CLEVELAND, July 26, 2021 /PRNewswire/ — A New Freedonia Group Analysis Project India will be the world’s fastest growing national market for HVAC equipment until 2025. However, the limitations of the national electricity grid will continue to hinder the penetration of these products. The country is also looking for ways to prevent climate problems from worsening as the use of HVAC equipment increases. One attempt to address these challenges is the Global Cooling Prize, a program funded by the government of India to drive innovation in super-efficient residential HVAC systems.
In addition to India, a number of other South and Southeast Asian markets have strong growth potential and face similar challenges, although advances in energy technology – such as China’s recent unveiling of a small modular reactor (SMR) – could support market development. As these regions develop, suppliers will benefit who can introduce products that meet their challenges.
Global demand for HVAC equipment is increasing by 3.9% annually to: $132 billion in 2025
Freedonia Group’s projects call for growth in the global HVAC equipment market to pick up from 2015-2020 as economies recover from the COVID-19 pandemic. The best odds are there:
- in connecting the increased interest in indoor air quality from the pandemic era with the upgrade of existing heating and cooling systems
- for systems that offer improvements in energy efficiency or that use newer and more environmentally friendly refrigerants
- in regions with still limited market penetration, either for economic or cultural reasons
- where the housing stock continues to increase
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 2025 and 2030 forecasts are presented for demand for HVAC equipment and shipments are expressed in current US dollars (including inflation). Certain products also come in units.
- room air conditioners
- heat pumps: air to water heat pumps (ie conventional heat pumps), including split heat pumps and packaged heat pumps; and geothermal heat pumps (including both ground and water source types), including closed and open circuit systems
- unitary air conditioners (including split, multi-split and single-package units)
- boilers, including cast iron and steel grades and district heating boilers
- convection ovens, also called convection ovens
- other HVAC equipment, including absorption chillers, dehumidifiers, humidifiers, liquid chillers, packaged terminal air conditioners, and room and zone heaters
The data is further segmented by residential and non-residential markets:
- residential (single-family homes; terraced single-family homes – e.g. townhouses; multi-family homes; manufactured homes)
- non-residential buildings (institutional buildings, office and commercial structures, industrial facilities and other non-residential structures such as airport and bus terminals, recreational buildings, police stations, fire stations and prisons)
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SOURCE The Freedonia Group