Keywords : hvac equipment, heat pump, air conditioning, heating, air-conditioning system, cooling
World demand to rise 6.1% annually through 2016 Global demand for HVAC equipment is forecast to rise 6.1 percent yearly through 2016 to $107 billion. This growth rate is an acceleration from the gains of the 2006-2011 period, reflecting in part the reduced 2011 bases of the developed countries as the global recession of 2009 restrained construction spending and reduced access to financing. Economic recovery and the corresponding im...
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World demand to rise 6.1% annually through 2016
Global demand for HVAC equipment is forecast to rise 6.1 percent yearly through 2016 to $107 billion. This growth rate is an acceleration from the gains of the 2006-2011 period, reflecting in part the reduced 2011 bases of the developed countries as the global recession of 2009 restrained construction spending and reduced access to financing. Economic recovery and the corresponding improvement in construction activity in several key markets, particularly the large US market, through 2016 will boost gains.
US, China to remain key HVAC equipment markets
The North America region is expected to post the fastest growth rate through 2016, boosted primarily by the US recovery. Gains in other developed areas, such as Canada and Japan, will be slower, reflecting already high penetration rates and markets that were less affected by the global recession. Low air conditioning system ownership rates in Western Europe (relative to other industrialized nations) will offer opportunities, although gains will be limited by the slowest regional growth in building construction expenditures through 2016. However, regulations regarding energy efficiency and the use of more environmentally friendly refrigerants will boost sales of HVAC equipment in developed markets. Demand growth in the Asia/Pacific region will also outpace the worldwide average, increasing 6.5 percent per year through 2016. Four of the world’s fastest growing national markets are in this region, led by India and Indonesia with double-digit annual gains. Rapid growth in building construction spending, along with rising industrialization and per capita incomes, the ongoing modernization of the housing stock, and opportunities arising from the relatively low penetration rates will aid advances. China will register the largest growth, comprising one-third of global demand gains from 2011 to 2016. Market gains have predominantly been spurred by the nation’s rapid industrialization, resulting in large increases in building construction expenditures, as well as by rising personal incomes and government supports that boosted market penetration in rural areas. Government subsidies supporting the purchase of more energy efficient systems will continue to aid gains. China has also grown into the world’s leading supplier of HVAC equipment, benefiting not only from its relatively inexpensive labor pool, but also from its favorable exchange rates, which have made the price of Chinese goods especially competitive. However, the growing cost of labor, materials, refrigerants, and energy, coupled with duties imposed on imported Chinese HVAC equipment in some parts of the world, is expected to erode the country’s advantage somewhat through the forecast period.
Heat pumps, unitary air conditioners to pace gains
Sales of all types of HVAC equipment are expected to improve through 2016 from reduced 2011 bases. However, heat pumps will continue to achieve the fastest growth rates through the forecast period. These gains reflect the lower penetration rates in many markets, as well as the ability of these systems to provide both heating and cooling capabilities, and greater energy efficiency than most other cooling systems. Demand for unitary air conditioners is also projected to exhibit above average gains globally, particularly in markets with strong nonresidential construction activity.
Study coverage
This upcoming industry study presents historical data (2001, 2006, 2011) plus forecasts for 2016 and 2021 for supply and demand, demand by product and market in six world regions and 18 countries. The study also assesses market environment factors, evaluates company market share and profiles 33 global industry players.
Global Hvac Industry
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 7
Fixed Investment Trends 11
Personal Income Trends 13
World Demographic Overview 15
Population 16
Households 17
World Urbanization Patterns 19
Building Construction Expenditures 20
Residential Construction Expenditures 22
Nonresidential Construction Expenditures 24
Climatic & Cultural Factors 26
