P&S Intelligence, the market intelligence and consulting firm that provides first-string market insights published a report stating that the HVAC market is expected to reach $136.5 billion by 2024, registering a 3.9% CAGR during the forecast period.
Factors for the Demand’s Increase
The increasing initiative in the government sector and the growth in the construction industry are the driving factors for the HVAC market’s high demands. Besides, the rising average of the temperature across the globe is also propelling the growth of the market year over year. Moreover, global warming caused by greenhouse gas emission results in temperature rise and becomes the main driving force why HVAC demands across the globe increase.
Countries with High Consumers of HVAC Systems
Some countries such as Asia-Pacific and Middle East & Africa are experiencing hot and subtropical climates, which make homeowners’ and business owners’ summer intensely hot and humid. Consequently, this makes them reliant on HVAC systems to meet their comfort requirements.
North American region, on the other hand, ranks among the largest consumers of HVAC systems due to an extremely high temperature present in the location during the peak summer. Besides, the population in the region exhibits high purchasing power, in which based on the stats provided by the World Bank, Canada and the United States recorded the annual per capita income of $45,032. and $59,531. in 2017. On the same year, the construction industry (specifically for the residential and commercial building construction) manifested a 6% rise in investment compared to the previous year.
Sectors That Drive High HVAC Demands
The global market has been segmented into heating, ventilation, and cooling, in which the cooling category is segmented into Split System /Packaged Systems, variable refrigerant flow (VRF).
Split Systems are accounting for the largest revenue share in 2018. On the same year, over 60% of homes in the United States are also estimated to install central A/C units. Residential and commercial are the main sectors that drive the continued demand in the HVAC market. The industrial sector, particularly food and beverage businesses recorded the highest share of revenue in the HVAC market in 2018.
Modern HVAC Systems that Save Energy
When it comes to power consumption, commercial buildings consume 40% energy in total. For this reason, some manufacturers like Carrier are encouraged to design and launch innovative products to increase efficiency on their HVAC products, helping end-users reduce energy consumption by up to 40%.
If you are looking for more industry news or needing efficient Carrier products, please contact Texas Made Air Conditioning & Heating today. We are your reliable A/C company in Granbury, TX. Talk to us to learn more!