Governments of many countries are undertaking initiatives to encourage the replacement of old heating, ventilation, and air conditioning (HVAC) systems with new, energy-efficient systems because unrepaired and worn-out equipment has huge repair and maintenance costs. For example, the Ministry of Power, India, launched an Energy Conservation Building Code for Residential Buildings (ECBC-R), named 'Eco-Niwas Samhita 2018', in December 2018. The code applies to mixed-land-use buildings and residential buildings built on a land area of ≥500 square meters. It lays down the minimum performance standards for these buildings, to limit heat loss and gain.
Further, the expanding construction industry will support the HVAC market in witnessing a CAGR of 4.8% during the forecast period (2020–2030). As a result, the market revenue is expected to rise from $240.8 billion in 2019 to $358.1 billion in 2030. India, Qatar, China, the U.S., Saudi Arabia, and the U.A.E. are generating a high demand for HVAC systems due to the soaring number of hotels, shopping complexes, and skyscrapers in these countries. The construction of new structures is attributed to the booming number of tourists and upcoming events, such as FIFA World Cup 2022 and Dubai Expo 2020.
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At present, a majority of customers are showing a preference for smart HVAC systems that have intelligent thermostats, better controls, and advanced monitoring systems. These systems also produce cleaner air, emit lesser noise, and offer better temperature variability than conventional systems. Additionally, smart HVAC systems enable customers to monitor their performance in real time. Users across the world are increasingly adopting smart HVAC equipment to strengthen sustainability efforts and reduce energy consumption.
The offering segment of the HVAC market is divided into equipment and services. Of these, the services category accounted for the larger share during the historical period (2014–2019), and it is expected to witness the higher growth rate in the forecast years. HVAC equipment requires regular servicing as it helps in reducing energy consumption. The coils and dry filters in such systems become the breeding ground for bacteria and mold, which can cause various diseases. Owing to such hazards, HVAC appliances are being regularly serviced.
