Major Drivers Include Growing Urbanization, Rising Disposable Income, Replacement Needs
IRVING, Texas — The global HVAC equipment industry is expected to reach an estimated $105.7 billion by 2019, according to a report by Lucintel, a global management consulting and market research firm. The major drivers of the HVAC equipment industry are growing urbanization, rising disposable income, replacement needs, strict energy regulations, and technological innovations, says the report.
The report, “Global HVAC Equipment Industry 2014-2019: Trends, Forecast, and Opportunity Analysis,” forecasts that the majority of the segments of the HVAC equipment industry will grow moderately from 2014-2019. The residential HVAC equipment market will remain strong due to increasing demand from China and India. The commercial HVAC segment is growing at a healthy rate with expansion of the health care sector, retail stores, and educational building construction activities around the world. Developed countries such as the United States, Japan, as well as the European countries are also likely to witness solid growth.
HVAC equipment manufacturers are continuously adopting new technologies to gain market share, and innovation in equipment technology is expected to further enhance demand for the industry.
Source: www.achrnews.com; May 12, 2014.