Product Code: IRTNTR8183
Market outlook of the global HVAC market
Technavio's research analyst predicts the global HVAC market to grow steadily at a CAGR of 7% during the forecast period. The increase in construction activities worldwide is a key growth driver for this market. New constructions in the residential, commercial, and industrial sectors have increased the demand for HVAC systems, which improves building efficiencies, thus generating high revenue for the market. Moreover, government regulations introduced by countries worldwide compel HVAC system vendors to comply with industry standards. For instance, the Commercial Building Disclosure outlined by the Australian government provides a high incentive for improving the performance and efficiency of HVAC systems. It requires building owners selling or leasing office spaces larger than 2,000 square meters to comply with energy efficiency standards. This, in turn, has been encouraging the installation of efficient HVAC systems.
Advances in monitoring systems and intelligent technology are expected to aid the growth of the HVAC market. Monitoring systems help in tracking the energy consumption of a building while intelligent technology controls the energy output of an HVAC system. For instance, fans used in the heating system of computing systems are switched on only after the computing system reaches the set temperature, making the system energy efficient. The integration of the Internet of things (IoT) with HVAC systems is also opening new avenues for the market in terms of revenue. This research report predicts the commercial building sector to be the earliest adopter of this technology, as this integration would enhance the efficiency and reliability of the BAS.
Equipment and services segmentation and analysis of the HVAC market
- Equipment (sub-segmented by heating, ventilation, and air-conditioning equipment)
The HVAC equipment segment dominated the market during 2015, with a market share of around 69%. The growing population and industrialization, rising sales of domestic and commercial buildings, increasing construction expenditure, and the expanding purchasing power of the middle class are the key growth drivers for this segment.
End-user segmentation and analysis of the HVAC market
- Non-residential buildings
- Residential buildings
The non-residential segment accounted for 67% of the market share during 2015. Healthcare and educational institutions, manufacturing and industrial buildings, as well as offices and retail stores are the non-residential users of HVAC systems. The increase in construction activities rapid industrialization, as well as the need for enhancing energy efficiency in buildings, are driving the growth of HVAC systems.
Geographical segmentation and analysis of the global HVAC market
APAC accounted for 51% of the market share during 2015 and is expected to grow at a CAGR of 7% during the forecast period. Technavio's analysts expect the rise in investments in real estate to boost the HVAC market in APAC. The report further anticipates China to retain its market leadership until the end of the forecast period.
Competitive landscape and key vendors
The global HVAC market is diversified with the presence of international and regional vendors. Many regional vendors are providing customized HVAC systems at lower prices than international vendors for increasing their market presence. Though several new vendors are foraying into the market, they find it difficult to compete with the international vendors in terms of quality, features, functionalities, and services.
The leading vendors in the market are
- Daikin Industries
- Johnson Controls
The other prominent vendors in the market include AB Electrolux, Bosch Thermotechnik, Fujitsu, GD Midea, Gree Electric Appliances, Haier, Hitachi, Lennox International, Nortek, Paloma Industries, Samsung, Siemens, and Vaillant Group.
Key questions answered in the report include
- What will the market size and the growth rate be in 2020?
- What are the key factors driving the global HVAC market?
- What are the key market trends impacting the growth of the global HVAC market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the vendors in the global HVAC market?
- Trending factors influencing the market shares of the Americas, APAC, and EMEA?
- What are the key outcomes of the five forces analysis of the global HVAC market?
Technavio also offers customization on reports based on specific client requirement.
