World HVAC Equipment Market

  • May 2014
  • -
  • Freedonia
  • -
  • 425 pages

World demand to rise 6% annually through 2018

Global demand for HVAC equipment is expected to rise roughly six percent per year to $113 billion in 2018. Gains will be aided by continued expansion in building construction activity worldwide and improved spending in developed areas as the global recession of 2009 and subsequent slow recovery limited the market during the 2008-2013 period. Growth will also be driven by increased market penetration, stimulated by rising personal incomes that enable a wider array of individuals to purchase comfort equipment. Additionally, expanded infrastructure, leading to improved access to reliable electricity in developing countries, will provide the energy sources required to power HVAC equipment. Product development is extremely important and will continue to grow at a rapid pace in light of rising interest in more efficient systems and regulations requiring both greater efficiency and, in the case of cooling equipment, the use of more environmentally friendly refrigerants. To this end, HCFCs (e.g., R-22) are increasingly phased out in favor of HFCs (e.g,. HFC-410a), hydrocarbons (e.g., propane), and “natural” refrigerants (e.g., ammonia).

Dominant Asia/Pacific region to gain market share

The largest regional market for HVAC equipment in 2013 was the Asia/Pacific region, with half of the global total. Advances will be propelled by the continuing development of the Chinese market, which will account for 59 percent of regional sales in 2018 and nearly onethird of additional global demand through 2018. India is expected to post the most rapid gains worldwide with double-digit growth of HVAC equipment sales through 2018 aided by expanding electric power infrastructure and HVAC distribution networks, rising incomes, and greater construction spending. However, in many of the least developed countries in the region, growth for HVAC equipment will be restrained by inadequate personal incomes, unreliable power supplies, and limited product availability. In 2013, North America was the second largest regional market, accounting for one-fifth of global sales. The US is the world’s second largest national HVAC equipment market, accounting for 16 percent of global demand in 2013. The enormity of the US market reflects the immense size and advanced nature of the country’s economy. The US market, along with Western Europe and Japan, will see improved sales rates through 2018 as these areas continue to recover from subdued construction activity, nonresidential investment, and consumer spending associated with the 2009 global recession.

Heat pumps to be fastest growing type worldwide

Room air conditioners accounted for approximately one-quarter of global HVAC equipment sales in 2013. Minisplits will achieve the more rapid gains, as these units are generally more energy efficient than window units due to the common inclusion of inverter technology. Heat pumps are projected to register the fastest gains through 2018, arising from a low base. Heat pumps are valued for their energy efficiency and ability to provide both heating and cooling capabilities. Market penetration of these products is relatively low throughout the world, and demand often is dependent on government incentives (e.g., low interest loans, rebates, tax breaks) and low electricity rates (where electricity is the primary energy source).

Study coverage

This upcoming industry study, World HVAC Equipment, presents historical demand data for 2003, 2008 and 2013, plus forecasts for 2018 and 2023 by product, world region and for 18 major countries. The study also considers market environment factors, details global industry structure, evaluates company market share and profiles 31 industry participants worldwide.

Table Of Contents

TABLE OF CONTENTS

INTRODUCTION xi

I. EXECUTIVE SUMMARY 1

II. MARKET ENVIRONMENT 4

General 4
World Economic Overview 5
Recent Historical Trends 5
World Economic Outlook 6
Fixed Investment Trends 10
Personal Income Trends 12
World Demographic Overview 13
Population 14
Households 16
World Urbanization Patterns 18
Building Construction Expenditures 20
Residential Construction Expenditures 22
Nonresidential Construction Expenditures 24
Climate and Cultural Factors 26
Pricing Patterns 28
Legal and Regulatory Issues 29
Montreal Protocol 30
Kyoto Protocol 33
Energy Efficiency 35
Technology and Product Innovation 37

III. OVERVIEW 40

General 40
Regional Overview 41
Demand 41
Production 46
International Trade 49
Demand by Product 51
Room Air Conditioners 53
Unitary Air Conditioners 58
Heat Pumps 61
Boilers 64
Warm Air Furnaces 67
Other Heating and Cooling Equipment 70

IV. NORTH AMERICA 73

General 73
HVAC Equipment Supply and Demand 74
Demand by Type and Market 78
United States 80
Canada 88
Mexico 95

V. WESTERN EUROPE 102

General 102
HVAC Equipment Supply and Demand 103
Demand by Type and Market 107
France 110
Germany 116
Italy 124
Spain 130
United Kingdom 137
Other Western Europe 142

VI. ASIA/PACIFIC 150

General 150
HVAC Equipment Supply and Demand 151
Demand by Type and Market 155
Australia 158
China 166
India 175
Indonesia 184
Japan 192
South Korea 200
Other Asia/Pacific 207

