Global Energy Efficient HVAC Systems Market 2018-2022
About Energy Efficient HVAC Systems
Energy efficient heating, ventilation and air-conditioning (HVAC) systems are the technologies that provide the same performance as conventional HVAC systems, while simultaneously reducing the energy consumption or using renewable energy sources for operation.
Technavio’s analysts forecast the global energy efficient HVAC systems market to grow at a CAGR of 11.08 % during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global energy efficient HVAC systems market for 2018-2022. To calculate the market size, the report considers the overall sales of energy efficient HVAC equipment in the market.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Energy Efficient HVAC Systems Market 2018-2022
Technavio recognizes the following companies as the key players in the global energy efficient HVAC systems market: DAIKIN INDUSTRIES, Ingersoll-Rand, Johnson Controls, Lennox International, LG Electronics, and United Technologies (Carrier)
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is growing adoption of R32 refrigerant in air conditioners. All air conditioning and refrigeration systems use some form of refrigerant to absorb the heat from the air to cool it. Traditionally used fluid refrigerants include chlorofluorocarbons (CFCs), hydrochlorofluorocarbons (HCFCs), ammonia, and halons. The global HVAC industry is now moving toward the adoption of newer, advanced refrigerants that have better efficiency than traditional refrigerants.”
According to the report, one of the major drivers for this market is Demand for reducing energy consumption and operating costs. Most residential, commercial, and industrial buildings around the world use some form of heating, cooling, or climate control technologies for providing thermal comfort and satisfactory levels of indoor air quality. Many buildings also directly burn fossil fuels, such as heating oil, natural gas, and even coal, to provide for the space heating requirements. The energy consumed for such space heating and cooling applications in buildings and other areas represents significant cost incurred by the owner or operator. Therefore, the demand for energy efficient HVAC systems is growing to cater to the need to minimize the energy consumption in buildings and reduce operating costs.
Further, the report states that one of the major factors hindering the growth of this market is Higher initial cost of energy efficient HVAC systems. The ongoing drive toward increasing the energy efficiency, reducing energy costs, and lowering the emissions is expected to create a significant opportunity for the growth of the global energy efficient HVAC systems market. However, the higher initial cost of capital and installation is a major challenge that may impede the growth of the global market.
DAIKIN INDUSTRIES, Ingersoll-Rand, Johnson Controls, Lennox International, LG Electronics, and United Technologies (Carrier)