The global HVAC equipment market is growing at an exponential rate. According to a new market report from Credence Research Inc., the market is expected to exceed $125 billion by 2022.
Reasons for the increase include innovative improvements to residential construction costs worldwide as well as strict government regulations advocating for the use of energy-efficient HVAC solutions.
It is important that these new, improved units be installed properly. Energy costs in the average American home can increase by as much as 30% if the HVAC system is not properly installed.
Manufacturers have focused their research on producing both affordable and energy-efficient HVAC systems that follow the government-enforced guidelines. One way many have been able to do this is by acquiring other businesses and forming alliances with others. All while preserving the relationship with each business within the supply chain.
Compared to the rest of the world, the North American HVAC market has been steadily growing in recent years. The market has been busy meeting the demands for integration, energy efficiency, and better indoor air quality.
For one thing, the market for HVAC is very mature yet is broken up into many different sectors. Its largest sector is HVAC control systems, including thermostats. Its commercial sector made up most of the revenue in the market compared to all others.
With the changes in technology for HVAC systems, consumers’ needs have also changed. Consumers are seeking units that are not only energy efficient, but customized to resemble the smart technologies they are used to. Experiencing the perfect level of comfort at all times promotes lasting relationships between manufacturers and their customers.
To meet these needs, companies are also working diligently to produce smarter, innovative technological solutions to meet customer demands. This is all done in addition to repairing and installing HVAC systems.
