The global HVAC equipment market is growing at a sturdy pace in recent times. The splendid pace of urbanization has played a crucial role in generating growth opportunities within this market. Specialised HVAC chambers and pipes are developed during construction of large buildings and complexes. Furthermore, several regions mandate the use of heating, ventilation, and air-conditioning (HVAC) technologies across buildings and new construction sites. The use of HVAC systems is also related to the weather and climatic conditions of a place. Regions with extremely cold or hot weathers use HVAC systems across all major buildings and residential sites. Therefore, the global HVAC equipment market is set to tread along a lucrative pathway in the times to follow.
- Need for HVAC Systems across Large Convention Halls
The use of HVAC systems and equipment across large spaces has increased in recent times. Availability of high-end technologies that can take care of ventilation needs of large spaces has supported market growth. Furthermore, gyms, conference halls, and multiutility halls are necessary equipped with HVAC systems and technologies. The total volume of revenues within the global HVAC equipment market shall grow alongside increasing sophistication across the constructions industry.
- Integration of HVAC Equipment with Smart Grids
The growing focus on renewable technologies has compelled HVAC developers to revisit the conceptualisation of heating and cooling technologies. Furthermore, it has become increasingly important to balance the load across utilities and grid operators. In recent times, HVAC systems have become a part of the smart grid architecture. This means that HVAC units are powered by renewable energy sources within the grid. The worth of the global HVAC equipment market has increased due to the advent of smart grid technologies.
From the HVAC perspective, individuals are becoming increasingly aware about how airborne transmission plays a key role in the spread of coronavirus, since the novel virus is a similar strain of the former SARS virus. Contractors in the HVAC equipment market are increasing awareness whether HEPA (High-efficiency Particulate Air) filters can be effective in neutralizing coronavirus particles in hospital facilities.
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Movement-activated and thermal-driven air conditioning are some of the game changing innovations being observed in the HVAC equipment market. Manufacturers are gaining efficacy in new technologies that enhance home comfort levels. As such, companies should collaborate with creative talent pool at major universities to gain competitive edge in the HVAC equipment market. For instance, engineers at MIT (Massachusetts Institute of Technology) introduced a novel air conditioning design that uses sensors with aluminum rods that hang from the ceiling and activates only when individuals are around.
Companies in the HVAC equipment market are increasing their focus in motion-activated system to tap into new value-grab opportunities. The trend of thermal-driven air conditioning is anticipated to become increasingly commonplace in the HVAC equipment market. The Australian designer of total energy solutions is gaining expertise in the low-cost thermally driven air conditioning models as an alternative to conventional A/C units.
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Sales of heat pumps and renewable heating equipment such as solar water heaters are on a rise. However, fossil fuel-based systems still account for a significant amount of sales in the HVAC equipment market. Moreover, traditional electric heating equipment are another set of regressive systems that do not align with the global SDS (Safety Data Sheet) guidelines. Hence, companies in the HVAC equipment market should introduce advanced-technology solar and renewable heating equipment that work efficiently despite challenging weather conditions such as monsoons when there is not enough sunlight for energy conversion.
Electric resistance heaters and water heaters continue to dictate a high revenue in the market for HVAC equipment. With the ever-evolving construction industry, the demand for water heaters is expected to surge. Condensing gas boilers with relatively higher energy efficiencies are gradually replacing traditional coal and oil has boilers. In a report published in May 2019 by the International Energy Agency— a Paris-based autonomous intergovernmental organization, it is found that the progress and adoption of renewable energy systems needs to be fast to meet SDS standards by the end of 2030.
Mobile-friendly technology and virtual reality (VR) training are bringing about a change in the HVAC equipment market. Hence, contractors are developing HVAC scheduling software so that maintenance and other services are easy to book and pay for. These kinds of software help to understand the work order of contractors and eliminate any misconceptions surrounding the delay in services. Tech-savvy customer services are being highly preferred by individuals who demand assistance from tech-savvy technicians. This trend has led to the idea of VR training for technicians in the HVAC equipment market.
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