Global Demand for HVAC Equipment to Reach $93.2 Billion In 2014
Global demand for HVAC equipment is projected to rise 6.2 percent per year through 2014 to $93.2 billion. Demand will benefit from recovery in the key US market, which will rebound from dismal levels in 2009.
World HVAC Equipment (published 05/2010, 318 pages) is available from The Freedonia Group, Inc.
Demand growth in the Asia/Pacific region will also outpace the global average, increasing 7.1 percent per year through 2014. China will be the fastest growing national market and comprise about 40 percent of the growth in global demand. Above-average growth will also occur in India due to solid gains in building construction expenditures, a growing number of households and rising per capita incomes. These and other trends are presented in World HVAC Equipment, a new study from The Freedonia Group, Inc., a Cleveland-based industry market research firm.
Despite a modest outlook in the shorter term, US demand for HVAC equipment is expected to rise 8.1 percent per year through 2014. Gains will result from recovery in residential building construction expenditures, which plummeted in 2009 due to the economic recession. Advances in other developed areas, such as Canada and Japan, will be slower, reflecting high penetration rates and modest gains. Low air conditioning system ownership rates in Western Europe (relative to other industrialized nations) will present opportunities, although gains will be limited by below-average growth in building construction expenditures.
Cooling equipment growth will continue to outpace heating equipment gains through 2014, reflecting the lower penetration rates of air conditioning equipment. Among products, room air conditioners will post the strongest gains worldwide. Rising income levels in Asia, especially China, will bolster demand for room air conditioners. In Western Europe, mini-split room air conditioners will post solid advances due to the lack of ductwork in most European homes. Other cooling equipment such as chillers will post solid demand gains due to rising nonresidential construction expenditures.
Source: Freedonia Group