VII. OTHER REGIONS 216

Central and South America 216
HVAC Equipment Supply and Demand 217
Demand by Type and Market 221
Brazil 222
Other Central and South America 230
Eastern Europe 236
HVAC Equipment Supply and Demand 238
Demand by Type and Market 241
Poland 243
Russia 249
Other Eastern Europe 256
Africa/Mideast 262
HVAC Equipment Supply and Demand 264
Demand by Type and Market 267
Turkey 269
Other Africa/Mideast 276

VIII. INDUSTRY STRUCTURE 285

General 285
Industry Composition 286
Market Share 289
Development and Manufacturing 293
Marketing 295
Distribution 297
Mergers and Acquisitions 298
Cooperative Agreements 301
Company Profiles 310
Advanced Distributor Products, see Lennox International
AFG Arbonia-Forster-Holding AG 311
Airwell France, see Elco Holdings
Alliance Compressors, see Emerson Electric,
Ingersoll-Rand, and Lennox International
American Standard Heating and Air Conditioning,
see Ingersoll-Rand
Ariston Thermo Group 313
Blue Star Limited 316
Bosch (Robert) GmbH 319
Broan-NuTone, see Nortek
Carrier, see United Technologies
Carrier Midea India Private, see GD Midea Holding and
United Technologies
CES Group, see Nortek
Chaffoteaux, see Ariston Thermo Group
Chongqing Midea General Refrigeration Equipment, see
GD Midea Holding
Climaveneta, see DeLclima
Daikin Industries Limited 323
Danfoss A/S 331
Dectron Internationale Incorporated 334
De’Longhi SpA 337
DeLclima SpA 338
Dunham-Bush Holding Bhd 340
Elco Holdings Limited 343
Elco Shared Services, see Ariston Thermo Group
Electra Consumer Products 1970, see Elco Holdings
Electrolux AB 346
Emerson Electric Company 348
GD Midea Holding Company Limited 352
Goodman Global Group, see Daikin Industries
Gree Electric Appliances Incorporated 356
Haier Group Company 358
Hitachi Limited 361
Ingersoll-Rand plc 365
International Comfort Products, see United Technologies
JandE Hall International, see Daikin Industries
Jiangsu Chunlan Refrigerating Equipment Stock Company
Limited 370
Johnson Controls Incorporated 371
Kermi, see AFG Arbonia-Forster-Holding
Lennox International Incorporated 377
LG Electronics Incorporated 382
McQuay International, see Daikin Industries
Misr Refrigeration and Air Conditioning Manufacturing,
see GD Midea Holding and United Technologies
Mitsubishi Electric Corporation 385
Nordyne, see Nortek
Nortek Incorporated 389
OYL Group, see Daikin Industries
OYL-Condair Industries, see Daikin Industries and
Johnson Controls
Paloma Company Limited 394
Panasonic Corporation 397
PZP HEATING as, see AFG Arbonia-Forster-Holding
Raypak, see Paloma
RC Group, see DeLclima
Rheem Manufacturing, see Paloma
Ruud Manufacturing, see Paloma
Samsung Electronics Company Limited 401
Sharp Corporation 403
Thermoplus Air, see Dectron Internationale
Trane, see Ingersoll-Rand
United Technologies Corporation 405
Voltas Limited 414
Whirlpool Corporation 416
Zhuhai Gree Daikin Device, see Daikin Industries
and Gree Electric Appliances
Additional Companies 419

LIST OF TABLES

SECTION I -- EXECUTIVE SUMMARY

Summary Table 3

SECTION II -- MARKET ENVIRONMENT

1 World Gross Domestic Product by Region 9
2 World Fixed Investment by Region 11
3 World Per Capita GDP by Region 13
4 World Population by Region 16
5 World Households by Region 18
6 World Urban Population by Region 20
7 World Building Construction Expenditures by Region 22
8 World Residential Building Construction Expenditures
by Region 24
9 World Nonresidential Building Construction Expenditures
by Region 26

SECTION III -- OVERVIEW

1 World HVAC Equipment Demand by Region 44
2 World HVAC Equipment Shipments by Region 48
3 World HVAC Equipment Net Exports by Region 51
4 World HVAC Equipment Demand by Product 52
5 World Room Air Conditioner Demand by Region 57
6 World Unitary Air Conditioner Demand by Region 60
7 World Heat Pump Demand by Region 63
8 World Boiler Demand by Region 66
9 World Warm Air Furnace Demand by Region 69
10 World Other Heating and Cooling Equipment Demand
by Region 71

SECTION IV -- NORTH AMERICA

1 North America: HVAC Equipment Supply and Demand 77
2 North America: HVAC Equipment Demand by Type and Market 79
3 United States: HVAC Equipment Supply and Demand 85
4 United States: HVAC Equipment Demand by Type and Market 88
5 Canada: HVAC Equipment Supply and Demand 92
6 Canada: HVAC Equipment Demand by Type and Market 94
7 Mexico: HVAC Equipment Supply and Demand 99
8 Mexico: HVAC Equipment Demand by Type and Market 101

