Frost & Sullivan estimates that the market for global HVAC systems is likely to reach $108.93 billion by 2020 based on their analysis that this marketplace earned $80.67 billion revenues in 2014. As the global economy reconstructs slowly, the HVAC market will continue its growth among business as well as residential establishments.
This study covered applied equipment, unitary equipment, heat pumps, ductless systems, and chillers. Unitary systems dominate the market, but still it’s anticipated that shares would be lost to ductless equipment in the prediction period.
The increasing demand for energy efficient equipment and consumer confidence has led to an up-surge in the acceptance of HVAC systems, according to Frost & Sullivan. The key for HVAC manufacturers for capturing the market share is to keep up their pace with the trends in the market like the acceptance of smart technologies. Industry players can also perform well by expanding their sales channels through acquisitions and partnerships. Major players in the market like www.trane.com, www.nationalairwarehouse.com, www.reitmeiernw.com and www.watsco.com consider these two aspects to be of paramount importance for their success. And these players believe that the main driving factors for the growth of HVAC market are increase in sales of new homes, increasing population, rising construction expenses, and developing industrialization.
A research analyst at Frost & Sullivan Energy & Environment said – “HVAC equipment manufacturers are resorting to consolidation to establish a stronger market presence. Mirroring the increased integration of equipment and technology, vendors are expected to consolidate with smaller technology firms to build a stronger HVAC business unit offering turnkey solutions.”
Besides market consolidation, the key market players will need to compete with budget-restricted institutional and commercial clients that tend to support products that demand lower initial costs as against those that have the ability to offer long-term savings with low costs through the lifecycle.
The research analyst went on to say – “Closing the gap in consumer knowledge on the changing complexities of HVAC systems and its long-term benefits will be necessary. Maintaining long-standing contractor relationships, impeccable delivery time, and robust support services will be an essential component of vendors’ business success.”
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