by Corinne Gangloff
July 26, 2021
A new Freedonia Group analysis projects India will be the world’s fastest growing national market for HVAC equipment through 2025. However, the limitations of the nation’s electrical grid will continue to pose an obstacle to penetration of these products. The country is also looking for ways to avoid exacerbating climate issues as use of HVAC equipment intensifies. One effort to address these challenges is the Global Cooling Prize, a program funded by the government of India to spur innovation in super-efficient residential HVAC systems.
In addition to India, a number of other South and Southeast Asian markets hold strong growth potential and face similar challenges, though advances in energy technology – such as China’s recent unveiling of a small modular reactor (SMR) – could aid market development. As these regions develop, suppliers who can introduce products that address their challenges will stand to benefit.
The Freedonia Group projects demand growth in the global HVAC equipment market to pick up relative to the 2015-2020 period, as economies recover from the COVID-19 pandemic. The best opportunities exist:
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Global HVAC Equipment is now available from the Freedonia Group.
This study examines the global HVAC equipment industry by product, market, and global geographic region. Historical data (2010, 2015, and 2020) and forecasts for 2025 and 2030 are presented for HVAC equipment demand and shipments are presented in current US dollars (including inflation). Select products are also provided in units.
Data are further segmented by residential and nonresidential markets:
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