BIS Research - Emerging Technology Market Intelligence

Heating, Ventilation & Air Conditioner Market: Future Multi-Billion Dollar Industry

Sep 21, 2015 5:59:39 AM / by BIS Research

There's nothing like the comfort of walking to a properly heated or cooled room from the elements outside.  Imagine you're transported back in time, say, one hundred years. The iceman drives by daily in his horse-pulled wagon and reads the sign at your window -- yes, you do need ice today -- and hoists a slab into your icebox. In just a few generations, much has changed. The development of HVAC industry started during industrial revolution. Today, we depend on air conditioners and other devices that regulate temperature at home or at work. And instead of the iceman, we turn to the pros who know how to install and repair these appliances.

Being in the Heating, Ventilation and Air Conditioning (HVAC) industry these days is a good place to be. With growth predicted as high as 5.7% by 2018, it's a potential $120 billion industry. The global economy is on the up too, which makes for the first major growth factor. New markets are opening themselves up to air conditioning or heating systems. The HVAC industry is growing fast owing to the current technological developments in controlling climate along with government’s stringent rules and regulations to make HVAC products and equipments more environmental friendly and energy efficient.

In 2015, the HVAC industry has got smarter. From easy controlling of air-conditioners to thermostats, the industry is saving thousands of dollars in energy cost through the innovative integration of smart control technologies. It is predicted that in 2015 and into the next year, the HVAC industry would see more integration with the controls and building systems like the lighting and access controls integration. This type of integration would provide the building managers easy control to increase efficiency. Manufacturers of the HVAC equipments have been attempting to implement systems that are more efficient for the last thirty years. Initially, this was driven by rising costs of energy, but nowadays, it is driven by the escalated awareness regarding issues of the environment. Therefore, while consumers are looking at smart and integrated single interface technology and software for cost and energy savings, HVAC contractors too are finding smart technology-driven ways to manage their businesses more beneficial to meet their business objectives.

Smartphone usage is already at an all-time high and there is significant room for growth through technology in the HVAC industry. Apps have been developed, or are in development, to use smartphones to control home HVAC settings. A lot of big players like Daikin, Johnson Controls, Lennox Internationals among various others are competing in the race. The aviation sector too requires sophisticated technologies for air-conditioning and climate control. The air-conditioning systems of the marine vessels also require regular maintenance. HVAC services are essential in both the cases.

At present, demand for HVAC services is high in skyscrapers and office spaces. HVAC technicians trained to install and service air-conditioners in office spaces and large commercial buildings are in huge demand. The scope of HVAC industry is promising and has a lot for the future as the building construction industry is increasingly showing a shift towards intelligent building infrastructure. The rapid emergence of such infrastructure suggests that in the near future smart buildings will outnumber other kinds of buildings. Information technology is likely to be the backbone of this technology shift.

Tags: hvac market and industry report, hvac market forecast, hvac market report, Market Research Report

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