A new report by the Transparency Market Research (TMR), forecasts some good news for any HVAC professional; forecasting good growth for the Heat, Ventilation, Air Conditioning and Refrigeration systems, with a highly competitive field with fragmented structure and no clear leader.
Though there are some companies, such as Mitsubishi Corp., and Haier Electronics Group Co. Ltd., who have managed to establish themselves as key players in the HVACR field, as the bigger vendors of HVACR systems across the globe.
As of the current market, the leaders in the field are focusing aggressively on development with regards to energy efficiency with HVACR systems, which are expected to be followed with several mergers, acquisitions, and the establishment of various strategic partnerships, all so that companies can expand their businesses with new service additions and new locations adding geographical presence.
According to TMR’s estimations and HVACR systems market is set to grow from US$81.1 to US$130.7 by 2020, the end of the forecast period. This growth is predicted to be caused by a demand for refrigeration equipment, particularly for the cold storage and food processing units, which the report estimates will lead to a rise of the HVACR systems’ CAGR by 8.0% over the forecast period covering 2016 to 2020.
According to the author of the study, the rise of the tourism industry leading to the development of new hotels, restaurants and cafés across the world, the HVACR field’s demand rises alongside them, both for the air conditioning and to ensure that the quality of food products meet the standards for health and food safety.
The report also geographically sections the market, showing where an HVAC professional is more likely to see the most business, with the Asia Pacific region being the leading portion of the global market in 2015, with a share percentage sitting around 36%. Researchers expect that this region would retain that lead, as the tourism industry in the Asia Pacific region rising robustly. Additionally, the notably high rate of urbanization in the region, particularly Australia, Japan, India, China and South Korea, is seen as likely to drive the HVACR systems market over the next few years.