With the increasing count of new hotels, restaurants, cafes across the world, thanks to the swift expansion of the worldwide tourism industry, the global market for HVAC and Refrigeration (HVACR) systems is likely to witness a sturdy rise in its valuation over the forthcoming years. Apart from this, the increasing implementation of norms and rules for the regulation of food safety and quality is also expecting to boost the adoptions of HVACR systems in the near future.
The opportunity in the global HVACR systems market is likely to increase at a CAGR of 5.50% during the period from 2016 to 2024, rising from US$81.1 bn in 2015 to a value of US$130.7 bn by the end of the forecast period. 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 refrigeration equipment in cold storage and food processing end users, owing to the rising consumption of processed food and beverages.
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Evaporators to Remain Leading Product Segment Thanks to Continued Demand
Condensing units, package systems, unit coolers, control devices, evaporators, chillers, cabinet counters, fan coils, display cases, compressor racks, walk-in cooling units, and HVAC air handling units are the main type of products available in the global market for HVACR systems. Among these, the evaporators segment has surfaced as the most valued product. In 2015, the segment accounted for a share of nearly 26% in the overall revenue generated in the global market.
Researchers predict the demand for evaporators to continue to rise, ensuring the dominance of this segment during the forecast period. However, the segment of display cases is likely to exhibit the most prominent growth rate in the coming years, thanks to the technological advancements in display cases, the cost benefits they offer, and their escalating demand in supermarkets across the world.
Asia Pacific to Continue as Leading Regional Market for HVACR Systems
On the basis of geography, the global market for HVACR systems stretches across North America, South America, the Middle East and Africa, Europe, and Asia Pacific. Asia Pacific, of these, has emerged as the key contributor to the demand for HVACR systems on account of the robust tourism industry. The regional market is also projected to continue its leading steak over the forecast period. India, China, Japan, South Korea, and Australia are anticipated lead the market for HVACR systems in Asia Pacific in the years to come.
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The global HVACR systems market demonstrates a highly fragmented landscape with only a few companies being able to establish themselves as market leaders. At the forefront of this market are Lennox International Inc., Zero Zone Inc., Epta S.p.A., Hussmann International Inc., Dover Corp., Beverage-Air Corp., GEA Group, Larsen & Toubro, Foster GE, Airtex Compressors, Frank technologies, The Midea Group, Carrier Corp., Haier Electronics Group Co. Ltd., Mitsubishi Corp., and Daikin Industries Ltd.
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