The objective of this report is to analyze the current scenario of global HVAC industry and to project the market growth over the next 5 financial years. NOVONOUS estimates that Global HVAC market is currently expected to grow at an average annual growth rate of 7% by the year 2020. The growth will be fueled by high growth in emerging economies which will increase the industry base and infrastructure in the regions leading to high demand for HVAC instruments. Increased construction activities, growing replacement demand in developed countries, need for energy efficient HVAC systems and developing infrastructure in emerging countries will be the key driving factors for the industry.

Ambarish Kumar Verma, Managing Director of NOVONOUS Business Consulting Private Limited said “Worldwide industry players in the market are adopting different strategies to increase their market share. Diversification and market development are the two most prominent strategies adopted by players in APAC, whereas product development and market penetration are common strategies adopted by players in North America and Europe. Minimizing competition through M&As has been adopted as a market strategy. The fact that small and regional players hold significant shares in the market will support such strategies and provide opportunities for players to bolster their footholds in the market.”

The sector is likely to see good progress and growth over the next 5 years as the global HVAC market is experiencing a steady push due to recovering world economies, growing industrial base, rising construction activities, helping government rules and regulations, various promotional campaigns from government, rising standard of living and better purchasing power in the society. The trends which are likely to drive the market growth in the near future will be building automation systems, advanced monitoring systems and intelligent technologies, efficient maintenance and personal services for HVAC systems, increased focus on energy savings and maintenance, rise in adoption of smartphones for controlling HVAC devices, implementation of zero-energy systems, rise in use of DEVap (Desiccant-Enhanced Evaporative Air Conditioning) systems, shift toward green technology, growth of smart cities and emergence of smart thermostats. However, environmental regulations and guidelines, high market competition and capital intensive market can be a barrier for the growth of this sector.

This report provides segment-wise and usage wise insights on global HVAC market, growth drivers and inhibitors, key trends, profiles of key players, major challenges for new players, current and future trends and recommendations for policy makers, manufacturers, end users and investors.

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