Pricing Patterns 27
Legal & Regulatory Issues 28
Montreal Protocol 29
Kyoto Protocol 31
Energy Efficiency 33
Technology & Product Innovation 34
III. OVERVIEW 37
General 37
Regional Overview 38
Demand 38
Production 43
International Trade 45
Demand by Product 47
Room Air Conditioners 49
Unitary Air Conditioners 53
Heat Pumps 56
Boilers 59
Warm Air Furnaces 62
Other Heating & Cooling Equipment 65
IV. NORTH AMERICA 68
General 68
HVAC Equipment Supply & Demand 69
Demand by Type & Market 72
United States 74
Canada 81
Mexico 87
V. WESTERN EUROPE 94
General 94
HVAC Equipment Supply & Demand 95
Demand by Type & Market 99
France 101
Germany 107
Italy 115
Spain 122
United Kingdom 129
Other Western Europe 134
VI. ASIA/PACIFIC 142
General 142
HVAC Equipment Supply & Demand 143
Demand by Type & Market 147
Australia 149
China 156
India 165
Indonesia 173
Japan 179
South Korea 187
Other Asia/Pacific 194
VII. OTHER REGIONS 202
Central & South America 202
HVAC Equipment Supply & Demand 203
Demand by Type & Market 206
Brazil 208
Other Central & South America 215
Eastern Europe 222
HVAC Equipment Supply & Demand 223
Demand by Type & Market 226
Poland 228
Russia 234
Other Eastern Europe 242
Africa/Mideast 248
HVAC Equipment Supply & Demand 250
Demand by Type & Market 253
Turkey 255
Other Africa/Mideast 262
VIII. INDUSTRY STRUCTURE 271
General 271
Industry Composition 272
Market Share 275
Daikin Industries 276
Gree Electric Appliances 277
United Technologies 277
Ingersoll-Rand 278
GD Midea 279
Other Leaders 279
Development & Manufacturing 279
Marketing 282
Distribution 284
Merger & Acquisitions 285
Cooperative Agreements 289
Company Profiles 300
Airwell Air Conditioning, see Elco Holdings
Alliance Compressors, see Emerson Electric, Ingersoll-
Rand, and Lennox International
Allied Air Enterprises, see Lennox International
American Standard Heating and Air Conditioning, see
Ingersoll-Rand
Ariston Thermo Group 301
Blue Star Limited 305
Bosch (Robert) GmbH 309
Broan-NuTone, see Nortek
Carlyle Compressor, see United Technologies
Carrier, see United Technologies
Chunlan Group Corporation 313
Cipag (Switzerland), see Ariston Thermo Group
Circul-Aire, see Dectron Internationale
Climaveneta, see DeLclima
Compania Tecno Industrial, see Electrolux
Control Products, see Emerson Electric
Daikin Industries Limited 315
Danfoss A/S 323
Dectron Internationale Incorporated 330
De’Longhi SpA 333
DeLclima SpA 335
Dunham-Bush Holding Berhad 337
Ecosaire, see Dectron Internationale
Elco Holdings Limited 340
Elco Shared Services, see Ariston Thermo Group
Electra, see Elco Holdings
Electrolux AB 345
Emerson Electric Company 347
Empresa Brasileira de Compressores, see Whirlpool
Flex-Tek Group, see Smiths Group
Fusite, see Emerson Electric
GD Midea Holding Company Limited 353
Goodman Global Incorporated 356
Gree Electric Appliances Incorporated 358
Haier Group Company 361
Hartford Compressors, see Dunham-Bush Holding
Berhad
Heatcraft Australia, see Lennox International
Hitachi Limited 365
Huntair, see Nortek
Ingersoll-Rand plc 369
J&E Hall International, see Daikin Industries
Johnson Controls Incorporated 376
Kermi GmbH 382
Lennox International Incorporated 383
LG Electronics Incorporated 389
Maytag, see Whirlpool
McQuay International, see Daikin Industries
MHS Boilers, see Ariston Thermo Group
Misr Refrigeration and Air Conditioning Manufacturing,
see GD Midea Holding and United Technologies
Mitsubishi Electric Corporation 392
Nordyne, see Nortek
Nortek Incorporated 396
OYL-Condair Industries Sdn Berhad, see Daikin
Industries and Johnson Controls
OYL Manufacturing Sdn Berhad, see Daikin Industries
Paloma Company Limited 402
Panasonic Corporation 405
Raypak, see Paloma
RC Group, see DeLclima
RefPlus, see Dectron Internationale
Rheem Manufacturing, see Paloma
Ruud Manufacturing, see Paloma
Samsung Electronics Company Limited 409
SANYO Electric, see Panasonic
Sharp Corporation 411
Smiths Group plc 413
Tecumseh Products Company 415
Thermoplus Air, see Dectron Internationale
Therm-O-Disc, see Emerson Electric
Trane, see Ingersoll-Rand
Tutco, see Smiths Group
United Technologies Corporation 418
Voltas Limited 428
Whirlpool Corporation 431
York Malaysia Sales & Services Sdn Berhad, see Daikin
Industries and Johnson Controls
Additional Companies in World HVAC Equipment 435
LIST OF TABLES
SECTION I -- EXECUTIVE SUMMARY
Summary Table 3
SECTION II -- MARKET ENVIRONMENT
1 World Gross Domestic Product by Region 11
2 World Fixed Investment by Region 13
3 World Per Capita GDP by Region 15
4 World Population by Region 17
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 25
SECTION III -- OVERVIEW
1 World HVAC Equipment Demand by Region 41
2 World HVAC Equipment Shipments by Region 44
