The HVAC system market
size is estimated to be USD 197.0 billion in 2021 and is projected to reach USD
271.5 billion by 2026; it is expected to grow at a CAGR of 6.6% from 2021 to
2026.
The
implementation of IoT with HVAC systems has fueled their demand in commercial
and residential applications. HVAC systems are of different equipment types,
based on different technologies, and their functions are application-specific.
Driver: Increasing government
regulatory policies and incentives to ensure energy saving and conservation of
natural resources
Governments of various countries are
introducing stringent regulatory policies for the vendors while installing and
retrofitting energy-prompt HVAC systems. For instance, the Ozone Depleting
Substances (ODS) regulation banned the R-22 refrigerant in all states of the
European Union from January 2015. Currently, the installed base of a large
number of HVAC systems relies on R-22; however, over time, R-22 will become
more expensive, and there will be scarcity. As a result, consumers would need
to replace their existing HVAC systems, which is expected to drive the demand
for modern, energy-efficient HVAC systems comprising programmable thermostats
to help control temperatures throughout the day.
Restraint: Shortage of skilled labor
The HVAC industry is poised to
experience exponential growth. HVAC systems require fine-tuning and the custom
fabrication of parts during installation for their efficient working and
avoiding failure. Thus, professionals are needed for the proper installation of
HVAC systems. If the installation is not done by professionals, the end user
may need to pay more in the long run for repairs, or the HVAC systems may not
work efficiently. The requirement for skilled labor is expected to incur
additional costs to the user. Thus, it may hinder the implementation of the
HVAC system market.
Opportunity: Rapid transformation of
IoT within HVAC industry
The Internet of Things (IoT)
represents a scenario where HVAC systems can be connected to the internet to
allow data sharing. It manages HVAC systems, collects data, stores it in the
cloud; improves HVAC operations for better efficiency; and runs a predictive
maintenance schedule. It also monitors, controls, and diagnoses units over the
internet in a cost-effective way. In addition, IoT enables low ongoing
maintenance and repair costs of the HVAC system. IoT allows access to real-time
performance data of HVAC systems and interprets it correctly. For instance,
IoT-enabled buildings can alert facility managers with early warnings of any
operational abnormalities and allow for the remote diagnosis and adjustment of
units, which, in turn, could save costs by minimizing system failures.
Challenge: Lack of awareness about
benefits of HVAC systems in developing countries
With continuous technological
developments, it is very important to make end users aware of the benefits of
new products. In the case of HVAC systems, the awareness regarding cost- and
environment-related benefits of HVAC systems is low; they are normally perceived
to be expensive, which acts as a challenge for market penetration in developing
economies. There also exists a lack of awareness regarding energy-efficient
HVAC systems.
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Despite various innovations, such as
the development of low GWP refrigerants for HVAC, the adoption rate of HVAC
systems is not at par with the benefits they provide. Additionally, with
respect to contractors of HVAC systems, there is a lack of awareness regarding
the standards for HVAC systems. Recently, higher SEER standards such as 21 SEER
units have been launched, about which residential HVAC construction firms are
unaware, which ultimately hampers their business.
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