Table of Contents
PART 01: Executive summary
PART 02: Scope of the report
- Market overview
- Top-vendor offerings
PART 03: Market research methodology
- Research methodology
- Economic indicators
PART 04: Introduction
PART 05: Market landscape
- Market overview
- Heating equipment
- Future developments
- Market size and forecast
- Five forces analysis
PART 06: Market segmentation by equipment and services
- Global HVAC market by equipment and services
- Global HVAC market by services
PART 07: Market segmentation by end user
- Global HVAC market by end-user
- Global HVAC market by residential users
- Global HVAC market by non-residential users
PART 08: Geographical segmentation
- Global HVAC market by geography
- HVAC market in APAC
- HVAC market in EMEA
- HVAC market in Americas
PART 09: Market drivers
- Increased construction activities
- Growing replacement demand in developed countries
- Need for energy-efficient HVAC systems
- Developing infrastructure in emerging countries
PART 10: Impact of drivers
PART 11: Market challenges
- Environmental regulations and guidelines
- High market competition
PART 12: Impact of drivers and challenges
PART 13: Market trends
- Building automation systems
- Advanced monitoring systems and intelligent technologies
- Efficient maintenance and personal services for HVAC systems
- Increased focus on energy savings and maintenance
- Growth of smart cities
- Rise in adoption of smartphones for controlling HVAC devices
- Implementation of zero-energy systems
- Rise in use of DEVap systems
- Shift toward green technology
- Emergence of smart thermostats
PART 14: Vendor landscape
- Competitive scenario
- Other prominent vendors
PART 15: Key vendor analysis
- Daikin Industries
- Johnson Controls
- LG Electronics
PART 16: Appendix
PART 17: Explore Technavio
List of Exhibits
- Exhibit 01: Global HVAC market
- Exhibit 02: Global HVAC market by equipment
- Exhibit 03: Basic components of HVAC systems
- Exhibit 04: Technological advances in HVAC controls
- Exhibit 05: Global HVAC market 2015-2020 ($ billions)
- Exhibit 06: EPBD regulations milestones
- Exhibit 07: Global HVAC market by equipment and services 2015
- Exhibit 08: Global HVAC market by equipment and services 2020
- Exhibit 09: Global HVAC market by equipment and services 2015-2020
- Exhibit 10: Global HVAC market by equipment 2015-2020 ($ billions)
- Exhibit 11: Global HVAC equipment market overview 2015-2020
- Exhibit 12: Global HVAC market by heating equipment 2015-2020 ($ billions)
- Exhibit 13: Global HVAC market by air conditioning equipment 2015-2020 ($ billions)
- Exhibit 14: Global HVAC market by ventilation equipment 2015-2020 ($ billions)
- Exhibit 15: Global HVAC market by services 2015-2020 ($ billions)
- Exhibit 16: Global HVAC market by end-user 2015
- Exhibit 17: Global HVAC market by end-user 2020
- Exhibit 18: Global HVAC market by end-user 2015-2020
- Exhibit 19: Global HVAC market by residential users 2015-2020 ($ billions)
- Exhibit 20: Global HVAC market by non-residential users 2015-2020 ($ billions)
- Exhibit 21: Global HVAC market by geography 2015
- Exhibit 22: Global HVAC market by geography 2020
- Exhibit 23: Global HVAC market by geography 2015-2020
- Exhibit 24: HVAC market in APAC 2015-2020 ($ billions)
- Exhibit 25: HVAC market in EMEA 2015-2020 ($ billions)
- Exhibit 26: GDP of leading countries in Europe 2012-2015
- Exhibit 27: HVAC market in Americas 2015-2020 ($ billions)
- Exhibit 28: Privately owned housing units in the US (thousands)
- Exhibit 29: Housing unit sales in top seven cities in India (thousands)
- Exhibit 30: Impact of drivers
- Exhibit 31: Impact of drivers and challenges
- Exhibit 32: Impact of maintenance on energy savings for chiller components and rooftop units
- Exhibit 33: Smartphone penetration in major countries 2014-2015
- Exhibit 34: Carrier: Product segmentation
- Exhibit 35: Daikin Industries: Business segmentation by revenue 2015
- Exhibit 36: Ingersoll-Rand: Business segmentation by revenue 2014
- Exhibit 37: Johnson Controls: Business segmentation by revenue 2014
- Exhibit 38: LG Electronics: Business segmentation by revenue 2014