Table of Contents
World HVAC Equipment examines the global HVAC equipment market. It presents historical data (2005, 2010, 2015) plus forecasts (2020, 2025) for supply and demand, as well as demand by type (room air conditioners, unitary air conditioners, heat pumps, boilers, warm air furnaces, other) and by market (residential, nonresidential), for six regions and 19 major countries worldwide. This study also considers key market environment factors, assesses the industry structure, analyzes company market share and profiles 31 industry competitors worldwide.
The global HVAC equipment industry is affected by two broad trends: the replacement of older equipment with better performing, more energy efficient types in developed countries and new HVAC equipment installations in developing nations. In general, developing nations will offer stronger growth opportunities for equipment sales due to the relatively low levels of existing installations.
Replacement demand leads in developed regions
According to World HVAC Equipment, a study from The Freedonia Group, the developed world has a large installed base of HVAC equipment in both residential and nonresidential buildings. However, many nations with well-established local HVAC equipment markets were faced with economic hardship between 2010 and 2015 that negatively impacted necessary upgrades. This was most pronounced in Italy and Spain, although demand in much of Western Europe was sluggish. Through 2020, HVAC equipment demand in the region is expected to exhibit strong rebounds as economic growth accelerates.
Developing countries provide best opportunities for new installations
On the other hand, The Freedonia Group projects that opportunities for gains in the developing world, where the current installed base is low, will be much greater. Through 2020, India, Indonesia, and Saudi Arabia will provide the three fastest growing markets for HVAC equipment. In each of these countries, there remains significant potential demand for HVAC equipment, and investment will continue to substantial.
Healthy growth forecast for heat pumps
Among the various HVAC products offered, global sales of heat pumps are expected to increase at the most rapid rate. Heat pumps provide both heating and cooling functions in a single unit, and are one of the most energy efficient types of HVAC equipment. This high level of energy efficiency is particularly important in areas such as Western Europe, where energy regulations are strict. Heat pumps are also preferred because they do not take up much space and can provide hot water. To promote heat pump sales, a number of countries offer financial incentives, such as tax credits in the US. Heat pumps are also forecast to experience strong growth in the developing world since they provide more efficient zoned cooling than room air conditioners, and can provide supplemental heating if needed.
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