International. The global HVAC equipment market is projected to reach US$155.1 billion by 2022, according to a new report published by Transparency Market Research.
Demand for all types of HVAC equipment is expected to increase through 2022; However, sales of heat pumps and air conditioners are expected to dominate the market through the forecast period.
The global air conditioning equipment market was valued at US$91.3 billion in 2013 and is projected to grow at a compound annual growth rate (CAGR) of 6.2% from 2014 to 2022. The HVAC equipment market is driven by factors such as increasing population, increasing sales of new homes, increasing construction expenses, increasing industrialization, among others.
By geographic region, HVAC equipment is experiencing a sharp increase in demand across the North American region, closely followed by Asia Pacific, which accounted for more than 50% of the global HVAC market, and is projected to maintain its leading position, thanks to robust economic development in China, India and other countries.
