International.
The opportunity in the global HVACR systems market is likely to increase to a CAGR of 5.50% during the period from 2016 to 2020, going from US$81.1 billion in 2015 to a value of US$130.7 billion at the end of the forecast period, according to Transparency Market Research.
In terms of volume, the market is estimated to expand at a CAGR of 8.0% during the same forecast period, supported by the increasing demand for cold storage refrigeration equipment and food processing end users, owing to the increasing consumption of processed food and beverages.
With the growing number of new hotels, restaurants, cafes around the world, thanks to the rapid expansion of the tourism industry around the world, a robust increase in its upcoming valuation is likely to be observed in the coming years. Apart from this, the increasing implementation of standards and laws for the regulation of food safety and quality is also hoping to drive the adoption of HVACR systems in the near future.
The evaporator segment has emerged as the most valued product. In 2015, the segment accounted for a share of almost 26% of the overall revenue generated in the global market.
Asia Pacific has emerged as the dominant contributor to demand for HVACR systems due to the robust tourism industry. The regional market is also anticipated to continue its main thread during the forecast period. India, China, Japan, South Korea, and Australia are anticipated to lead the HVACR systems market in Asia-Pacific in the coming years.
