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Residential HVAC Equipment Market in Hong Kong
Frost & Sullivan, Dec 2010, Pages: 73
This Frost & Sullivan research service titled Residential HVAC Equipment Market in Hong Kong provides an in-depth analysis of the market drivers and restraints, industry trends, and competitive environment in addition to the challenges and issues faced by market participants. The study provides profiles of the key residential heating, ventilation, and cooling (HVAC) equipment market participants and assesses the various distribution channels.
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Market Overview
Hong Kong Residential HVAC Equipment Market Holds Great Potential
The residential HVAC equipment market in Hong Kong was not affected by the economic turmoil of 2008/2009 and is considered a stable market as it continued growing during this period. Increasing warm weather due to the impact of global warming has triggered a demand spike for HVAC equipment, particularly air conditioners. Owing to high population density, pollution levels have risen in Hong Kong. Residents are expected to invest in ventilating equipment to ensure better air quality within their premises. The wide availability of HVAC equipment at retail outlets is another factor helping market momentum. “With growing awareness on sustainability among residential building owners and occupants, it is expected that the green HVAC equipment market will gain steady traction in the near future,” notes the analyst of this research service. “Apart from this, prolific construction activity in the residential building sector will inevitably translate into demand for HVAC equipment.”
Although the prospects for the market look bright, there are some challenges. HVAC equipment demand is cyclical in nature and the weather plays an important role in sales fluctuation. The total HVAC residential market is mature and the equipment is fairly standardized and has almost become a commodity item. The market does not allow much room for innovation and companies are likely to develop products with similar technologies. The technologies used by large participants are easily imitated by small companies. Large participants must intensify R&D activities to distinguish themselves from small companies. The market is likely to remain in its mature state until significant innovation leads to product differentiation.
The growing penetration of small Chinese residential HVAC companies is another matter causing angst for local participants. “The expanding base of participants and intensifying price competition have contributed to shrinking profit margins,” says the analyst. “To ensure business progression, participants in this space must develop products that balance consumer demand for both high efficiency and cost effectiveness.” As consciousness of energy efficiency increases among end users, the demand for HVAC products is bound to escalate.
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