Technavio Releases New Report on Global Residential HVAC Market
By Business Wire News
By Business Wire News
In this report, Technavio’s tools and components research experts announce their key market highlights for the global residential HVAC market. Their findings include:
Global residential HVAC market to grow at a CAGR of over 10%
The global residential HVAC market was valued at USD 60.3 billion in 2014 and is likely to reach USD 98.8 billion in 2019, posting a CAGR of 10.4%.
“The International Energy Agency has established many regulations such as the Annex 68 with an aim to make HVAC systems more energy-efficient while maintaining air quality, boosting the need for efficient HVAC systems. These standards have compelled global manufacturers to outsource their manufacturing bases to China, also in attempt to compete with low-cost Chinese vendors,” said Technavio lead heavy industry research analyst Sayani Roy. “Economic groups such as the International Network for Information on Ventilation and Energy (INIVE) are also undertaking research activities to improve energy ratings of products.”
Another key driver of the market is the improved operations and maintenance of homes. According to the report, operations and maintenance costs account for 20%-30% of total average housing costs.
“To address this issue, energy efficiency concepts are being introduced, such as new insulation and windows that ensure reduced air leaks and balance the temperature inside a room. Maintenance expenses are reduced by providing registered and licensed suppliers to building owners. They are also encouraged to opt for consolidated purchasing,” said Sayani.
Asia-Pacific (APAC) held the largest market share in 2014 and is likely to retain its position through 2019
The global residential HVAC market in APAC was valued at USD 31.7 billion in 2014 and is likely to reach USD 51.4 in billion in 2019, growing at CAGR of over 10%.
Real estate investments in APAC has boosted the need for residential HVAC systems. In September 2013, real estate development led to capital growth in related industries such as construction and manufacturing by 49.3% compared to the previous year. Land deals in these industries have also increased substantially due to heavy investment in developing land sites in cities in emerging economies such as China. In these countries, investments are driven by infrastructural development, especially in the residential sector. Rapid urbanization and infrastructure developments in China will drive demand for efficient HVAC systems in new residential establishments, as nearly 200 million people are forecast to move to urban areas in the next decade.
Unitary air conditioners (ACs) held the largest market share in 2014 will retain their popularity through 2019
The global residential unitary AC market was valued USD 27 billion in 2014 and is likely to reach USD 51.65 billion in 2019, growing at a CAGR of 13.8%. This segment accounted for nearly 45% of the market in 2014 and will increase its stranglehold to 52.3% by 2019.
Unitary AC systems include ductless split ACs, ducted ACs, variable refrigerant flow (VRF), self-contained ACs, and rooftop ACs. Ductless split ACs dominate the segment. Adverse climatic changes worldwide, along with rising industrialization in developing countries, have heightened the need for ductless split ACs.
China is the largest producer and supplier of unitary ACs. Many local vendors and established conglomerates alike have sizable market shares in the country and provide unitary ACs at competitive prices. The growing presence of local vendors is affecting not only vendors in China, but also other developing countries such as Brazil, Indonesia, and India. China produces almost 65% of the world’s unitary ACs and sells nearly 38% within the country; the remaining 27% is exported to other countries.
Browse Related Reports:
- Global Protective Relay Market 2016-2020
- Global Water and Gas Valves Market 2016-2020
- Global Servo Motor Market 2016-2020
Purchase these three reports for the price of one by becoming a Technavio subscriber. Subscribing to Technavio’s reports allows you to download any three reports per month for the price of one. Contact email@example.com with your requirements and a link to our subscription platform.
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
If you are interested in more information, please contact our media team at firstname.lastname@example.org.
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770