A report by MarketsandMarkets predicts that the worldwide HVAC market will reach $17.51 billion and will enjoy a 10.8 percent compound annual growth rate (CAGR) during the period from this year to 2020.
The study says that the major drivers will be demands for energy-efficient devices that will be used with low impact HVAC controls, more construction and increasing legislation. Other factors will be higher efficiency from wireless controls and sensors and tax reductions.
The research suggests that integrated control systems will experience the highest CAGR during the period. This, the release says, is due to the presence of more than one control in devices.
Matt Livingston, an executive with HVAC Investigators, counsels organizations to get a second opinion if they are told that a damaged HVAC system is beyond repair.