The global HVAC market is expected to grow in demand by 6% yearly through 2014, increasing market worth to over $88 billion. The global automotive HVAC market is also forecasted to record annual growth in excess of 6% from now until 2015.
In terms of our regional market share, the North American HVAC equipment demand will be driven by rising residential building construction expenditure. During the 2012 to 2017 period, industry growth will be driven by improvement in the residential and nonresidential new construction markets. The industry is also expected to benefit from an increase in renovation and retrofit work. Technical advancements will also continue to benefit the HVAC market. These include dehumidification optimization, incorporating dehumidifiers in air conditioners, removing moisture retention on coils, boosting latent heat recovery, and eliminating air leakage.
Despite global economic downturn, the Canadian HVAC market has maintained its stability and is experiencing steady growth. The demands for HVAC products are exploding as energy-conscious customers are recognizing the need to reduce energy consumption. The HVAC industry insiders believe that innovation is the key business strategy that works in a post-recession environment. This is why corporations like MultiCam Canada strive for and succeed with innovation, quality, and performance.