SECTION V -- WESTERN EUROPE

1 Western Europe: HVAC Equipment Supply and Demand 106
2 Western Europe: HVAC Equipment Demand by Type
and Market 109
3 France: HVAC Equipment Supply and Demand 113
4 France: HVAC Equipment Demand by Type and Market 116
5 Germany: HVAC Equipment Supply and Demand 121
6 Germany: HVAC Equipment Demand by Type and Market 124
7 Italy: HVAC Equipment Supply and Demand 128
8 Italy: HVAC Equipment Demand by Type and Market 130
9 Spain: HVAC Equipment Supply and Demand 134
10 Spain: HVAC Equipment Demand by Type and Market 136
11 United Kingdom: HVAC Equipment Supply and Demand 140
12 United Kingdom: HVAC Equipment Demand by Type
and Market 142
13 Other Western Europe: HVAC Equipment Supply and Demand 146
14 Other Western Europe: HVAC Equipment Demand by Type
and Market 149

SECTION VI -- ASIA/PACIFIC

1 Asia/Pacific: HVAC Equipment Supply and Demand 154
2 Asia/Pacific: HVAC Equipment Demand by Type and Market 157
3 Australia: HVAC Equipment Supply and Demand 162
4 Australia: HVAC Equipment Demand by Type and Market 166
5 China: HVAC Equipment Supply and Demand 172
6 China: HVAC Equipment Demand by Type and Market 175
7 India: HVAC Equipment Supply and Demand 180
8 India: HVAC Equipment Demand by Type and Market 184
9 Indonesia: HVAC Equipment Supply and Demand 189
10 Indonesia: HVAC Equipment Demand by Type and Market 192
11 Japan: HVAC Equipment Supply and Demand 197
12 Japan: HVAC Equipment Demand by Type and Market 200
13 South Korea: HVAC Equipment Supply and Demand 204
14 South Korea: HVAC Equipment Demand by Type and Market 207
15 Other Asia/Pacific: HVAC Equipment Supply and Demand 212
16 Other Asia/Pacific: HVAC Equipment Demand by Type
and Market 215

SECTION VII -- OTHER REGIONS

1 Central and South America: HVAC Equipment Supply
and Demand 220
2 Central and South America: HVAC Equipment Demand
by Type and Market 222
3 Brazil: HVAC Equipment Supply and Demand 227
4 Brazil: HVAC Equipment Demand by Type and Market 230
5 Other Central and South America: HVAC Equipment Supply
and Demand 234
6 Other Central and South America: HVAC Equipment Demand
by Type and Market 236
7 Eastern Europe: HVAC Equipment Supply and Demand 240
8 Eastern Europe: HVAC Equipment Demand by Type
and Market 242
9 Poland: HVAC Equipment Supply and Demand 246
10 Poland: HVAC Equipment Demand by Type and Market 248
11 Russia: HVAC Equipment Supply and Demand 253
12 Russia: HVAC Equipment Demand by Type and Market 256
13 Other Eastern Europe: HVAC Equipment Supply and Demand 260
14 Other Eastern Europe: HVAC Equipment Demand by Type
and Market 262
15 Africa/Mideast: HVAC Equipment Supply and Demand 266
16 Africa/Mideast: HVAC Equipment Demand by Type
and Market 269
17 Turkey: HVAC Equipment Demand Supply and Demand 273
18 Turkey: HVAC Equipment Demand by Type and Market 275
19 Other Africa/Mideast: HVAC Equipment Supply and Demand 281
20 Other Africa/Mideast: HVAC Equipment Demand by Type
and Market 284

SECTION VIII -- INDUSTRY STRUCTURE

1 World HVAC Equipment Sales by Company, 2013 288
2 Selected Acquisitions and Divestitures 300
3 Selected Cooperative Agreements 304

LIST OF CHARTS

SECTION III -- OVERVIEW

1 World HVAC Equipment Demand by Region, 2013 45
2 World HVAC Equipment Demand by Region, 2003-2023 46
3 World HVAC Equipment Shipments by Region, 2013 49
4 World HVAC Equipment Demand by Product, 2013 53
5 World Room Air Conditioner Demand by Region, 2013 58
6 World Unitary Air Conditioner Demand by Region, 2013 61
7 World Heat Pump Demand by Region, 2013 64
8 World Boiler Demand by Region, 2013 67
9 World Warm Air Furnace Demand by Region, 2013 70
10 World Other Heating and Cooling Equipment Demand
by Region, 2013 72

SECTION IV -- NORTH AMERICA

1 North America: HVAC Equipment Demand by Country, 2013 80

SECTION V -- WESTERN EUROPE

1 Western Europe: HVAC Equipment Demand by Country, 2013 110

SECTION VI -- ASIA/PACIFIC

1 Asia/Pacific: HVAC Equipment Demand by Country, 2013 158

SECTION VIII -- INDUSTRY STRUCTURE

1 World HVAC Equipment Market Share, 2013 290

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