International. According to a new report published by BSRIA, the global variable speed units (VSD) market size in 2013 was US$839.4 million. With the market driven by legislation and increasing awareness of energy efficiency, it is projected to grow to US$1081.2 million in 2018.
The highest growth rate will be witnessed in Latin America, due to the current small market combined with a higher growth rate of the economy, which leads to growth in the HVAC/R markets. Although the market penetration rate may suffer in the absence of legislation to boost growth, it is anticipated that there will be a high demand for energy overhaul.
In 2013 the largest region was Europe with a total sales figure of US$304.2 million. Despite already being the largest region, it is projected to grow to around US$390 million in 2018, driven by a European Union directive on energy-efficient fans. Europe will remain the largest region despite an overall decline in the HVAC/R market.
The North American market is projected to have a CAGR of 5.7% between 2013 and 2018. In 2013, sales in this segment were US$278.3 million.
