HVACR Market Update
The market for HVACR equipment is highly developed and is forecast to exhibit modest growth over the 2015-2022 period. The growth is significantly supported by the improved residential construction expenditure across the globe and stringent government regulations promoting the use of energy-efficient HVAC solutions.
Source: Credence Research
The global HVAC market is currently expected to grow at an average annual growth rate of 7% by the year 2020. Such development will be fuelled by high growth in emerging economies, which will increase the industry base and infrastructure in the region, leading to high demand for HVAC instruments.
The global HVAC market is forecast to generate over USD 68.93 billion, at an estimated compound annual growth rate (CAGR) of 4.34% from 2016 to 2022.
Source: Research and Market
Cooling equipment is expected to lead the HVAC market between 2016 and 2022. This growth is attributed to the reduction in energy consumption of the latest cooling equipment, introduction of innovative solutions such as low-global warming potential (GWP) products, changing weather conditions, increase in disposable income, and government grants and tax benefits.
Source: The News
The global market for ventilation fans, which stood at USD 1.6 billion in 2015, is forecast to reach USD 2.4 billion by end-2023, exhibiting a CAGR of 4.9% between 2015 and 2023, according to a report by Transparency Market Research.
Source: The News
The boom in the residential construction sector will drive the market demand for HVAC valves, generating USD 5.71 billion revenue by 2020. Asia-Pacific (APAC) is projected to be the largest market for construction in the coming years, fuelling the demand for more HVAC systems and HVAC valves.