Asia-Pacific for heating equipment market held a maximum revenue of $25432.8 million in 2017. The Heating [FURL=https://www.industryarc.com/PressRelease/1629/HVAC-Equipment-Market-Research.html]HVAC unit market[/FURL] is anticipated to grow at a faster CAGR of 11.9% to reach revenue of $56332.94 million by 2023, followed by North America market. The increase in developing countries in middle-class families leading towards increasing purchase due to changing lifestyle is the major driver for the industry in the APAC region. Cooling equipment market for Asia-Pacific is expected to grow at a CAGR of 8.14% to register a revenue of $79074.44 million by 2023, followed by North America market. The rise in the growing demand for cooling equipment is mostly satisfied by imports of cooling equipment’s, mostly from Chinese manufacturers are helping the market to grow exponentially.HVAC Equipment Market Overview:
Heating, Ventilating and Air-conditioning systems are used for providing indoor comfort by maintaining good air quality. The market for HVAC equipment was valued at $156.33 billion in the year 2017 and is estimated to reach by $242.59 billion by 2023 at an estimated CAGR of 7.6%. China is the leading industry in the global HVAC market due to its stable rise in the economy. APAC held the largest market share in the cooling equipment market generating 56% of the total revenue.
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HVAC Equipment Market Growth drivers:
The increasing demand in the residential and commercial infrastructure have led to the rise in urbanization. This growing demand in the construction industry will drive the HVAC equipment market. The rise in the population in various regions such as Asia-Pacific and North-American regions will in turn leads to the development in residential buildings which is also a major driver for the HVAC equipment market. The other drivers include the changes in the atmospheric conditions, advancement of technologies and replacement of aging equipment and many more.
Key players of the HVAC Equipment Market
The significant marketplace holders in the HVAC market are Carrier, Trane, Johnson Controls followed by Emerson Climate Technologies as well as Lennox. These top players occupy nearly up to 46% of the overall market share. Trane is an organization, which has a model named as Trane XLi Air Source heat Pumps that comes with infinity carrier. Lenonox is known for its products like Signature® Series (XP25, XP21, XP17). York has set of products as Affinity™ Series: YZH and YZF Heat pump, last but not least Daikin has its major patents such as DZ20VC, DZ18TC, DZ16TC, DZ16SA and generally these are used under higher efficiency of the equipment.
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