During the Great Recession, almost every sector of the economy suffered. Thanks to the housing crisis that many say precipitated the fall, the construction industry was especially hard hit. Both residential and commercial construction fell dramatically, and in turn the need for new HVAC systems also dropped. As a major supplier of fans to the HVAC industry, we were well aware of the ongoing trouble. However, things have recently been starting to get better. Slowly but surely, for North America in particular, the economy is starting to brighten on a number of different fronts. A recent study from The Freedonia Group, Inc., points out that the global demand for HVAC equipment is projected to rise a healthy 6.1% per year through 2016. That will make it a $107 billion industry within the next 4 years.
This fantastic growth will get a boost from the US recovery, but even more so from the fast growing markets of the Asia/Pacific region like India, Indonesia, and especially China. At Pelonis, we are thrilled because as a leading innovator of air movement technologies, we stand to gain from this rebirth of the HVAC industry. As people across the globe demand more efficient and cost-effective cooling and heating solutions, we will be there to help with our HVAC fans, blowers, heating elements, and motors. Things have been tough in the recent past, but we hope that this is just one sign of a world-wide economic comeback.