LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global HVAC services market provides an analysis on 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 the engineering tools sector says, “The HVAC services segment will see significant market growth due to the increased need to install and maintain the energy efficiency of the existing systems. In addition, with technological innovations, the replacement market will grow and create the need for services.”
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- Advanced monitoring systems and intelligent technologies
- Efficient maintenance and personal services for HVAC systems
- Growing data center market
Advanced monitoring systems and intelligent technologies
Advances in monitoring systems and intelligent technology are a driving force for global HVAC services. Monitoring systems help in tracking the energy consumption of a building, while intelligent technology controls the energy output of an HVAC system.
The integration of the Internet of things (IoT) with HVAC systems is opening new avenues for the market in terms of revenue. Implementation of IoT is still in its nascent stages in the market. The commercial building sector is likely to be the earliest adopter of this technology. IoT links components or systems with network connectivity to the Internet and enables them to send and receive data over a network.
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, HVAC systems require preventive or predictive maintenance. Studies have shown that regular and scheduled maintenance of HVAC systems can increase equipment efficiency and energy savings.
Growing data center market
The number of data centers has seen a substantial increase in the last few years. This is expected to rise in the future. Increased dependency on the internet and social media, clubbed with advances in technology has led to a growth in the number of data centers.
In India alone, the data center market has seen a growth of more than 5% in the last year. Under the leadership of National Informatics Center, many data centers have been set up by the government. Government initiatives like Make in India and Digital India are encouraging data center companies like Microsoft to set up infrastructure here. Sectors like Banking, Financial Services and Insurance, IT, and social media are boosting the demand for cloud computing.
“Data centers use modern HVAC equipment for air conditioning purposes. Thus, the data center market is a potential factor for growth in HVAC equipment market, and hence HVAC services,” says Anju.
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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.
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