Albany, NY -- (SBWIRE) -- 12/15/2015 -- Global HVAC market to grow steadily at a CAGR of 7% during the forecast period. The increase in construction activities worldwide is a key growth driver for this market. New constructions in the residential, commercial, and industrial sectors have increased the demand for HVAC systems, which improves building efficiencies, thus generating high revenue for the market. Moreover, government regulations introduced by countries worldwide compel HVAC system vendors to comply with industry standards. For instance, the Commercial Building Disclosure outlined by the Australian government provides a high incentive for improving the performance and efficiency of HVAC systems. It requires building owners selling or leasing office spaces larger than 2,000 square meters to comply with energy efficiency standards. This, in turn, has been encouraging the installation of efficient HVAC systems.

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Advances in monitoring systems and intelligent technology are expected to aid the growth of the HVAC market. Monitoring systems help in tracking the energy consumption of a building while intelligent technology controls the energy output of an HVAC system. For instance, fans used in the heating system of computing systems are switched on only after the computing system reaches the set temperature, making the system energy efficient. The integration of the Internet of things (IoT) with HVAC systems is also opening new avenues for the market in terms of revenue. This research report predicts the commercial building sector to be the earliest adopter of this technology, as this integration would enhance the efficiency and reliability of the BAS.

The HVAC equipment segment dominated the market during 2015, with a market share of around 69%. The growing population and industrialization, rising sales of domestic and commercial buildings, increasing construction expenditure, and the expanding purchasing power of the middle class are the key growth drivers for this segment.

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APAC accounted for 51% of the market share during 2015 and is expected to grow at a CAGR of 7% during the forecast period. Technavios analysts expect the rise in investments in real estate to boost the HVAC market in APAC. The report further anticipates China to retain its market leadership until the end of the forecast period.

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