Commercial Energy-Efficient HVAC Products To Earn Billions By 2024
According to a report released by the Navigant Research, almost majority of commercial building owners are finding ways to reduce the energy that they spend because of the building concerns on the environmental impact of energy generation and skepticism over future energy prices. The drive to find solutions for this pressing concern is mainly focused on various HVAC systems that can account for almost 40 percent of an establishment’s total energy consumption. The report from Navigant Research also stated that the global revenue from commercial energy-efficient HVAC systems is forecasted to amount to a total of $340 billion from 2015 to the year 2024.
According to the Senior Research Analyst of Navigant Research Benjamin Freas, “The current push toward energy efficiency and greenhouse gas reduction is opening the market to energy-efficient HVAC systems, but system cost is still a major consideration for investment. Most energy-efficient models are at least 15 percent to 20 percent more expensive than conventional systems, and while the return on investment for more efficient systems can be substantial, shorter payback periods are required to drive these upgrades.”
The report also showed that nowadays, more and more large corporations, including those that have consumer-branding products, have begun using sustainability as an alternative for reducing operating costs and creating a public image. It was also revealed that one of the most cost-effective solutions to achieve both goals is by retrofitting the buildings. This includes making sure that the building systems, including HVAC, are energy efficient.
As per the report, it analyzes the global market opportunity for energy-efficient commercial HVAC systems and provides a broad and complete assessment of the demand drivers, policy and regulatory factors, and business models. It also identifies the major technologies related to these systems and profiles key industry players in depth.
Thos e who will benefit from this report include government and institutional agencies, utilities, architecture, engineering, and construction service providers, investor community, commercial HVAC equipment manufacturers and suppliers, building owners and managers, and energy service companies.