According to a global consulting and market research firm, Lucintel, the areas of growth in Facility Maintenance revenue from the HVAC industry worldwide is on track to reach an estimated $95 billion in 2018.
Even with little changing in this sector over the past five years, only ten companies account for around 56% of the business—United Technologies moved into the top ten during that time period.
A contributing factor this expected growth cycle is the ongoing changes in climate worldwide: Warmer temperatures continue to shape demand.
“The…industry is capital intensive, and with the economy experiencing downturn globally, it is a challenge for many HVAC equipment manufacturers to invest heavily in the industry.”
More importantly, and as the economy continues to make incremental steps upward, home sales and new buildings remain tightly connected to the future of the HVAC industry. Moreover, the growth of residential HVAC systems is considered to remain the “key” to sustaining this upward trend: Industry’s products are funneling into the residential construction sector.
Another factor surrounding this growth is the favorable financing markets, which will continue to support the industry’s marketing of new systems to both the residential and commercial sectors.
In the area of commercial HVAC that segment represents about 51% of the industry’s revenue worldwide.
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