Global HVAC Equipment Market to Reach US$155.1 bn by 2022 owing to Introduction of New HVAC Supplies by Leading Players

A large number of leading market players have started introducing new energy-efficient HVAC supplies and products. The introduction of new HVAC equipment by the leading players is expected to boost the global HVAC market during the period from 2014 to 2022.

Recently, Johnson Controls Inc. inaugurated its new Source 1 HVAC Supply Center in Jacksonville, Florida. New product displays, opportunity to personally interact with the vendors, and interactive demos were some of the key highlights of the opening ceremony. Source 1 is an exclusive supplier of factory-approved residential accessories and service parts. The newest center offers a wide variety of universal HVAC parts, accessories, and supplies from many manufacturers. The new Source 1 HVAC center joins the ranks of the other four centers in Florida inaugurated in 2014 in Pompano Beach, Fort Myers, Tampa, and Orlando. 

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The new Source 1 HVAC center offers everything that the contractors need: equipment, supplies, or even training on using HVAC tools. This center promises to save time for the contractors, thus contributing positively to their productivity, and improve their overall profitability. A wide range of HVAC test instruments, supplies, and tools such as recovery equipment, gauges, and vacuum pumps, electric fittings, pipes, and filters are also offered at the Source 1 HVAC center. The supply center gives contractors an opportunity to avail training programs and gain technical expertise on handling new HVAC equipment from the store employees.

Heating, ventilation, and air conditioning (HVAC) equipment is used for heating or cooling industrial, residential, or commercial buildings. HVAC systems provide fresh air to eliminate airborne impurities such as odors and volatile organic compounds.

Asia Pacific to Register Highest Demand for HVAC Equipment by 2022

The global HVAC equipment market is expected to progress from a valuation of US$91.3 bn in 2014 to US$155.1 bn by 2022 at a healthy CAGR of 6.20%. Factors such as the increasing average disposable income of the global populace, increase in the number of households due to increasing preference for nuclear families, rising urbanization, technological developments, and changes in government policies are expected to propel the global HVAC market in the years to come. The global HVAC market is segmented on the basis of geography, end-use application, and equipment type. Increasing demand for HVAC products, tools, and supplies from the commercial segment in Asia Pacific will boost the global HVAC market in the coming few years. Asia Pacific is on the verge of becoming the fastest growing region in the global HVAC market in the coming few years. However, high energy consumption of HVAC products is expected to restrict the growth of the global HVAC market during the forecast period.

Growing Demand for HVAC equipment from Non-residential Sector to Propel Global HVAC Market
Factors such as growing demand for smart homes, adoption of green technologies, and the introduction of energy-efficient systems are predicted to create new opportunities for the global HVAC equipment market in the years to come. 

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The unitary air-conditioners segment is predicted to be the fastest growing segment of the global market in the next few years. By end-use application, the global HVAC market is led by the non-residential sector. Some of the leading companies in the global HVAC market are LG Corporation, Samsung Electronics, Haier Inc., AB Electrolux, Daikin Industries Ltd., Panasonic Corporation, and Lennox International Inc.