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World HVAC Equipment Demand to Exceed $65 Billion in 2010
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.
For more information on this study, please visit: www.freedoniagroup.com