With the evolution of technology in the last few years, there was a transition from traditional industrial practices to the technologically advanced practices. There was no such technology to control the atmospheric temperature during the seasons’ extreme climate change. This, in turn, elevated the need for the adoption of technologically advanced heating ventilation and air-conditioning (HVAC) systems. HVAC systems are used in various application areas such as residential, commercial, and industrials. According to the latest market intelligence report by BIS Research titled, ‘Global Heating Ventilation and Air Conditioning Market-Analysis and Forecast (2018-2024)’, the market is anticipated to register a CAGR of 2.6% in terms of value during the forecast period. This significant market growth is attributed mainly to the revenue generated from the construction sector from the government as well as from private funded projects.
Construction activities in the developing countries of Southeast Asia are gaining pace and hold a significant share in the growth index of the economies. China is already one of the leaders in the world of construction activities and other countries such as India, Philippines, and Indonesia are following the trend in the global construction market. Additionally, the Heating, Ventilation, Air Conditioning, and Refrigeration (HVACR) is also witnessing a growth with the construction market. The rapid urbanization in the developing economies, migration of population to cities, and increasing population has made it inevitable for the nations to stress on their infrastructural development.
The growing demands of the ever-growing population have put an immense pressure on the climate, and the need for its conservation has been escalating with the passing time. The increased pollution level due to industrial advancements and rising population has put forth the dangers of climate change. According to the United Nations Environment Programme (UNEP), approximately 80 to 90% of the energy consumption in buildings is utilized during a building's operational phase. The remaining 10 to 20%, is used during extraction and processing of raw materials along with construction.
The Industrial Revolution changed the face of the traditional industrial practices and new manufacturing processes required temperature control during extreme climate change. Eventually, the demand for temperature control spread from industries to large commercial buildings and residential buildings. The rising temperature is driving environmental changes all over the globe and the need for Heating, Ventilation, Air Conditioning and Refrigeration (HVACR) systems has become a mandate for industries and, commercial buildings. Considered as mere luxury products initially, HVACR systems have become a necessity in the Americas, where Canada and the U.S. account for the major share of HVACR market in the North America.
Middle East and Africa (MEA) region is at the outset of infrastructure development and the Heating, Ventilation Air-conditioning and Refrigeration (HVACR) market in this region is being driven owing to this large scale infrastructural development. HVACR has become a necessity for countries like Saudi Arabia and the United Arab Emirates (U.A.E.), which account for the major share of HAVCR in the MEA region. The increased demand of HVACR in the MEA region is due to the perennial hot climate, growing population, infrastructure, along with urban development among others. Because of this, leading manufacturers in the HVACR market are taking various steps to tap this market by introducing cost effective, energy efficient products in the region.