BOULDER, Colo.--(BUSINESS WIRE)--Heating, ventilation, and air conditioning (HVAC) in commercial buildings typically accounts for roughly 40% of total building energy consumption. While advancements have been made in the efficiency of HVAC equipment, the actual energy consumption of HVAC equipment depends largely on their operation – which can be made much more efficient and less energy-intensive through the application of advanced HVAC controls. Click to tweet: According to a recent report from Navigant Research, worldwide revenue from advanced HVAC controls is expected to grow from $7 billion annually in 2014 to $11.7 billion in 2023.
“Although advanced controls technology for HVAC systems has been available for some time, adoption remains relatively low,” says Benjamin Freas, research analyst with Navigant Research. “The drive to reduce energy use in commercial buildings has put a spotlight on improving the efficiency of HVAC systems, and HVAC controls retrofits offer a compelling value proposition through reduced energy consumption in existing buildings.”
No standard definition of advanced HVAC controls currently exists, and the sophistication of controls varies with equipment type, application, and geography. New building certification and benchmarking regulations are driving faster retrofits of controls in existing buildings, according to the report, and changing how automation is designed into new buildings. The wider adoption of open standards for controls functions (such as BACnet), and of communications based on the Internet Protocol (IP) suite and Ethernet connectivity, is expected to help bring advanced HVAC technology to a wider market.
The report “Advanced HVAC Controls”, analyzes the global market for remote advanced HVAC controls, segmented by equipment type, sensors, field devices, floor-level controllers, building-level controllers, as well as building use, office, retail, education, healthcare, hotels & restaurants, institutional/assembly, warehouse, transport, in each major world region. The report provides an analysis of the market issues, including technology advances, opportunities, and barriers, associated with advanced HVAC controls. Global market forecasts for unit shipments and revenue, segmented by device type and by region, extend through 2023. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals combine technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism in the highly regulated Construction, Energy, Financial Services and Healthcare industries to support clients in addressing their most critical business needs. More information about Navigant can be found at www.navigant.com.
* The information contained in this press release concerning the report, “Advanced HVAC Controls,” is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.