3 World HVAC Equipment Net Exports by Region 47
4 World HVAC Equipment Demand by Product 48
5 World Room Air Conditioner Demand by Region 52
6 World Unitary Air Conditioner Demand by Region 55
7 World Heat Pump Demand by Region 58
8 World Boiler Demand by Region 61
9 World Warm Air Furnace Demand by Region 64
10 World Other Heating & Cooling Equipment Demand
by Region 66
SECTION IV -- NORTH AMERICA
1 North America: HVAC Equipment Supply & Demand 71
2 North America: HVAC Equipment Demand by Type & Market 73
3 United States: HVAC Equipment Supply & Demand 78
4 United States: HVAC Equipment Demand by Type & Market 81
5 Canada: HVAC Equipment Supply & Demand 85
6 Canada: HVAC Equipment Demand by Type & Market 87
7 Mexico: HVAC Equipment Supply & Demand 91
8 Mexico: HVAC Equipment Demand by Type & Market 93
SECTION V -- WESTERN EUROPE
1 Western Europe: HVAC Equipment Supply & Demand 98
2 Western Europe: HVAC Equipment Demand by Type
& Market 100
3 France: HVAC Equipment Supply & Demand 105
4 France: HVAC Equipment Demand by Type & Market 107
5 Germany: HVAC Equipment Supply & Demand 112
6 Germany: HVAC Equipment Demand by Type & Market 115
7 Italy: HVAC Equipment Supply & Demand 120
8 Italy: HVAC Equipment Demand by Type & Market 122
9 Spain: HVAC Equipment Supply & Demand 126
10 Spain: HVAC Equipment Demand by Type & Market 128
11 United Kingdom: HVAC Equipment Supply & Demand 132
12 United Kingdom: HVAC Equipment Demand by Type
& Market 134
13 Other Western Europe: HVAC Equipment Supply & Demand 138
14 Other Western Europe: HVAC Equipment Demand by Type
& Market 141
SECTION VI -- ASIA/PACIFIC
1 Asia/Pacific: HVAC Equipment Supply & Demand 146
2 Asia/Pacific: HVAC Equipment Demand by Type & Market 148
3 Australia: HVAC Equipment Supply & Demand 153
4 Australia: HVAC Equipment Demand by Type & Market 156
5 China: HVAC Equipment Supply & Demand 162
6 China: HVAC Equipment Demand by Type & Market 165
7 India: HVAC Equipment Supply & Demand 169
8 India: HVAC Equipment Demand by Type & Market 172
9 Indonesia: HVAC Equipment Supply & Demand 177
10 Indonesia: HVAC Equipment Demand by Type & Market 179
11 Japan: HVAC Equipment Supply & Demand 184
12 Japan: HVAC Equipment Demand by Type & Market 187
13 South Korea: HVAC Equipment Supply & Demand 191
14 South Korea: HVAC Equipment Demand by Type & Market 194
15 Other Asia/Pacific: HVAC Equipment Supply & Demand 199
16 Other Asia/Pacific: HVAC Equipment Demand by Type
& Market 201
SECTION VII -- OTHER REGIONS
1 Central & South America: HVAC Equipment Supply
& Demand 205
2 Central & South America: HVAC Equipment Demand by Type
& Market 207
3 Brazil: HVAC Equipment Supply & Demand 212
4 Brazil: HVAC Equipment Demand by Type & Market 215
5 Other Central & South America: HVAC Equipment Supply
& Demand 219
6 Other Central & South America: HVAC Equipment Demand by
Type & Market 221
7 Eastern Europe: HVAC Equipment Supply & Demand 225
8 Eastern Europe: HVAC Equipment Demand by Type & Market 227
9 Poland: HVAC Equipment Supply & Demand 231
10 Poland: HVAC Equipment Demand by Type & Market 234
11 Russia: HVAC Equipment Supply & Demand 239
12 Russia: HVAC Equipment Demand by Type & Market 242
13 Other Eastern Europe: HVAC Equipment Supply & Demand 246
14 Other Eastern Europe: HVAC Equipment Demand by Type
& Market 248
15 Africa/Mideast: HVAC Equipment Supply & Demand 252
16 Africa/Mideast: HVAC Equipment Demand by Type & Market 254
17 Turkey: HVAC Equipment Demand Supply & Demand 259
18 Turkey: HVAC Equipment Demand by Type & Market 261
19 Other Africa/Mideast: HVAC Equipment Supply & Demand 267
20 Other Africa/Mideast: HVAC Equipment Demand by Type
& Market 270
SECTION VIII -- INDUSTRY STRUCTURE
1 World HVAC Equipment Sales by Company, 2011 274
2 Selected Acquisitions & Divestitures 287
3 Selected Cooperative Agreements 292
LIST OF CHARTS
SECTION III -- OVERVIEW
1 World HVAC Equipment Demand by Region, 2011 42
2 World HVAC Equipment Demand by Region, 2001-2021 42
3 World HVAC Equipment Shipments by Region, 2011 45
4 World HVAC Equipment Demand by Type, 2011 49
5 World Room Air Conditioner Demand by Region, 2011 53
6 World Unitary Air Conditioner Demand by Region, 2011 56
7 World Heat Pump Demand by Region, 2011 59
8 World Boiler Demand by Region, 2011 62
9 World Warm Air Furnace Demand by Region, 2011 65
10 World Other Heating & Cooling Equipment Demand
by Region, 2011 67
SECTION IV -- NORTH AMERICA
1 North America: HVAC Demand by Country, 2011 74
SECTION V -- WESTERN EUROPE
1 Western Europe: HVAC EQUIPMENT Demand
by Country, 2011 101
SECTION VI -- ASIA/PACIFIC
1 Asia/Pacific: HVAC EQUIPMENT Demand by Country, 2011 149
SECTION VIII -- INDUSTRY STRUCTURE
1 World HVAC Equipment Market Share, 2011 276
