A recent report from Navigant Research analyzes the global market for seven energy-efficient technologies that are the primary components of commercial heating, ventilation, and air conditioning (HVAC) systems, including market forecasts for revenue, through 2024.
As concerns about the environmental impact of energy generation and uncertainty over future energy prices continue to build, commercial building owners are looking for ways to reduce energy spend. This drive for efficiency is increasingly targeting HVAC systems, which can account for roughly 40 percent of a building’s total energy consumption. Click to tweet: According to a recent report from Navigant Research, global revenue from commercial energy-efficient HVAC systems is expected to total $340 billion from 2015 to 2024.
“The current push toward energy efficiency and greenhouse gas reduction is opening the market for energy-efficient HVAC systems, but system cost is still a major consideration before investment,” says Benjamin Freas, senior research analyst with Navigant Research. “Most energy-efficient models are at least 15 percent to 20 percent more expensive than conventional systems, and while the return on investment for more efficient systems can be substantial, shorter payback periods are required to drive these upgrades.”
Many large corporations, especially those with consumer-facing brands, have started using sustainability as a tool for reducing operating costs and building public image, according to the report. Retrofitting buildings within a corporate portfolio is often one of the most cost-effective ways to achieve both goals and includes making sure building systems, including HVAC, are energy efficient.
The report, Energy-Efficient HVAC Systems for Commercial Buildings, analyzes the global market opportunity for energy-efficient commercial HVAC systems, including unitary systems, heat pumps, furnaces, boilers, variable refrigerant flow (VRF) systems, chillers, and geothermal heat pumps. The report provides a comprehensive assessment of the demand drivers, business models, and policy and regulatory factors. Global market forecasts for energy-efficient HVAC systems, segmented by region and technology, extend through 2024. The report also examines the major technologies related to these systems and profiles key industry players in depth. An Executive Summary of the report is available for free download on the Navigant Research website.