A BCC Research report report “Heating, Ventilation, and Air Conditioning: Global Markets,” predicts this market will 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.
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 drive for greater efficiency is impelling 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,’ in which all electronic devices will bear their own identification and will be detectable on the web.
In addition, growth in commercial and residential HVAC demand is propelled by the overall economic growth of countries and regions that are generating individual wealth and creating new appetites for consumers who are accessing middle class status.