The HVAC market will continue to increase in value through 2020 by rising at a compound annual growth rate of 7%, according to a new report. A number of factors are driving the increase, including continued growth in construction, new technologies that improve operational efficiency, and increasingly stringent government regulations requiring improved performance.
Additionally, the report notes that the Internet of Things has been a transformative force on the HVAC industry, improving operational efficiency by connecting systems to the cloud. Access to the IoT and cloud technology allows HVAC systems to use external data such as utility information and weather forecasts to become predictive rather than reactive. The commercial building sector is projected to be the earliest adopter of new and emerging HVAC technologies.
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