According to the 2017 HVAC equipment market report, the global HVAC equipment market to grow at a compound annual growth rate (CAGR) of 4.9 percent during the period 2017-2021. The latest trend gaining momentum in the HVAC equipment market is rise in incorporation of building automation systems (BAS).

The global ventilation equipment market will reach $25 billion in revenues in 2017 and is estimated to reach $40 billion by 2025, expanding at 5.5 percent compound annual growth rate (CAGR), per a recent report from Persistence Market Research (PMR).

Central air conditioning (CAC) systems and direct expansion (DX) central air conditioning systems are projected to witness 6.7 percent growth in unit shipments and 7.2 percent in shipments value during the 2017-2022 analysis period.

The demand for unitary air conditioners is forecast to expand at a 4.9 percent yearly rate through 2021 reaching $11.0 billion and continuing to outperform air conditioning equipment sales as a whole.  The replacement of units that have reached the end of their operational lives will remain the primary driver of sales. 

Rapid adoption of newly set regulations among several countries of the world by building automation systems manufacturers is fueling the demand for building automation systems.