While the commercial HVAC market is still recovering from the effects of the 2009 financial crisis, it is expected to make a strong recovery and grow by over 100% by 2024. The study, conducted by Navigant Research, shows that general improvements in the economy and a renewed focus on efficiency in buildings are the main drivers for near term growth. Over the long term, stringent energy regulations are also expected to play a role in the increasing value of commercial HVAC.
With findings from Oak Ridge National Laboratory showing that commercial buildings using approximately 12% of the world’s energy, the report’s authors point to rising concerns about the environmental impact of energy generation and uncertainty over future energy prices as other reasons for projecting the global market to grow from its current value of $22.8 billion to $47.5 billion in 2024.
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