The demand for HVAC equipment worldwide is projected to increase by more than 5% annually through 2010, topping $65 billion in 2010, according to a study by the Freedonia Group, Inc., Cleveland-based industry market research firm.
Highlights of the study include:
Growth in the U.S. HVAC market will fall short of the international pace due to the relatively high rate of penetration for air conditioners.
Gains in Western Europe also will lag the global average. The gains will be led by the growing demand for air conditioning in more homes.
The Asia/Pacific region will experience the fastest rate of growth at nearly 7% a year.
China will be the fastest-growing national economy due largely to above-average urban population growth and gains in household formations.
India will experience above-average growth due to the growing number of households and rising per capita incomes.
The other developing nations of Asia, Africa and the Mideast will also post solid gains, reflecting rising standards of living in the region.
Cooling equipment growth will outpace heating equipment gains through the period, reflecting lower overall penetration rates of air conditioning equipment.