December 30, 2014
Wellesley, Mass., December 30, 2014 –BCC Research (www.bccresearch.com) reveals in its new report on commercial and residential HVAC (heating, ventilation, and air conditioning) systems, that this market will grow from $75.4 billion in 2014 to $116.6 billion in 2019, registering a five-year compound annual growth rate (CAGR) of 9.1%.
The transformation the HVAC business is experiencing will open the door to new vendors that are likely to change some of the market rules. The industry is challenged by the role that equipment emissions play in the destruction of the ozone layer and global warming. In addition, the search for greater efficiency is impelling new approaches to technology such as ductless HVAC and district cooling and heating. One more challenge HVAC is facing is its integration with the ‘Internet of Things,’ a popular concept in which all electronic devices will bear their own identification and will be detectable on the web.
“Growth in commercial and residential HVAC demand is propelled by the overall economic growth of countries and regions that generate individual wealth and create new appetites for consumers who are accessing middle class status,” says BCC Research analyst Patrick Levy. “Higher standards of living bring aspirations for home ownership, more comfortable living conditions, and access to a social status of which HVAC can be considered a significant and visible attribute.”
HVAC systems are used to keep temperatures at a preset level and are found in a growing number of buildings globally.
Heating, Ventilation and Air Conditioning: Global Markets presents an overview of the HVAC market by region and details technology and technical challenges. Market forecasts are included through 2019.
Editors and reporters who wish to speak with the analyst should contact Steven Cumming at steven.cumming@bccresearch.com.
Heating, Ventilation and Air Conditioning: Global Markets( IAS084A )
Publish Date: Oct 2014
Data and analysis extracted from this press release must be accompanied by a statement identifying BCC Research LLC as the source and publisher. For media inquiries, email press@bccresearch.com or visit www.bccresearch.com/media to request access to our library of market research.