Reduced Energy Consumption and Comfort Fuels HVAC Systems Industry

10th September 2019: Heating, Ventilating, and Air Conditioning, also known as HVAC systems, control distribution of air and alter humidity level. The systems use advanced technologies such as automated control systems, Internet of Things (IoT), and remote control access. The HVAC systems market constitutes of devices used for both indoor and outdoor purposes in residential and commercial places as air conditioning units, heating, and for ventilation. The system also ensures air purification and provides clean and pollution free air.

                                                                                                                                                  

R&D Boosts Energy Efficient Air Conditioners’ Sales

HVAC units are required in industrial and commercial buildings along with being incorporated into new construction. The commercial segment is anticipated to attain highest CAGR over the forecast period as rising demand for commercial space has fueled the need for heating, ventilation, and cooling systems. Commercial HVAC units require significant amount of space and are responsible for highest energy consumption. These units are generally placed on rooftops of theaters, hotels, restaurants, shopping malls, and commercial offices. With advantages such as affordability and high performance, new energy-efficient units are being installed into many residential complexes and businesses to replace the old ones. 

Next-generation technologies are being used for HVAC systems to provide convenience and to reduce energy consumption. These technologies include IoT sensors, hybrid HVAC units, and remote control systems. This is an important factor contributing to the market growth over the forecast period. Manufacturers and key players are investing in R&D to develop energy-efficient units systems to stay ahead of the competition. 

For instance, ice-powered air conditioning systems developed by a California-based company provided six hours of cooling generated by freezing water and reduced energy consumption of the building overnight. 

Market Insights

Increasing urbanization coupled with advanced heating and ventilation systems are factors responsible for driving the growth of the market. Various government entities promote the use of HVAC units by offering incentives and discounts, which is anticipated to fuel the growth of the market. Leading companies and several government entities are promoting HVAC systems through labels like ENERGY STAR. Some of the top companies in HVAC systems market are Lennox International, Inc.; LG Electronics, Inc.; Samsung Electronics Co. Ltd.; Carrier Corporation; Johnson Controls International PLC; United Technologies Corporation; and Daikin Industries Ltd.