A new report from Navigant Research analyzed the global market, including market forecasts for revenue through 2024, for seven energy-efficient technologies that are the primary components of commercial HVAC systems.
HVAC equipment accounts for nearly 40 percent of total global building energy consumption, while commercial buildings consume about 12 percent of the world’s energy supply. As concerns about the environmental impact of energy generation and uncertainty over future energy prices increase, efficiency improvements in commercial HVAC equipment are becoming more enticing. According to the report, global revenue for commercial energy-efficient HVAC systems is expected to increase from $22.8 billion in 2015 to $47.5 billion in 2024.
“Almost universally, building owners are investing in HVAC equipment to lower energy consumption, operating costs, and the impact on the environment,” said Benjamin Freas, senior research analyst, Navigant Research. “Not only is this driving incremental increases in the efficiency of equipment, it’s shifting design standards — we’re seeing variable refrigerant flow [VRF] systems being designed in place of unitary systems, and the use of heat pumps is expanding.”
While growth in commercial HVAC sales for energy-efficient buildings is recovering in the U.S., 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.
The report, “Energy-Efficient HVAC Systems for Commercial Buildings,” analyzes the global market opportunity for energy-efficient commercial HVAC systems, including unitary systems, heat pumps, furnaces, boilers, VRF systems, chillers, and geothermal heat pumps. The report provides a comprehensive assessment of the demand drivers, business models, and policy and regulatory factors. Global market forecasts for HVAC systems, segmented by region and technology, extend through 2024. The report also examines the major technologies related to these systems and profiles key industry players in depth.