Worldwide demand for HVAC equipment is forecasted to climb more than six percent per year through 2014 to surpass $88 billion. Demand in the Asia/Pacific region is expected to outpace the global average, rising 6.6% annually through 2014. China will be the fastest growing national market and will represent the largest share of global demand growth in the HVAC equipment market through 2014. Furthermore, China has grown to become the largest supplier of HVAC equipment due to its inexpensive labor pool. "China is particularly strong in the room air conditioner segment, exporting products to the US, Western Europe and throughout Asia."
Meanwhile, rising per capita incomes and steady growth in the number of households will contribute to above average growth in India. According to the report, "Cooling equipment growth will continue to outpace heating equipment gains through 2014, reflecting the lower penetration rates of air conditioning equipment. Among products, room air conditioners will post the strongest gains worldwide."
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