HVAC Market Growing Steadily at 7% CAGR to 2020 as Construction Sector Booms
PUNE, India, December 15, 2015 /PRNewswire/ --
The newly published report on global heating, ventilating, and air conditioning (HVAC) market says IoT seamlessly connects rooftop units or HVAC systems to the cloud and secures the aggregating, filtering, and sharing of data. Once the data extracted from rooftop units are transferred to the cloud, intercommunication between machines through the cloud generates external data such as the weather and utility rates. This converts the function of HVAC systems from reactive to predictive. It also benchmarks the performance and redefines the process of measuring the efficiency of a system.
Complete report Global HVAC Market 2016-2020 spread across 109 pages, analyzing 5 major companies and providing 38 data exhibits is now available at http://www.reportsnreports.com/reports/447854-global-hvac-market-2016-2020.html.
The research analyst predicts the global HVAC market to grow steadily at a CAGR of 7% during the forecast period. According to the report, rapid growth in the construction and real estate markets worldwide has had a positive influence on the market, as most modern buildings use energy-efficient HVAC systems. In addition, urbanization and industrialization have been on the rise in developing countries. 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 has resulted in an increase in the number of factories, manufacturing units, and residential complexes that use HVAC systems.
Advances in monitoring systems and intelligent technology are expected to aid the growth of 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. Order a copy of Global HVAC Market 2016-2020 report @ http://www.reportsnreports.com/purchase.aspx?name=447854.
Equipment and services segmentation and analysis of the HVAC market: Equipment (sub-segmented by heating, ventilation, and air-conditioning equipment) and Services. 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 and 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.
Geographically, APAC accounted for 51% of the market share during 2015 and is expected to grow at a CAGR of 7% during the forecast period. The 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.
The key players in the global HVAC market are Carrier, Daikin Industries, Ingersoll-Rand, Johnson Controls and LG. And the other prominent vendors in the market are: AB Electrolux, Bosch Thermotechnik, Fujitsu, GD Midea, Gree Electric Appliances, Haier, Hitachi, Lennox International, Nortek, Paloma Industries, Samsung, Siemens, and Vaillant Group.
Further, the report states that the presence of many regional and international players has increased market competitiveness. Many international players are unable to retain their foothold in the market owing to the low-cost of HVAC systems offered by regional vendors.
Explore other new reports on HVAC Market at http://www.reportsnreports.com/tags/hvac-market-research.html.
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