HVAC Market To See Strong Worldwide Growth
By Consulting Specifying Engineer Staff -- Consulting-Specifying Engineer, 9/3/2002 1:00:00 AM CDT
Continued growth in developing nations will help the worldwide market for new heating, ventilating and air-conditioning (HVAC) equipment grow by almost 5% per year through 2006—reaching $110 billion—according to a new report released by the Freedonia Group, a Cleveland-based market research firm.
The HVAC market, which Freedonia estimates at $87 billion currently, will be aided by strong demand for room air conditioners in Western Europe and developing regions. However, the Asia/Pacific region offers HVAC manufacturers the greatest opportunities. Ongoing industrialization in this region, especially in China, and growth in the number of households are expected to be big contributors to ongoing demand increases. Latin America, the Africa/Mideast area and Eastern Europe are also forecasted to see above-average growth.
On the other hand, U.S. demand is not expected to rise at the same level as in other regions. Several years of robust U.S. gains have led to market maturity, and possibly saturation, leading to slower demand going forward, states the report.
For more information on Freedonia's “World HVAC Equipment” report, visit www.freedoniagroup.com.
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