ISMR November 2021 - Page 22

INDUSTRY REPORT

“ A paradigm shift towards the adoption of energyefficient air conditioners , which reduce costs and power wastage , is expected to keep up HVAC demand .”

The global HVAC systems ’ market size was valued at US $ 127.4- billion in 2020 and is expected to expand at a compound annual growth rate ( CAGR ) of 5.9 % from 2021 to 2028 , according to analyst Grand View Research .

“ HVAC ( heating , ventilation and air conditioning ) demand is primarily driven by the advent of novel technologically advanced products , which are energy-efficient and can be remotely accessed . The use of natural refrigerants , such as CO 2
, coupled with increasing efforts by various governments across the globe to promote energy-efficient products is expected to drive the market . Furthermore , a paradigm shift towards the adoption of energy-efficient air conditioners , which reduce costs and power wastage , is expected to keep up HVAC demand over the forecast period ,” said the analyst .
Rising customer inclination toward comfort has increased the demand for HVAC systems . In addition to addressing the customer ’ s comfort demands , companies are developing products that offer several added benefits . For instance , IoT-enabled heating and cooling systems offer real-time monitoring of system functionality and condition . These HVAC systems also alert customers or managers of system failure , unusual behaviour and maintenance cycle to reduce repair costs . These factors , said the analyst , are anticipated to increase product demand in the near future .
Climate change is one of the prominent factors influencing the growing adoption of heating and cooling equipment

INDUSTRY REPORT

AN EYE ON HVAC

Challenges and drivers
Climate change is one of the prominent factors influencing the growing adoption of heating and cooling equipment . Due to unpredictable climatic conditions and rising temperatures , several customers consider HVAC equipment as a beneficial investment . Moreover , HVAC units also add to the aesthetic value of residential and commercial places . Companies provide products that are aesthetically pleasing and offer several design options . The advent of improved designs and changing preferences of customers are expected to create huge product demand over the coming years , according to Grand View Research .
“ The demand for HVAC units is growing across sectors such as commercial , real estate and service industries due to factors such as the need for comfort , increasing global warming and rising disposable income . The real estate industry has been one of the primary consumers of HVAC systems . The sector comprises four subsectors – retail ,
We analyse global HVAC ( heating , ventilation and air conditioning ) markets and trends for sheet metal manufacturers .
22 | sheetmetalplus . com | ISMR November 2021