The HVAC industry is moving toward more sustainable approaches in response to environmental impacts of traditional technologies
BOULDER, Colo.–(BUSINESS WIRE)–#ClimateChange–A new report from Guidehouse Insights analyzes the global HVAC market, providing market forecasts for revenue and shipments by segment and region, through 2030.
HVAC has helped to advance society, particularly in some of Earth’s hottest regions, however, its operation is a key cause of climate change. The environmental impact is driving industry and governments to seek sustainable cooling and heating solutions, such as heat pump water heaters, heat pumps, and variable speed compressors. Click to tweet: According to a new report from @WeAreGHInsights, the global HVAC market is anticipated to be $218.8 billion in 2021, growing at a compound annual growth rate (CAGR) of 3.4% from 2021 to 2030. The 2030 market size is anticipated to reach $ 296.7 billion.
“The industry has been transforming toward sustainability, showing higher efficiency and environmental friendliness,” said Young Hoon Kim, research analyst with Guidehouse Insights. “Additionally, local governments are regulating system efficiency and high global warming potential (GWP) refrigerants and innovative market players are developing highly efficient advanced products.”
While policy has often guided market growth, several non-policy drivers are also helping to bolster the market. These include cooling demand in hot places, the heat island effect, technical advancements, user-friendly functions, district heating and cooling, new business models, and new construction demand.
The report, Commercial and Residential HVAC, examines the global HVAC market, taking into consideration sustainable heating and cooling, the impact of geographic differences on the market, decarbonization policies, and emerging market trends. The report addresses market issues, including notable business cases and emerging business opportunities associated with commercial and residential segments. Global market forecasts for revenue and shipments by segment and region extend through 2030. An executive summary of the report is available for free download on the Guidehouse Insights website.
About Guidehouse Insights
Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today’s rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.
About Guidehouse
Guidehouse is a leading global provider of consulting services to the public and commercial markets with broad capabilities in management, technology, and risk consulting. We help clients address their toughest challenges and navigate significant regulatory pressures with a focus on transformational change, business resiliency, and technology-driven innovation. Across a range of advisory, consulting, outsourcing, and digital services, we create scalable, innovative solutions that prepare our clients for future growth and success. The company has more than 8,000 professionals in over 50 locations globally. Guidehouse is a Veritas Capital portfolio company, led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets, and agenda-setting issues driving national and global economies. For more information, please visit: www.guidehouse.com.
* The information contained in this press release concerning the report, Commercial and Residential HVAC, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.
Contacts
Lindsay Funicello-Paul
+1.781.270.8456
lindsay.funicello.paul@guidehouse.com
