China Heating Equipment Market is set to rise from $3.92 Billion in 2016 to $4.26 Billion in 2020. Energy and Power sector will be a major end user for Industrial Boilers in the Chinese market. The rising power plant capacity will be a major cause of this market growth. The International Energy Agency’s World Energy Investment Outlook, estimated that around USD 9.5 trillion would be spent on the construction of new power plants and in the refurbishment of existing ones across the world from 2014 to 2035. More than 30% of which is expected to be utilized for fossil-fuel based thermal power plants. Increased generation capacity is expected to be achieved mainly through thermal power plants based on fossil fuels, which act as a primary source of electricity generation in these countries. During the forecast period, the Chinese and Indian markets are expected to be among the fastest growing economies and are estimated to account for almost 70% of all the proposed addition of thermal power capacity over the same period. In order to meet economies of scale, such investments aim to lift electricity tariffs. Increased demand for the Industrial Boiler system has resulted from increasing energy prices.
HVRF or Hybrid Variable Refrigerant Flow systems combine both traditional and innovative methods of cooling to allow hoteliers and others to improve efficiencies and lower ongoing energy costs. Hotels have to ensure guests satisfaction and provide a comfortable work environment for employees along with the need to cut cost as HVAC system is a big energy consumer. Retrofit of an HVAC system can be expensive but it is worth it for hotels with old equipment. A new HVAC system helps hotels to be socially responsible and protect our environment. Hotels choose to combine HVAC systems with other control systems to micro control each device in the property. Under-floor HVAC systems have become more and more popular.
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The market of HVAC equipment’s in China is poised to be carried out mainly by the cooling section. This is owing to the fact that China has boasted the fastest growth in space cooling energy consumption in the last two decades. According to studies, China leads the global market for air conditioners (ACs), and bigger units are increasingly popular. This is owing to energy demand for space cooling in buildings in the People’s Republic of China (“China”) is rising rapidly, placing strains on the electricity system and contributing to local air pollution and carbon dioxide (CO2) emissions. However, effective policy intervention is necessary to drive energy-efficient cooling in buildings. China can deliver significant energy and cost savings through implementation of a comprehensive national policy framework including regulation, information programmes and industry incentives. Moreover, China’s government can implement measures such as enabling and encouraging energy-efficient cooling. Furthermore, expanding building energy policies such as proper building and cooling system design, passive cooling and natural ventilation opportunities. Gas, electricity, or oil all be used to power the water boilers. It also use hot water as their primary source of heat. While using a hot water boiler, water is boiled until it reaches the desired temperature. The hot water is then pushed to the radiators via a similar network of pipes. When the steam or water condenses or cools, it returns to the boiler to be reheated. Boilers for hot water are energy efficient. When making hot water, a hot water boiler consumes less energy, but more energy when transferring heat. As they feature pumps for circulation, many modern hot water boilers are considered more efficient than steam boilers which is boosting demand for water boilers. However, Installing a hot water heating system is more expensive. As boiler systems utilize water to warm the air, there’s a chance they’ll leak if a pipe breaks and hamper the segment growth.
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Heating Equipment Market Growth Drivers:
Rising Demand for Energy Efficient Water Heaters
Water heater manufacturers are increasingly producing energy-efficient products to reduce carbon footprint and enable energy savings for the consumers. The rise of energy-efficient appliances can be attributed to the stringent government regulations on electric home appliances and advances in technology. The Chinese Energy Ministry, mandated the industry manufacturers to use new technologies for the development of energy efficient heaters which were rated based on thermal efficiency and standby losses. As energy efficient appliances are designed to utilize minimum energy. More than 80 countries have set standards and labels for energy efficient appliances. For instance, in the USA, an ENERGY STAR certified water heater saves $3500 over its lifetime with similar policy set to be implemented in CHina. With BEE’s Standards and Labelling Program having included water heaters as a mandatory appliance, manufacturers produce more energy-efficient products, in turn reducing energy costs and improving demand for water heaters.
The Major Players in this Market Include
Major players in Heating Equipment Market include Midea Group, Gree Electric, TCL, Hisense, Sichuan Changhong Electronics, Guangdong Chigo Air Conditioning, Fujian Jinghui Environmental Technology, Beijing Holtop Air Conditioning, Carrier and Xiaomi among others. On 2 December, 2019, Gree Group which is headquartered at Zhuhai, China has announced the acquisition of Zhuhai Mingjun Headquartered in Zhuhai, China.
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