Top 3 Trends Impacting the Global HVAC Aftermarket Through 2021: Technavio

Technavio has published a new report on the global HVAC aftermarket from 2017-2021. (Graphic: Business Wire)

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LONDON--()--Technavio’s latest market research report on the global HVAC aftermarket provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.

Anju Ajaykumar, a lead analyst from Technavio, specializing in research on unit operations sector, says, “Reduction in operating costs, increase in energy efficiency, and favorable government incentives have spurred the need for replacing existing HVAC components and parts in the US, the UK, Germany, and Japan.”

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The top three emerging market trends driving the global HVAC aftermarket according to Technavio heavy industry research analysts are:

  • Rise in incorporation of building automation systems
  • Efficient maintenance and personal services for HVAC systems
  • Shift towards green technology

Rise in incorporation of building automation systems

Building automation systems (BASs), which control and monitor HVAC and other facilities of a given building, are embedded with computing and digital communication tools that allow these systems to enhance energy efficiency. The number of integrated BAS installations has increased owing to the rise in the number of construction projects and building retrofits. Technavio expects the market to reach USD 81 billion by 2021.

The BAS technology has advanced further owing to improvements in sensor technology, availability of cheaper and faster communication systems, and improved user interfaces. Manufacturers are implementing open protocols, including the Internet protocol, to provide improved control solutions.

“BAS is becoming a common technology for enhancing the interaction and operability among HVAC, lighting, fire, and security control units of a building,” says Anju.

Efficient maintenance and personal services for HVAC systems

The effective maintenance of HVAC systems can reduce energy costs by 5%–40%, depending on the system or equipment involved. HVAC components require regular maintenance to prevent energy performance degradation. Companies mostly perform reactive maintenance of building HVAC systems, even though studies have revealed that regular maintenance can reduce energy consumption and costs, and improve equipment life and uptime. Therefore, the realization that HVAC systems require preventive or predictive maintenance will lead to the growth of the market.

Shift towards green technology

The global HVAC aftermarket will grow further with the gradual adoption of green technology and smart solutions. Different countries are undertaking the green initiative to promote clean energy and reduce their carbon footprint. The emergence of the green technology resulted from the advent of hybrid systems and non-polluting refrigerants.

HVAC vendors are also developing new heating and cooling equipment that is compatible with eco-friendly refrigerants. Many companies are manufacturing HVAC systems that adhere to guidelines to meet energy star ratings and guide labels.

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

If you are interested in more information, please contact our media team at media@technavio.com.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com

Release Summary

Technavio’s latest market research report on the global HVAC aftermarket provides an analysis of the most important trends expected to impact the market outlook from 2017-2021.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com