LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global heating, ventilation, and air conditioning (HVAC) market to grow at a CAGR of over 5% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global HVAC market for 2017-2021. The report includes the market segmentation based on HVAC equipment and services, end-users (residential and non-residential), and geography.
The global HVAC market is expected to grow at a significant rate during the forecast period. This growth is primarily attributed to the evolving construction industry and increase in income levels in developing countries. The expanding non-residential sector in developing and developed countries has propelled the growth of the market, thereby increasing the consumer base.
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Technavio’s heavy industry analysts highlight the following three factors that are contributing to the growth of the global HVAC market:
Growing construction sector
The construction sector plays a major role in driving the demand for HVAC systems. With the increase in the construction of commercial and residential buildings, the demand for HVAC equipment and services has been increasing, thereby driving the growth of the global HVAC market.
Anju Ajaykumar, a lead unit operations research analyst at Technavio, says, “The construction industry is expanding significantly across the globe. There are a lot of factors leading to the expansion of the construction industry. APAC is the major market for construction and is expected to grow at the highest rate during the forecast period. The primary reason for the growth is the ongoing developments in the infrastructure and real estate sectors in the region.”
Increasing preference for condensing boilers
Countries with extreme climatic conditions prefer HVAC systems for both cooling and heating purposes. The two main systems that are applicable for heating purposes are the furnace-based and boiler-based systems. Furnace-based technology is prominent in the North American and APAC markets, whereas boiler-based systems dominate the European market.
“The major disadvantage of boiler-based systems is its high emissions. To reduce emissions, regulators have formulated standards, compelling manufacturers and consumers to adopt energy-efficient and low-emission boiler systems. New standards are pushing toward the adoption of condensing boiler systems,” adds Anju.
Increasing refurbishment and replacement demand
As part of the energy efficiency renovation of buildings, old HVAC systems are being replaced with modern variants. This is driving the growth of the global HVAC market. The reduction in operating costs, increase in energy efficiency, and favorable government incentives have spurred the need for replacing existing HVAC components and parts in the US, the UK, Germany, and Japan.
According to the US Census Bureau, more than half of the homes in the US were built before 1980. These homes have heating and ventilation systems that can last for more than 20 years. Therefore, millions of homeowners in the Americas will be looking forward to replacing their old HVAC systems with modern ones. This will drive the demand for HVAC units in the US, driving the growth of the HVAC market in the Americas.
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