Commercial A/C Market Growth Forecast at 8.98% CAGR to 2020
Emergence of smart technology will be a key trend for market growth
PUNE, India — The global commercial air conditioning market is forecast to grow at a compound annual growth rate (CAGR) of 8.98 percent during the period of 2016 to 2020, according to a research report from ReportsnReports.
The study said the emergence of smart technology will be a key trend for market growth, since with the advent of the smart grid, smart buildings, and smart cities, the scope of data has increased more than ever, enabling better measurement using big data and analytics. Smart grids are capable of communicating with individual buildings, while smart cities can use technology to observe trends across all buildings in the city. Despite the high initial expenditure involved and the need for routine adjustments, the implementation of smart HVAC systems is increasingly becoming a necessary expense for larger buildings, as these systems enhance operational cost savings.