Owners and operators of commercial buildings will be buying more HVAC equipment in the next several years.
According to the “U.S. HVAC Market Forecast” study, demand will increase 3.3% per year through 2021 to $12.3 billion in sales.
U.S. demand for HVAC equipment in all markets is forecast to increase 3.9% per year through 2021 to $21.2 billion. The majority of expected these increases will come from ongoing replacement of existing equipment that has reached the end of its operational lifespan with better performing, and typically higher value, equipment.
Shifts in the product mix toward more expensive HVAC equipment — such as away from room air conditioners to unitary air conditioners and from noncondensing cast iron boilers to condensing steel boilers — will also see building owners and operators spending more on HVAC systems.
To help offset increasing HVAC costs, a new, online rebate tool has been recently implemented that allows HVAC contractors to search for local and national rebates or incentives available on energy efficient light commercial LG air conditioning systems. The online tool allows HVAC contractors to identify the maximum amount available to their clients by installing various types of energy efficient systems.
A report from MRRSE says that the worldwide market will increase at a compound annual growth rate of 5.5% between this year and 2020, with the total value of the market growing from $81.1 billion from 2015 to $130.7 billion by 2020.