MOUNTAIN VIEW, Calif., Jan. 6, 2016 /PRNewswire/ -- The demand for energy-efficient systems and rise in consumer confidence has increased the uptake of heating, ventilation and air-conditioning (HVAC) equipment. Homeowners and end users from the construction and commercial verticals are increasingly seeking out technologically innovative solutions as replacement products. Consequently, HVAC equipment suppliers are diversifying their portfolios with respect to system design and technology.
Recent analysis from Frost & Sullivan, Analysis of the Global HVAC Equipment Market (https://www.frost.com/nf5e), finds that the market earned revenues of $80.67 billion in 2014 and estimates this to reach $108.93 billion in 2020, despite its maturity. The study covers unitary equipment, applied equipment, chiller equipment, heat pumps and ductless systems. While unitary equipment dominates the market, it will lose share to ductless systems in the forecast period.
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For HVAC equipment manufacturers, keeping pace with market trends such as the adoption of smart technologies is key to capturing market share. Expanding sales channels through partnerships and acquisitions will also bode well for industry players.
"HVAC equipment manufacturers are resorting to consolidation to establish a stronger market presence," said Frost & Sullivan Energy & Environment Research Analyst Aanchal Singh. "Mirroring the increased integration of equipment and technology, vendors are expected to consolidate with smaller technology firms to build a stronger HVAC business unit offering turnkey solutions."
In addition to market consolidation, the major vendors will have to contend with budget-constrained commercial and institutional consumers that tend to favor products with low initial costs over those with low lifecycle costs and the ability to yield long-term savings.
"Closing the gap in consumer knowledge on the changing complexities of HVAC systems and its long-term benefits will be necessary," concluded Singh. "Maintaining long-standing contractor relationships, impeccable delivery time and robust support services will be an essential component of vendors' business success."
Analysis of the Global HVAC Equipment Market is part of the Building Management Technologies (http://ww2.frost.com/research/industry/environment-building-technologies/building-management-technologies) Growth Partnership Service program. Frost & Sullivan's related studies include: Global Low-voltage Switchgear Market, World Light-emitting Diode Lighting Markets, Global Integrated Facility Management Market, and Global Emergency Lighting Market. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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Analysis of the Global HVAC Equipment Market
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