HVAC equipment encompasses equipment used for heating, ventilation, and air conditioning purposes. Efforts undertaken by governments of various nations to reduce greenhouse gases and protect the environment are the key driving force for the market. Shipments are expected to be driven by the need to replace a percentage of the existing conventional equipment emits harmful gases such as chlorofluorocarbons (CFCs) and hydrochlorofluorocarbons (HCFCs). Furthermore, demand for energy saving and efficiency, along with innovation in the field of home automation is expected to fuel the growth of the market globally. However, centralized HVAC systems used in commercial spaces such as hotels and retail centers incur high energy bills, which are expected to inhibit market growth to a certain extent.
Cooling systems are expected to remain the largest segment over the forecast period, and accounted for over 70% of the market in 2012. These include equipment such as coolers and unitary and room air conditioners. Growing demand for cooling devices in Asia Pacific, along with replacement demand for aging cooling equipment in developed economies is driving the growth of this segment. Heating systems comprise unitary heaters, furnaces, boilers, etc., and utilize electricity and gasoline as fuel. This segment is expected to grow slower than the global average, which can mainly be attributed to soaring global temperatures. In addition, demand for heating systems is restricted to a limited number of regions. The residential and commercial sector held majority of the overall market share in 2012. Tourism and construction are key growth areas in commercial applications of HVAC systems, and are expected to gain market share in the coming years.
Fan coil unit (FCU), which is predominantly used in cooling systems as a heat exchange unit, is expected to continue occupying the largest share amongst HVAC system components. Due to considerably lower demand for heating systems, heating unit segment is expected to lose market share over the next few years. Asia Pacific accounted for approximately half of the global market share in 2012. Increasing technological development and high demand from countries such as China and India is expected to boost the market in this region. Although Rest of the World (RoW) is an emerging economy, it is expected to lose market share in the coming years and grow slower than the global average.
Our market research study takes a closer look at the HVAC equipment industry, providing a holistic perspective on market dynamics, trends, supply and demand. Our report deep-dives into the market and segments it on multiple levels and providing key insights on a macro as well as micro level. The study aims at providing granular information, regarding estimates and forecasts for key product segments including heating, ventilation, and cooling systems. Estimates for residential, commercial, and industrial application segments, as well as components of HVAC systems have been provided with yearly forecast up to 2020. The report also provides the same level of information for key regional markets.
The research report analyzes various factors which has been driving and inhibiting the global HVAC equipment market in the past. In addition, the research report analyzes the impact of each driver and restraint on the market growth based on which the market is forecasted. The report also showcases the opportunities available in the market which may act as future drivers for the market.
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