International. The most recent reportnReports study indicates that the global HVAC market is growing steadily at a compound annual growth rate (CAGR) of 7% from 2016 to 2020.
The rapid growth of the construction and real estate markets around the world is having a positive impact on the HVAC market. In addition, urbanization and industrialization have been on the rise in developing countries.
New construction in the residential, commercial, and industrial sectors has increased the demand for HVAC systems. Moreover, government regulations introduced by countries around the world are driving the demand for high-efficiency equipment.
Segmented by equipment and services, the HVAC equipment segment dominated the market during 2015, with a market share of around 69%.
Segmented by non-residential and residential, the non-residential buildings segment accounted for 67% of the market share during 2015. Health care and educational institutions, manufacturing and industrial buildings, as well as offices and retail stores comprise non-residential users of HVAC systems.
Geographically, Asia Pacific (APAC) accounted for 51% of the market share during 2015 and is expected to grow at a CAGR of 7% during the forecast period. The report further anticipates China maintaining its market leadership until the end of the forecast period.
