A new analysis from leading growth partnership Frost & Sullivan has predicted that the global air conditioning, heating and ventilation industry could be worth $108.93bn (£76.92bn) by the end of the decade. The current HVAC industry earned revenues of just under £57bn ($80.67bn) in 2014; meaning a growth of nearly 40% in revenue will be required to meet the prediction.
The report, which was published in October states that:
"As the global economy slowly rebuilds, the heating, ventilation, and air-conditioning (HVAC) equipment market will continue to grow among both residential and business establishments. This research service presents analysis of the global HVAC equipment market by dividing it into 5 segments: unitary equipment, applied equipment, chiller equipment, heat pumps, and ductless systems. Globally, unitary equipment is the largest segment, and Asia-Pacific regions depict the largest regional growth. Included in this research are discussions of market drivers and restraints, the competitive landscape, regional dynamics, and market trends. The base year used for analysis is 2014 and the forecast period is from 2015 to 2020."
Written and researched by Research Analyst Aanchal Singh and Principal Consultant Konkana Khanund, the report believes the large growth in the industry will be due to three major factors:
- A major growth in heat pumps and ductless systems
- An increase in mergers and consolidations in the industry
- Improvement in efficiencies.
With governments and large organisations committing to greener strategies and a reduction in overall carbon output, the way we control the climates in all our buildings will come under closely scrutiny, meaning a bigger investment in the refurbishment, replacement and upgrade of air conditioning, heating and ventilation systems.
A new HVAC system can make a big contribution to your bottom line through efficiency savings and quick payback times. It can also help workplace vibrancy and productivity. 361 Degrees works with organisations to design, install and maintain their climate control systems for optimum performance, compliance and comfort. For more information, visit 361degrees.co.uk