Study Anticipates $185.4 Billion Market
ROWLAND HEIGHTS, Calif. — According to the “Global Industry Size, Share, Trends and Forecast 2018 – 2026” study released by Acumen Research and Consulting, the global HVAC systems market size is anticipated to be around $185.4 billion by 2026. This market is anticipated to grow with 5.9 percent compound annual growth rate during the forecast time period. Surge in the use of energy-efficient devices is expected to drive the growth of the global HVAC system market.
The market for smart energy management services and products is primarily encouraged by the desire for efficiency, driven by environmental and economic factors. The increasing cost of energy, increasing maintenance costs for ageing infrastructure, the looming capital cost to replace end-of-life infrastructure, increasing global populations and the continued rise in consumption per head, all contribute to the need to surge efficiency in the way energy is generated, distributed, and consumed, which is why the need for smart HVAC systems is projected to increase in the coming years. Further development of innovative technologies to install remote sensors in HVAC and lighting systems for real time monitoring control, drive the need for smart HVAC products across the globe. Furthermore, augmented consumer awareness regarding the benefits associated with HVAC solution has urged homeowners, especially in the developed and developing countries to install effective energy management system at residential and commercial places to lessen the overall energy expenses. This is further boosting the growth of global HVAC systems market.
North America dominated the global demand and accounted for over 40 percent of the total revenue in 2017. The regional market is anticipated to lose share to high growth economies of Asia Pacific. Extensive adoption of energy management systems in various verticals including retail; power and energy; and manufacturing sectors may be attributed to high penetration in the region.
Publication date: 12/19/2018