Competition in the global HVAC equipment market has reached unprecedented levels with the major market players working overtime to invent better business strategies, according to Transparency Market Research (TMR).
In a new TMR research report, the market intelligence firm said mergers and acquisitions are expected to become the watchword for market players who want to eliminate smaller players.
"When Daikin acquired Goodman, it was evident that the former would now be able to exert more influence in the North American market," the report said.
"Market players are also focused on staying abreast of the latest developments in the HVAC market to expand their product portfolios."
TMR listed LG, Lennox International, Carrier Corporation, Samsung Electronics., Haier Ltd., AB Electrolux, Panasonic and Daikin as the major players that are expected to come up with key business strategies, cost-cutting hacks, and other vital steps to reap profits from the market.
TMR said the market would grow at a CAGR of 6.20 per cent through to the year 2022. The market value is projected to reach $US155.1 bn by 2022 from a value of $US91.3 bn in 2013. Based on application, the commercial sector has outdone the industrial and residential sectors.
In terms of regional progress, the market in Asia Pacific held over 50% of the total market share, and is expected to keep reigning over other regional markets. This supremacy of the region is attributable to the economic growth of India and China.
Technological developments have trickled down to the HVAC industry where market players are in a position to offer better products and services. This propels demand within the market because the promise of more comfort is appealing to the end-user. Furthermore, government regulations to equip industrial, commercial, and residential sectors with better HVAC systems has also popularized HVAC technology.
TMR said technologies have improved considerably over the past demand with consumers now demanding advanced products.
The consumers have been witnessing the betterment of technologies for the past decade, which has led them to demand advanced products.
TMR said smart homes are now preferred by a large chunk of the financially stable population. Moreover, energy efficient HVAC equipment is also expected to create commendable opportunities within the market.