the brand image, R&D investments, and the pricing strategy of global players.
Carrier, DAIKIN INDUSTRIES, Ingersoll Rand, Johnson Controls, and LG Electronics. Other Prominent Vendors in the market are: Bosch Thermotechnik, Electrolux, FUJITSU, GREE ELECTRIC APPLIANCES, Haier, Hitachi, Lennox International, Midea Group, Nortek, and Samsung.
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