Energy consumption by HVAC systems accounts for roughly 40% of total building energy consumption, and in turn, buildings account for 35% to 40% of total worldwide energy consumption. Thus, HVAC energy consumption in commercial buildings is a key contributor to total global energy consumption. Driven by tightening energy efficiency regulations and by demand for higher-efficiency buildings, the technology for efficient HVAC systems is advancing. According to a new report from Navigant Research, annual revenue from energy efficient HVAC systems will grow from $17.2 billion in 2013 to $33.2 billion by 2020.
“In the wake of the global recession of 2009, developed markets for efficient HVAC – especially in North America and Europe – remain sluggish,” says Bob Gohn, senior research director with Navigant Research. “However, the North American market will revive during 2013 and begin to experience more substantial growth during 2014. Europe will follow a similar trend, but recovery will likely not occur until mid to late 2014. The strongest region for energy efficient HVAC expansion, however, will be Asia Pacific, which will account for 55% of the world market by 2020.”
The global HVAC market, according to the report, is led by large suppliers, such as United Technologies Corporation (Carrier), Hitachi, Ingersoll-Rand (Trane), Daikin, and LG Electronics, many of which also produce various other products, technologies, and services. HVAC-only manufacturers are largely limited to smaller and midsize brands such as Lennox and Uponor. Some larger suppliers, such as Johnson Controls, also provide integrated engineering and operations/ maintenance services, overlapping in part with services more traditionally provided by energy service companies.
The report— “Energy Efficient HVAC Systems” — analyzes the global market opportunity for energy efficient commercial HVAC systems, including unitary systems, heat pumps, furnaces and boilers, ductless cooling, engineered cooling systems, radiant heating and cooling, and ventilation systems. The report provides a comprehensive assessment of the demand drivers, business models, policy and regulatory factors, and technology issues associated with the global market for these systems. Key industry players are profiled in depth, and worldwide revenue forecasts, segmented by application, region, and key major countries, extend through 2020. An Executive Summary of the report is available for free download on the Navigant Research website.