According to market research report “HVAC Equipment Market: By Heating (Heat pumps, Furnace, Boilers) By Cooling (Air Conditioners, Chillers, Cooling Towers) By Ventilation (Air Handling, Treatment Equipment) Application (Residential, Commercial, Industrial, Other) Forecast (2015-2020)”, published by IndustryARC, the HVAC equipment market estimated to reach $200 billion by 2020
Browse 89 Market Tables, 92 Figures spread through 250 Pages and an in-depth TOC on “HVAC Equipment Market”
HVAC systems stand for Heating, Ventilating, and Air Conditioning systems. This group of closely interrelated system provides thermal comfort and good air quality. HVAC systems reduce or eliminate interior airborne contaminants such as odors, volatile organic compounds (VOC’s) produced from interior furnishings, chemicals and others, thereby preventing stagnation of the indoor air and providing fresh outdoor air.
The overall HVAC market has been broadly segmented into Heating, Cooling, Ventilating and General Equipment. Heat Pumps, Warm Air Furnaces, Boilers and Space Heaters are the different types of Heating Equipment. Evaporative Coolers, Air Conditioners, Chillers and Cooling Tower are the different kinds of Cooling Equipment. Ventilation Equipment includes Air Distribution equipment such as Fans, Ducts, Diffusers and Air Treatment Equipment such as Dehumidifier, Air Purifiers and Air Filters.
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According to a recent study from IndustryARC, the HVAC market in 2014 was $128.7 Billion, dominated by APAC region accounting to almost 51% of overall market share growing with CAGR of 9.6%. Factors such as increasing purchasing power and construction activity combined with growing industrialization in developing countries such as China, India, and Indonesia amongst others are driving this market. Due to favorable geographic climate, the major market in APAC is that of cooling market wherein air-conditioners contributes to almost 78% of overall market share. As compared to other geographic regions 47% of evaporative coolers (desert/ swamp coolers) are used in APAC region.
APAC is the largest market for HVAC equipment, followed by the North America and Europe. Growing Smart Buildings market is expected to drive the growth of Smart HVAC equipment and controls market, facilitated further by the advent of the Internet of Things (IOT) market.
The market in North America and Europe which mostly consists of developed countries is saturated wherein the product provided in the market has been maximized. However, increasing concerns regarding the environment has demanded the government of these countries to impose regulations and policies such as tax credits and rebates which is driving the population towards replacement of older units with energy efficient units. Also, product improvements would influence the population to upgrade to newer version of HVAC equipment.
Smart Buildings to Drive Energy Efficient HVAC Sales.
Technological advancement in today’s world has such an impact that, concepts which were once a fiction are turning out to be a reality. One such technology is that of smart buildings. Previously, incorporation of the concept of smart buildings by novelists, comic writers and so on into their writing is just another example of imaginations of smart buildings back then.
Smart building isn’t just a concept now. In fact, it is a reality with rising number of population switching on smart buildings owing to added benefits such as better control and security and most importantly energy efficiency.
Often referred to as intelligent buildings, smart buildings are designed in a way so as to leverage various systems of a building such as lighting systems, safety & security systems, HVAC and so on with the aid of smart grid.
The main aim of smart grid is smart use of available energy resource. It concentrates to minimize the energy used and increase efficiency which is attained through load reduction, load shifting as well as load shedding.
In the west where HVAC systems are an integral part of any building, one of the main concerns is the energy consumption of HVAC system. Hence it is very important to make sure that the building’s HVAC system is as efficient as possible.
The need for energy efficient HVAC systems has led to development of a whole new range of product portfolio of Smart HVAC. Generally HVAC systems are connected onto the grid and comprise Smart HVAC Controls which are equipped with sensors that are able to monitor the surroundings and relay the information directly to the HVAC system for making suitable adjustments. These systems with functions such as setpoint management, optimal start/stop, pre-cooling, setpoint reset, schedule optimization, staggered load start and so facilitate in satisfying the three major requirements of a smart building.
Backed with intelligent components such as smart thermostats, smart sensors, smart meter and amongst others that are accessible through smartphone and web applications, smart HVAC would change the overall dynamics of traditional HVAC industry.
Also with western and European countries, both at local as well as federal level, aiming to mandate energy efficient HVAC systems by promoting policies such as tax credits and rebates, combined with increasing penetration rate of smart buildings, the demand for smart HVAC systems is likely to increase causing paradigm shift in the HVAC industry.
The HVAC industry worldwide is extremely fragmented with domestic, international and even unorganized players present in almost every geographic region. The products are less differentiated as HVAC systems contain similar basic components such as compressors, coils, fans etc. This results in competitive pricing due to intense rivalry.
The Market is analyzed by the following End User Verticals:
Following Key Players were also covered as part of the market landscape analysis:
- United Technologies Corp. (Carrier),
- Ingersoll-Rand PLC (Trane),
- Lennox Intl,
- Daikin Industries Ltd,
- Haier Group Co.,
- LG Electronics Incorporated
- Johnson Controls Incorporated amongst others.
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