The HVAC System market is expected to increase due to growth in GDP per-capita, international tourism, etc. Yet, the market faces some challenges, such as global economic downturn, high probability of terror attack, etc. According to a report from The Technical Progress, the global HVAC System market is expected to grow at a healthy rate during the forecast period (2018-2025).
The growth is expected on account of many factors, such as an increase in disposable income, increasing international inbound and outbound tourism and aging demography.
However, as says, the market also faces some challenges, which includes increase in the number of terror attacks, heavy taxes imposed on the tour operators and seasonality dependence. Digital travel, evolution of eco-tourism and rise of adventure tourism are some of the latest trends in the global HVAC System market.
In April, a study announced that competition in the global HVAC equipment market has reached unprecedented levels with the major market players working overtime to invent better business strategies, that’s according to Transparency Market Research (TMR), a market intelligence firm. The report stated that mergers and acquisitions are expected to become the watchword for market players who want to eliminate smaller players.
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