Worldwide sales of heat pumps and unitary air conditioners, along with a US recovery and
rapid growth in China, will spur gains in overall HVAC equipment demand through 2016.
Global HVAC demand to
reach $107 billion in 2016
Global demand for HVAC equipment is
projected to increase 6.1 percent per
year through 2016 to $107 billion. This
growth rate is an acceleration from the
gains of the 2006-2011 period, reflecting
in part the reduced 2011 bases of the
developed countries as the global recession
of 2009 restrained construction
spending and reduced access to
financing. Economic recovery and the
corresponding improvement in construction
activity in several key markets,
particularly the large US market, will aid
gains through 2016.
North America will pace developed
region gains; China
to be fastest growing nation
North America is anticipated to achieve
the fastest average annual advances
through 2016, boosted primarily by the
US recovery. Gains in Canada will be
slower, reflecting already high penetration
rates and construction markets that
were less affected by the global recession.
Low air conditioning system
ownership rates in Western Europe (relative
to other industrialized nations) will
present opportunities, although gains will
be limited by the slowest regional growth
in building construction through 2016.
However, regulations regarding energy
efficiency and the use of more environmentally
friendly refrigerants will boost
sales of HVAC equipment in Western
Europe and other developed markets.
HVAC demand growth in the Asia/Pacific
region will outpace the global average,
increasing 6.4 percent per year through
2016. Four of the world’s fastest growing
national markets reside in this region.
Rapid growth in building construction
spending, along with rising industrialization
and per capita incomes, the ongoing
modernization of the housing stock, and
opportunities arising from the relatively
low penetration rates, will aid advances.
China will exhibit the largest growth,
comprising one-third of global demand
gains from 2011 to 2016. Market gains
have predominantly been spurred by the
nation’s rapid industrialization, resulting
in large increases in building construction
expenditures, as well as by rising
personal incomes and favorable government
programs that boosted market
penetration in rural areas.
Heat pumps, unitary air
conditioners to lead gains
Sales of all types of HVAC equipment
are expected to improve through 2016
from low 2011 bases. Heat pumps will
continue to post the fastest growth, reflecting
the lower penetration rate in
many markets, plus the ability of these
systems to provide both heating and
cooling capabilities, and to offer greater
energy efficiency than most other cooling
systems. Demand for unitary air conditioners
will also register above average
gains, particularly in markets with strong
nonresidential construction activity.
This study analyzes the $79.6 billion world HVAC equipment industry. It presents historical demand data for the years 2001, 2006 and 2011, and forecasts for 2016 and 2021 by product (e.g., room air conditioners, unitary air conditioners, heat pumps, boilers, warm air furnaces), world region and for 18 major countries.
The study also considers market environment factors, details industry structure, evaluates company market share and profiles 34 industry participants, including Daikin Industries, Gree Electric Appliances and United Technologies (UTC).