HVAC Market Expected to Grow Substantially through 2019
Jan. 19, 2015
Increases projected at nearly 10% per year.
Despite facing challenges, the value of the global HVAC market will increase from $75.4 billion in 2014 to $116.6 billion in 2019, according to a report from BCC Research. Efficiency measures such as demand response, development of heat pumps, and remote controls for HVAC systems are noted as major drivers of change and are expected to increase the role that HVAC plays in making building operations more sustainable. The changes are expected to result in a compound average growth rate of 9.1% over the next five years.
Though the outlook is encouraging, there is still work to be done, the study notes, pointing to issues such as the role of refrigerants in climate change, high barriers to entry within the industry, and integrating of the Internet of Things with HVAC systems as hurdles that must be overcome to improve both the market and the environment.
