With uncertainty looming in markets and industries around the world, the HVAC industry continues to grow and provide promising careers across space. This success of the HVAC industry is tied into an array of environmental, social and economic factors throughout different regions. These ever-changing elements are fueling the growth of the industry and increasing the demand for HVAC products and services. Let’s explore some of the main factors that are allowing the HVAC industry to continue blowing strong.
The HVAC market is predicted to continue to show steady growth
HVAC by the Numbers
Globally, the HVAC market is projected to reach over USD 208 billion by the year 2024, with a growth rate of approximately 2.6%. The total number of HVAC units on the market was estimated at 1.6 billion units as of 2018. This number is expected to grow to over 5 billion by 2050, according to the International Energy Agency. This increase in HVAC units is equal to nearly 5 units being sold every second for the next 30 years. Those are impressive numbers!
As much as 90% of homes in countries like Japan and the US have HVAC units
While 90% of households in the US and Japan have air conditioning units, other developed countries are not far behind. These countries have brought the industry to where it is today. But with individual prosperity and commercial development increasing in developing regions, this economic progress will continue to spur HVAC market growth going forward. As growing economies continue to develop, so will commercial development continue to increase.
Improvements to power grid infrastructure, which is often a limiting factor to maintain high use of HVAC systems, will also continue to make air conditioning a viable option in regions where it was not always possible. Markets such as North America, where investment in construction increased 6% in 2017, will steadily maintain growth in HVAC while developing markets such as India, which showed construction industry output growth of around 8% from 2017-18, will be solid igniters for the continued HVAC industry boom.
Demand for HVAC systems that use alternative energy sources is driving innovation
Environment vs. Tech
As concerns over climate change increase and innovations continue to emerge, the need for advanced technology in new developments and retrofit projects will also continue the trend of growth in the HVAC market. The need for greater efficiency and more environmentally friendly solutions is driving product development and innovation in the HVAC space. The demand for solutions that utilize alternative energy sources is also making room for more diverse products to emerge that will expand the reach of the HVAC industry. More thorough and effective methods of providing comfortable conditions that improve indoor air quality are continuing to promote HVAC solutions in more diverse spaces and applications than ever before.
As the HVAC industry continues to boom, we will see innovators in the space come forward with innovations that will make climate control more accessible and more efficient. We are excited by the growth in the industry and about the advancing technology that continues to emerge on the market. As a leading in the market, we look forward to bringing performance, efficiency and comfort to customers around the world.