One of the key drivers propelling the HVAC demand on a global level is urbanization. The urbanization rates in industrial countries are above 75%, whereas urbanization is still in a relatively early stage in developing countries. This is particularly true in the case of South Asia, Sub-Saharan Africa, and Southeast Asian regions, where approximately 50% of people live in urban areas. According to Atlantic Council, India, with a population of approximately 1.4 billion, is expected to reach 46% of urbanization by 2040. Indonesia, Malaysia, Thailand, the Philippines, Singapore, and Vietnam are expected to witness strong growth in the residential construction sector. For instance, as per the Construction Outlook for Asia, the Indonesian construction industry, driven mainly by government investment in energy infrastructure, is expected to continue to expand at a healthy rate, with investments in housing, transport, and tourism infrastructure projects continuing to drive growth.
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Residential construction is estimated to be the second-largest market in the Indonesian construction industry accounting for 25.8% of the construction sector in the country in 2018. This is followed by energy and utility construction, commercial construction with a 7.8% share in the construction sector of Indonesia, industrial construction with 6.3%, and institutional construction with 3.5%. Additionally, as per the Construction Outlook for Asia, residential construction was one of the primary markets in the construction sector of Singapore and the Philippines in 2018. These factors are expected to support the growth of the HVAC industry in developing countries, thereby propelling the demand for line sets, particularly for the residential and commercial end-use industries.
Also, new buildings in urban areas will enhance electricity consumption, especially through demand for air conditioning and ventilation in hot and tropical environments. As per Bloomberg’s New Energy Outlook 2019 estimates, air conditioning use will double in emerging countries by 2050, with air conditioning consumption reaching 5376 TWh or 12.7% of projected global electricity demand. Also, in the US, buildings accounted for nearly 75% of electricity consumption in 2018. Furthermore, as per the US Energy Information Administration (EIA), the US will gain more than 58 million people and 24 million households by 2050, and the total square footage of US residences will expand by 33%. By 2050, 71% of households will be in single-family homes, which typically have more air-conditioned floor space than multifamily or mobile homes. These factors are collectively expected to contribute to the overall growth in the HVAC industry, thereby cascading the growth of the line sets market on a global level.
The global HVAC linesets market size is projected to reach USD 11.4 billion by 2026 at a CAGR of 10.0% from USD 7.1 billion in 2021. Urbanization and increase in residential construction, growing trends of smart homes, increasing demand for air conditioners, and significant growth in number of data centers and their power density are driving the HVAC lineset market.
Browse 186 market data Tables and 67 Figures spread through 231 Pages and in-depth TOC on “HVAC Linesets Market by Material Type (Copper, Low Carbon), End-Use (Residential, Commercial, Industrial), Implementation (New Construction, Retrofit), and Region (APAC, North America, Europe, MEA, South America) – Global Forecast to 2026”
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