MOUNTAIN VIEW, California, Jan. 6, 2016 /PRNewswire/ -- The demand for energy-efficient systems and rise in consumer confidence has increased the uptake of heating, ventilation and air-conditioning (HVAC) equipment. Homeowners and end users from the construction and commercial verticals are increasingly seeking out technologically innovative solutions as replacement products. Consequently, HVAC equipment suppliers are diversifying their portfolios with respect to system design and technology.
Recent analysis from Frost & Sullivan, Analysis of the Global HVAC Equipment Market (https://www.frost.com/nf5e), finds that the market earned revenues of $80.67 billion in 2014 and estimates this to reach $108.93 billion in 2020, despite its maturity. The study covers unitary equipment, applied equipment, chiller equipment, heat pumps and ductless systems. While unitary equipment dominates the market, it will lose share to ductless systems in the forecast period.
For complimentary access to more information on this research, please visit: http://bit.ly/1WSavjx
For HVAC equipment manufacturers, keeping pace with market trends such as the adoption of smart technologies is key to capturing market share. Expanding sales channels through partnerships and acquisitions will also bode well for industry players.
"HVAC equipment manufacturers are resorting to consolidation to establish a stronger market presence," said Frost & Sullivan Energy & Environment Research Analyst Aanchal Singh. "Mirroring the increased integration of equipment and technology, vendors are expected to consolidate with smaller technology firms to build a stronger HVAC business unit offering turnkey solutions."
In addition to market consolidation, the major vendors will have to contend with budget-constrained commercial and institutional consumers that tend to favor products with low initial costs over those with low lifecycle costs and the ability to yield long-term savings.
"Closing the gap in consumer knowledge on the changing complexities of HVAC systems and its long-term benefits will be necessary," concluded Singh. "Maintaining long-standing contractor relationships, impeccable delivery time and robust support services will be an essential component of vendors' business success."
Analysis of the Global HVAC Equipment Market is part of the Building Management Technologies (http://ww2.frost.com/research/industry/environment-building-technologies/building-management-technologies) Growth Partnership Service program. Frost & Sullivan's related studies include: Global Low-voltage Switchgear Market, World Light-emitting Diode Lighting Markets, Global Integrated Facility Management Market, and Global Emergency Lighting Market. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants.
Our "Growth Partnership" supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.
- The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.
- The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.
For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?
Analysis of the Global HVAC Equipment Market
Corporate Communications – North America
P: (210) 247.2481
F: (210) 348.1003
SOURCE Frost & Sullivan