Global Market for Energy-Efficient HVAC Systems Could Reach $47.5 Billion by 2024
GARDENA, CA – The global market for energy-efficient commercial heating, ventilation and air conditioning (HVAC) systems is expected to more than double over the next decade, from $22.8 billion in 2015 to $47.5 billion in 2024, according to a new report from Navigant Research.
The report, which was released this week, analyzes the global market opportunity for energy-efficient commercial HVAC systems – and also the major technologies related to these systems – including unitary systems, heat pumps, furnaces, boilers, variable refrigerant flow (VRF) systems, chillers, and geothermal heat pumps.
The report provides a comprehensive assessment of demand drivers, business models, and policy and regulatory factors. It details global market forecasts for energy-efficient HVAC systems, segmented by region and technology, extend through 2024. And, the report profiles key industry players, including: equipment manufacturers; suppliers; energy service companies; architecture, engineering and construction services providers; building owners and managers; utilities; government agencies; and investors.
“Almost universally, building owners are investing in HVAC equipment to lower energy consumption, lower operating costs, and lower the impact on the environment,” says Benjamin Freas, senior research analyst with Navigant Research. “Not only is this driving incremental increases in the efficiency of equipment, it is shifting design standards.”
While growth in commercial HVAC sales for energy-efficient buildings is recovering in the United States, that growth is counterbalanced by sharp declines in China and is tempered by stagnation in Europe, according to the report. However, energy-efficient commercial HVAC equipment is still expected to experience moderate to strong growth globally through 2024, driven primarily by stricter environmental standards and demand for lower operating costs.
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.
About Navigant Research
Navigant Research is a market research and consulting team that provides in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of these industry sectors. For more information, please visit: http://www.navigantresearch.com/
About Xcel Mechanical Systems, Inc.
Xcel Mechanical Systems designs, builds and maintains commercial and industrial HVAC, Plumbing and Process Piping systems for clients across the Greater Los Angeles Metropolitan Area. Our cost-effective solutions make buildings more comfortable and energy efficient across the Aerospace, Commercial, Data Center, Education, Entertainment, Government, and Healthcare sectors. For more information, please visit: www.xcelmech.com