Global Market of HVAC and Refrigeration is estimated to grow at a CAGR of 5.50%
Global HVACR systems market, which stood at a value of US$81.1 bn in 2015, is likely to progress at a CAGR of 5.50% between 2016 and 2020 and reach an opportunity worth US$130.7 bn by the end of the forecast period.
Albany, New York, December 20, 2016: Today, expansion in the global tourism industry has boosted the emergence of a number of hotels, restaurants and cafes worldwide. This expansion has led people and owners to adopt better heating, ventilation and air conditioning services to the customers. Due to this, the market is forecasted to grow continuously in future and is precisely stated in a new report added to the vast portfolio of Market Research Hub (MRH). It is titled as “HVAC and Refrigeration- Global Industry Analysis, Size, Share, Trends, Growth and Forecast 2016-2024”. Geographically, the market for HVAC and refrigeration systems has been segmented into five regions: North America, Asia-Pacific, Europe, Middle East and Africa (MEA) and South America.
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Further, the market has been segmented on the basis of type, equipment type and end-use. On the basis of type, it covers condensing units, unit coolers, package systems, control devices, HVAC air handling unit, chillers, evaporators, display cases, fan coil, compressor racks, cabinet counter, and walk-in cooling unit. Whereas, on the basis of end-use it has been classified into food service, food processing, supermarket, cold storage & others. As per the research study, evaporators have risen as the most valued product in this market in the last few years and are expected to remain so throughout the forecast period. The revenue generated by evaporators is estimated to cross US$34.1 bn by 2024.
To maintain the quality of food products and to meet the standard for food safety, the adoption of HVAC and refrigeration systems has increased substantially in enterprises like- restaurants, cafes etc. In fact, this trend is likely to remain the same during the forecast period of 2016-2024. The rising consumption of processed food and beverages is also expected to fuel the demand for HVAC & Refrigeration in the coming years. Another major factor driving the market growth is the rising adoption of HVAC and refrigeration (HVACR) systems in the field of food processing which is quite active in countries such as the UAE, Saudi Arabia, Israel and Turkey.
According to the geographical analysis, the research states that currently Asia-Pacific is the largest market which is driven by improving disposable income. Moreover, the growing awareness about energy efficient and environment-friendly products in this region is boosting the demand for air conditioning systems and refrigeration.
Moreover, major players are also profiled in the report such as:Daikin Industries Ltd. Haier Electronics Group Co. Ltd. Mitsubishi Corporation Carrier Corporation Frank technologies The Midea Group Airtex Compressors Foster GE Larsen & Toubro, GEA Group Dover Corporation Hussmann International, Inc. Zero Zone Inc. Lennox International, Inc.
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The report also provides a detailed competitive analysis of the key players in the market and finds various business strategies adopted by them for market growth. Among these, only a few companies, such as Daikin Industries Ltd., Mitsubishi Corp., Haier Electronics Group Co. Ltd. and Carrier Corp. have been able to establish themselves as key vendors of HVACR systems across the world.
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Market Research Hub (MRH) is a next-generation reseller of research reports and analysis. MRH’s expansive collection of market research reports has been carefully curated to help key personnel and decision makers across industry verticals.
Dec 20, 2016