WELLESLEY, Mass. — The global commercial and residential HVAC systems market is forecast to grow from $75.4 billion in 2014 to $116.6 billion in 2019, registering a five-year compound annual growth rate (CAGR) of 9.1 percent, according to a new report from BCC Research.
The transformation the HVAC business is experiencing will open the door to new vendors that are likely to change some of the market rules, says the report. The industry is challenged by the role that equipment emissions play with regard to global warming. In addition, the search for greater efficiency is driving new approaches to technology such as ductless HVAC and district cooling and heating. One more challenge HVAC is facing is its integration with the Internet of Things, a popular concept in which all electronic devices will bear their own identification and will be detectable on the web.
“Growth in commercial and residential HVAC demand is propelled by the overall economic growth of countries and regions that generate individual wealth and create new appetites for consumers who are accessing middle class status,” said BCC Research analyst Patrick Levy. “Higher standards of living bring aspirations for home ownership, more comfortable living conditions, and access to a social status of which HVAC can be considered a significant and visible attribute.”
For more information on the report, Heating, Ventilation and Air Conditioning: Global Markets, click here.
Publication date: 1/12/2015