Global HVAC Industry
The global heating, ventilation and air-conditioning (HVAC) equipment market is expected to record an increase in demand of 6% yearly through 2014, bringing market worth to more than $88 billion, according to research from Freedonia.
US market recovery following 2009 lows will lead demand. Growth in the cooling equipment segment will be stronger than in heating equipment gains through 2014 due to a falling off in air conditioning equipment sales. Room air conditioners will lead growth and window-type air conditioner demand will be fuelled by growing levels of income in Asia. Mini-split room air conditioners will witness growing demand in Western Europe.
Growing non-residential construction spending will bolster gains for other cooling equipment, including chillers. China dominates HVAC equipment supply, benefiting from cheaper labor that allows Chinese suppliers to offer more competitive prices. China is an important supplier in the room air conditioner market, with equipment being shipped across Asia and also further afield to Western Europe and the US.