International.
Global demand for HVAC equipment is projected to increase at an annual rate of 4.1% through 2020 to US$122 billion. Growth will slow from 2010 to 2015, due in large part to an expected moderation in building construction spending in China, the world's largest market for HVAC equipment.
The study, conducted by The Freedonia Group, indicated that this country has also been one of the fastest growing markets in the last decade, reflecting solid increases in construction activity and the demand associated with air conditioning equipment. Even though the pace of growth will slow, China will still record the largest increases of any nation in terms of value, accounting for 31% of the total increase in global sales of HVAC equipment between 2015 and 2020.
Heat pumps will record the largest increase in sales, both in terms of units and value through 2020. Profits in the largest market, in terms of units and value through 2020 will be fixed by air conditioners, which account for the largest proportion of global HVAC equipment sales of any product.
