Commercial HVAC Systems Market to Reach $47.5B in 2024
The market for energy-efficient commercial heating, ventilation and air conditioning (HVAC) systems is expected to more than double, from $22.8 billion in 2015 to $47.5 billion in 2024, according to a new report from Navigant Research.
Many governments have implemented efficiency regulations specific to commercial buildings, and many building owners have adopted energy-efficient technology as part of voluntary building rating standards or to reduce operating expenses. However, the HVAC market remains dependent on construction activity and economic conditions in each world region, Navigant says. Nearly six years into the recovery from the 2009 financial crisis, persistent weakness remains in the commercial HVAC market.
Improvements in the economy and an increased focus on efficiency are driving market increases. Technology development for efficient HVAC systems is progressing due to increases in regulated energy efficiency standards and demand for higher-efficiency products. Navigant projects that the market will experience moderate to strong growth globally through 2024.
Market development is projected to vary substantially by region, with Asia Pacific in the lead. Market growth will be driven by the deployment of efficient unitary and chiller systems in Latin America, the Middle East and portions of Asia Pacific. The adoption of variable refrigerant flow (VRF) systems is expected to continue in North America.
HVAC equipment consumes roughly 40 percent of total building energy consumption. According to estimates from Oak Ridge National Laboratory, commercial buildings consume approximately 12 percent of the world’s energy supply.
According to Navigant, the global market for advanced HVAC controls is expected to reach $12.7 billion in 2023.
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