Major Growth Expected in HVAC Market Partly Due to Tech

Major Growth Expected in HVAC Market Partly Due to Tech

A recent report shows significant growth in the value of the HVAC market–$155 billion by 2022.

Transparency Market Research, a market intelligence company driven by consultants and researchers, conducted the study titled “HVAC Equipment Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2022.” It shows the HVAC equipment market rising at a positive compound annual growth rate (CAGR) of 6.20 percent between 2014 and 2022.

RELATED: Smart HVAC: A Breath of Fresh Air

The rising demand for energy-efficient systems, paired with the rise in consumer confidence has led to the increased use of heating, ventilation and air-condition (HVAC) equipment in recent years, according to the study. And the demand for HVAC equipment is anticipated to soar high over the report’s forecast period.

On the flip side, the high amounts of energy consumed by HVAC equipment is a major challenge.

But the report also shows that the proliferation of green technologies, smart homes and energy-efficient systems will give a significant boost to the market in the near future.

This data proves the HVAC/indoor air quality (IAQ) market is growing at a rapid rate, and now is your chance to get on board. Think about pairing smart thermostats with energy-efficient HVAC solutions and ventilation systems in a standard package that offers comfort and health benefits to clients. And who doesn’t want a builder who cares about their health.

Some of the companies profiled in the report include Lennox International Inc., AB Electrolux, Haier Ltd., Carrier Corporation, Panasonic Corporation, LG Corporation, Daikin Industries Ltd. and Samsung Electronics.

About The Author

Andrea Medeiros is editor-in-chief, multimedia director and content developer at TecHome Builder. She is a former TV news reporter turned home technology guru and is using her broadcast journalism skills to help our team deliver complicated, tech-focused content in a conversational way. She has a decade of experience in the editorial realm—interviewing, writing and editing stories as well as shooting, editing and producing video content. She is most interested in covering interoperability among smart devices.

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