Improvements in the economy and an increased focus on efficiency are driving increases in the market for energy-efficient heating-ventilation-air-conditioning (HVAC) equipment.
According to recent analysis from Navigant Research, in the near term, growth will be buoyed by the continuing economic rebound, together with concurrent increases in new commercial building starts, including green and efficient buildings. This is despite their view that nearly six years into the recovery from the 2009 financial crisis persistent weakness remains in the commercial HVAC market.
However, over the mid-term increasingly stringent regulatory environments will also drive growth in energy-efficient commercial HVAC markets globally, especially in Europe and Asia Pacific but also in North America, Navigant says. According to their analysis, global revenue for energy-efficient commercial HVAC systems is expected to increase from $22.8 billion in 2015 to $47.5 billion in 2024.