According to the new market research report, the industry of heating, ventilation and air conditioning (HVAC) is predicted to rise at a solid, stable compounding annual growth rate of 5.9% up to the year 2022. With the growing trend of smart homes and changing weather conditions, cooling equipment is expected to remain the largest major share of the entire HVAC market taking around 70% of the entire market totaling to a prediction of 24.28 Billion USD – including coolers and room air conditioners.
With global warming and increased temperatures taking effect, demand for cooling systems continues to rise in geographical areas where weather is a significant factor, such as Asia Pacific. Countries such as China, Japan and India are significantly driving the growth of this market, as the automotive air conditioning sector plays an important role in these geographical areas as they are still the leaders of the automotive manufacturers by volume. Rise in middle income (and improvement of environmental standard) in developing countries also push the construction boom and replacement of older technology in air conditioning.
Though it’s a positive outlook on the market, increasing demand also leads to tougher competitions. Many new technologies have been introduced in the market, from thermally-driven chiller that provides lower cost alternative to electrical air conditioning units, better sensor control, new software for energy monitoring and improved insulation technologies. The main factors which influence air conditioning efficiency and economic feasibility are still the refrigeration cycle and compressor component itself. With improvements of compressor mechanisms for less noise and less energy consumption, a slight improvement on blade design or incorporation of more compressor stages to save energy could go along the way.