A recent report published by Infinium Global Research on HVAC equipment market provides an in-depth analysis of segments and sub-segments in the global as well as regional HVAC equipment market. The global HVAC equipment market is projected to grow at a CAGR of 5.5% over the forecast period of 2018-2024.
Pune, India -- (SBWIRE) -- 03/20/2019 -- The HVAC Equipment Market's segment market shares in each geographic region are mentioned in the report, along with the historic and forecast growth rates. Each segment represented visually with supporting reasons to justify the growth rates. IGR's report also covers drivers and restraints in the HVAC equipment market.
Infinium Global Research's report covers the annual growth of the global HVAC equipment market. It also includes chapters on the global HVAC equipment industry trends, geographic analysis, and competitive landscape.
The report also includes a SWOT analysis to present the indicators of strength, weakness, prospects, and risk of the market until the completion of the projection period in 2024.
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HVAC Equipment Market: Market Insights
Heating ventilation and air conditioning (HVAC) equipment are generally utilized at indoor space and vehicle to provide environmental comfort and quality air. The environmental condition of any indoor space or vehicle is controlled by the HVAC equipment by providing cool and fresh air. HVAC helps to filter air, control moisture, and temperature as per one's requirements. HVAC systems help to alleviate airborne contaminants, improve the odor and provide fresh air into space. Boilers, furnaces, heat pumps, centralized air conditioners, chillers, coolers, cooling towers, packaged systems, rooftop units, unitary air-conditioners, and unitary heaters are some of the major HVAC equipment used for commercial, residential, and industrial purposes. Heat exchangers are now widely used as HVAC equipment for heat recovery and ultimately improving energy efficiency, with a significant reduction in energy consumption.
HVAC Equipment Market: Drivers and Restraints
Global warming and climate change in different parts of the world are the major factors propelling the global HVAC equipment market. Technological advancements in HVAC have led to the development of new appliances and equipment for commercial, residential as well as industrial uses. This is set to add to the global demand for HVAC equipment. In the residential sector, demand for smart homes which are energy efficient is increasing, which will contribute to the growth of the HVAC Equipment market.
Investment in the construction sector, especially in real estate and infrastructure is increasing. This is set to increase the demand for HVAC Equipment, as the buildings require new and unique energy efficient solutions for heating, ventilation, and air-conditioning. However, high energy consumption by cooler, heater and boiler based HVAC equipment may restrain the global market. Additionally, high emission from boiler based HVAC equipment is a growing concern among the customers, as it may not comply with the strict emission regulations passed by some governments.
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HVAC Equipment Market: Segmentation
The global HVAC equipment market is segmented mainly on the basis of type and end-user. Air-conditioning is the leading segment of HVAC equipment on the basis of type. Many residential and commercial customers demand cooling and air-conditioning application of HVAC. On the basis of end-user, the residential segment has a substantial market share as compared to the other two segments. This is because of the growing investment in real estate and growing preference of energy efficient air-conditioning solutions for modern buildings and smart houses.
HVAC Equipment Market: Regional Insights
Geographically the global HVAC equipment market is divided into four segments; North America, Europe, Asia-Pacific and rest of the world. North America is the leading market for HVAC equipment followed by Europe and Asia-Pacific. Growing adoption of new technologies, new regulations that stimulate the adoption of energy efficient HVAC systems and need for refurbishing or upgrading the existing HVAC systems are the major factors that contribute to the growth of the North American HVAC equipment market. The incentive programs for replacing old HVAC equipment in some European countries including France, Germany, and the UK are propelling the HVAC systems market in this region.
In Asia-Pacific region, huge population, changing lifestyles, favorable government regulations and programs that encourage adoption of HVAC systems, changing weather conditions related to global warming, the boom in construction activities and growing demand from countries such as China, India, and Japan drive the growth of the HVAC equipment market in this region.
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HVAC Equipment Market: Competitive Analysis
The leading companies in the HVAC equipment market are United Technologies Corporation (Carrier), Haier Inc., Samsung Electronics, Lennox International Inc., Daikin Industries. Ltd., Emerson Electric Company, Electrolux AB, LG Corporation, Panasonic Corporation, Danfoss A/S, and Carrier Corporation among others.