Technavio analysts forecast the HVAC equipment market in Europe to grow at a CAGR of over 4% during the forecast period, according to their latest market research report.
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Technavio has published a new market research report on the HVAC equipment market in Europe from 2018-2022. (Graphic: Business Wire)
The increased focus on predictive maintenance is one of the major trends being witnessed in the HVAC equipment market in Europe 2018-2022. The need for data collection and analysis to solve complex industrial HVAC maintenance tasks is driving the demand for the Internet of Things (IoT)-enabled devices. IoT-enabled devices such as wireless acoustic transmitters and steam trap monitors helps in monitoring HVAC system operations. Predictive maintenance reduces the overall downtime and increase operational efficiency due to which end-users have shifted their focus towards it.
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According to Technavio analysts, one of the key factors contributing to the growth of the HVAC equipment market in Europe is the increasing demand for energy-efficient HVAC systems:
HVAC equipment market in Europe: Increasing demand for energy-efficient HVAC systems
To cater to the growing demand for manufactured goods, several industries are increasing their production volumes, which has increased the need for energy-efficient equipment in different industrial processes. On average, in most industries, nearly 9% of the cost of production is spent on electricity, increasing consumption of electricity in energy-intensive industries has propelled regulatory authorities to encourage the adoption of energy-efficient equipment such as HVAC.
According to a senior analyst at Technavio, “For industrial users a significant proportion of their overall operating costs includes heating, cooling, and ventilation costs. Therefore, these end-users need to increase their operational efficiency. This is encouraging many process and discrete industries to shift from traditional HVAC systems to more energy-efficient ones.”
HVAC equipment market in Europe: Segmentation analysis
The HVAC equipment market in Europe research report provides market segmentation by end-user (non-residential and residential), and by region (Italy, Germany, France, UK, and RoE). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The non-residential segment held the largest market share in 2017, accounting for nearly 67% of the market. This end-user segment is expected to dominate the global market throughout the forecast period.
Italy led the market in 2017 with a market share of over 14%. This region is expected to dominate the market through 2022.
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Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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