HVAC and Refrigeration (HVACR) Systems Market – Key Players are Mitsubishi Corp., Haier Electronics

According to a new report by Transparency Market Research (TMR), the global market for HVAC and refrigeration (HVACR) systemsdemonstrates a highly competitive and fragmented structure with no clear leadership. Only a few companies, such as Daikin Industries Ltd., Mitsubishi Corp., Haier Electronics Group Co. Ltd., Carrier Corp., have been able to establish themselves as key vendors of HVACR systems across the world.

Currently, the leading market players are focusing aggressively on developing energy efficient refrigeration systems in order to curb the energy consumption of equipment. However, over the forthcoming years, these companies are likely to begin engaging in mergers, acquisitions, and various strategic partnerships in a bid to expand their business through new service additions and geographical presence.

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As per TMR’s estimations, the global HVACR systems market, which stood at a value of US$81.1 bn in 2015, is likely to progress at a CAGR of 5.50% between 2016 and 2020 and reach an opportunity worth US$130.7 bn by the end of the forecast period. Boosted by the augmenting demand for refrigeration equipment in cold storage and food processing units, the shipment volume of HVACR systems is estimated to rise at a CAGR of 8.0% over the same forecast period. Evaporators have emerged as the most valued product in this market in the last few years and are expected to remain so throughout the forecast period. The revenue generated by evaporators is estimated to cross US$34.1 bn by 2024.

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HVACR Systems to Continue to Witness Strong Demand in Asia Pacific

Geographically, the worldwide market for HVACR systems is spread across South America, North America, the Middle East and Africa, Asia Pacific, and Europe. Among these, Asia Pacific acquired the leading position in 2015 with a share of nearly 36% in the overall market. Thanks to the robust rise in the tourism industry, researchers expect this regional market to maintain its dominance during the forecast period. Due to the high pace of urbanization, Australia, India, Japan, China, and South Korea are likely to drive the market for HVACR systems in Asia Pacific over the next few years.

Apart from this, North America and Europe are also expected to register a healthy rise in their respective markets for HVACR systems market in the forthcoming years, states the research report.

Condensing units, package systems, unit coolers, control devices, evaporators, chillers, cabinet counters, fan coils, display cases, compressor racks, walk-in cooling units, and HVAC air handling units are the main type of products available in the global market for HVACR systems. Among these, the evaporators segment has surfaced as the most valued product. In 2015, the segment accounted for a share of nearly 26% in the overall revenue generated in the global market.

Researchers predict the demand for evaporators to continue to rise, ensuring the dominance of this segment during the forecast period. However, the segment of display cases is likely to exhibit the most prominent growth rate in the coming years, thanks to the technological advancements in display cases, the cost benefits they offer, and their escalating demand in supermarkets across the world.

Researcher Tech Trends Up To Date. Market research is an important component of modern business strategy; the process of systematic gathering