Published Date : Apr 21, 2016
A heating, ventilation, and air conditioning (HVAC) equipment is installed to provide heating and cooling in residential, commercial, or heating buildings. Apart from providing fresh outdoor air, HVAC is also installed to remove indoor airborne contaminants such as odors emitted by the furnishings used and other volatile organic compounds. Owing to the benefits it offer HVAC equipment is anticipated to penetrate successfully in both industrial and commercial sectors, apart from making its presence felt in the residential segment. HVAC equipment in the industrial segment will exhibit a moderate growth.
Demand from Commercial Sector to Boost HVAC Equipment Market
The rising demand from the commercial sector, increasing expectation of consumers, technological advancements, implementation of stringent government policies, and significant weather fluctuations are among the primary reasons fuelling demand for advanced heating, ventilation, and air conditioning equipment. The enterprises operating in the market also have been benefiting from the rising demand for HVAC equipment in Asia Pacific. However, on the flip side high energy consumption by these equipment has been a major factor posing threat to the market’s smooth run. Nevertheless, the launch of green technologies in HVAC equipment, and the proliferation of smart homes and energy-efficient systems will give a major boost to the market in the near future.
Based on product type, the global HVAC equipment market was dominated by the air conditioning equipment in 2013. By application, the market was led by the commercial segment, however, the residential segment is expected to exhibit growth at the fastest pace in the near future. The tourism and construction industry will account for the majority demand generation in the commercial sector.
Asia Pacific to Dominate Global HVAC Equipment Market
Regionally, the global HVAC market is segmented into Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa. Among these regions, Asia Pacific has been exhibiting the fastest growth. The region accounted for over 50% of the global HVAC market in 2013. The region is expected to maintain its dominance over the forecast period as well, due to the robust economic growth exhibited by India and China. Additionally, China is the largest producer of HVAC hence, apart from catering to the demand generated internationally, the country also addresses the demand for low-priced HVAC generating locally.