Global HVAC Equipment Market is estimated to grow at a CAGR of 7.71% to reach value of $218750.84 million by 2023
Asia-Pacific dominates with major share and growth in the HVAC Equipment Market :
Asia-Pacific for heating equipment market held maximum revenue of $25432.8 million in 2017. The Heating HVAC unit market is anticipated to grow at a faster CAGR of 11.9% to reach revenue of $56332.94 million by 2023, followed by North America market. The increase in developing countries in middle class families leading towards increasing purchase due to changing lifestyle is the major driver for the industry in the APAC region. Cooling equipment market for Asia-Pacific is expected to grow at a CAGR of 8.14% to register revenue of $79074.44 million by 2023, followed by North America market. Rise in the growing demand for cooling equipment is mostly satisfied by imports of cooling equipment’s, mostly from Chinese manufacturers are helping the market to grown exponentially.
Selected Heating and Cooling Type Analysis done in the full Report:
The HVAC Equipment market is segmented into Heating Equipment’s and Cooling Equipment’s. The revenue generated by HVAC heating equipment contributed to nearly 35% of overall revenue generated by Global HVAC market by generating revenue of $55.30 billion in 2017. The market is expected to grow at a CAGR of 8.90% to reach revenue of $93.22 billion by 2023. Heat pump is a segment of heating equipment market, which is projected to hold highest revenue for the forecast period. The heat pump market is expected to grow at a CAGR of 9.80% to reach revenue of $78.95 billion by 2023. The Cooling equipment contributed nearly to 78.4% of global revenue generated by Global HVAC industry, with Air-Conditioners leading the cooling segment market. The Air-Conditioner market is expected to grow at a CAGR of 7.505% to gain revenue of $103667.50 million by 2023.
Excerpts on Market Growth Factors :
- Increasing cost of energy has forced the manufacturers to develop energy efficient devices. The launch of energy efficient products has maximized and made it more convenient for the consumer to adopt the technology. Hence, the market is expected to continue growing in the coming future.
- Considering new government rules, efficient low carbon heating and its environmental friendly is growing at a good pace and has captured significant market in the residential sector.
- In the commercial sector, the demand for central air conditioners, which establishes cooling towers and chillers is moderately higher due to increasing demand from the construction and refurbishment activity, will lead the market to grow decently.
Key players of the HVAC Equipment Market
The significant marketplace holders in the HVAC market are Carrier, Trane, Johnson Controls followed by Emerson Climate Technologies as well as Lennox. These top players occupy nearly up to 46% of the overall market share. Trane is an organization, which has a model named as Trane XLi Air Source heat Pumps that comes with infinity carrier. Lenonox is known for its products like Signature® Series (XP25, XP21, XP17). York has set of products as Affinity™ Series: YZH and YZF Heat pump, last but not least Daikin has its major patents such as DZ20VC, DZ18TC, DZ16TC, DZ16SA and generally these are used under higher efficiency of equipment.
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