Market outlook of the global HVAC market predicts the global HVAC market to grow steadily at a CAGR of 7% during the forecast period. The increase in construction activities worldwide is a key growth driver for this market. New constructions in the residential, commercial, and industrial sectors have increased the demand for HVAC systems, which improves building efficiencies, thus generating high revenue for the market. Moreover, government regulations introduced by countries worldwide compel HVAC system vendors to comply with industry standards.
Advances in monitoring systems and intelligent technology are expected to aid the growth of the HVAC market. Monitoring systems help in tracking the energy consumption of a building while intelligent technology controls the energy output of an HVAC system. For instance, fans used in the heating system of computing systems are switched on only after the computing system reaches the set temperature, making the system energy efficient.
The integration of the Internet of things (IoT) with HVAC systems is also opening new avenues for the market in terms of revenue. This research report predicts the commercial building sector to be the earliest adopter of this technology, as this integration would enhance the efficiency and reliability of the BAS.
Source: Research and Markets
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