According to a new market report published by Lucintel, the future of the global heating, ventilation, and air conditioning (HVAC) market looks good with opportunities in the residential and commercial construction industries. The global HVAC equipment market is expected to reach an estimated $120.6 billion by 2022 and it is forecast to grow at a CAGR of 4.9% from 2017 to 2022. The major drivers of growth are increasing disposable income, rapidly increasing construction activities in developing economies, and changing climate conditions.
In this market, furnace, heat pumps, central AC, and room AC are the segments by product type. On the basis of its comprehensive research, Lucintel forecasts that room AC is expected to show above average growth during the forecast period of 2017 to 2022 due to urbanization and increasing disposable income in emerging economies like China and India.
Within the global HVAC equipment market, residential is expected to remain the largest segment during the forecast period. Increasing penetration of air conditioners and strong growth in construction industry are the major driving forces that will spur growth for this segment over the forecast period.
APAC is expected to remain the largest region due to the increasing rate of urbanization, along with growth in disposable income.