Rising European Heatwaves Present Long-Term Growth Opportunity for U.S. HVAC Manufacturers

Rising European Heatwaves Present Long-Term Growth Opportunity for U.S. HVAC Manufacturers

Europe: The persistent high temperatures and more frequent heatwaves across Europe could drive long-term demand for air-conditioning systems, where household penetration remains at only 20%, compared with around 90% in both the United States and Japan, based on 2018 International Energy Agency data. The bank identified Carrier Global, Trane Technologies and Johnson Controls as key beneficiaries, with Carrier having the highest exposure through its Climate Solutions Europe division, which contributes more than one-fifth of its revenue, while its European heat-pump business recorded low-teens percentage sales growth in the first quarter, supported by healthy demand reflected in German heat-pump subsidy applications.

Source: Yahoo Finance