International. According to the 2017 market report on HVAC equipment, this sector is estimated to grow at a compound annual growth rate (CAGR) of 4.9 percent over the period 2017-2021.
As reported by ResearchandMarkets, the latest trend gaining momentum in the HVAC equipment market is the increase in the incorporation of building automation systems (BAS).
Due to the increase in the construction of buildings and modernization projects, the number of BAS installations has increased significantly.
Another important factor is the growing construction sector, which plays a big role in the demand for HVAC equipment. With the increase in the construction of commercial and residential buildings, the demand for HVAC systems will increase, thus driving the market.
In addition, the report states that one of the major factors hindering the growth of this sector is the high competition in the market. Competition has increased due to the presence of many regional and international actors. Due to low-cost offerings of HVAC components by regional suppliers, many international players are unable to retain their control in the HVAC equipment market.
