3 major trends fueling global heating & cooling market expansion
Publisher : Fractovia | Published Date : 2019-11-08Request Sample
Proliferating demand for temperature control across commercial, residential and industrial sectors is poised to accelerate global heating & cooling market growth over the predicted timeline. These industries represent a major chunk of the overall energy demand across developed as well as emerging economies.
The emergence of HVAC solutions in recent times may be attributed to the escalating levels of suburban migration and industrial developments on a global scale. The purpose of HVAC systems is to provide air conditioning, ventilation and heating solutions across several industrial and household applications.
Growing industrialization and urbanization across numerous countries have paved the way for demographic evolution, elevated levels of disposable incomes, and higher living standards, which contribute heavily towards global heating & cooling industry expansion. Additionally, progression in the technological sector, efforts to increase energy efficiency, alternative fuel options and mitigated thermal losses will further impel market share over the foreseeable future.
Surging surface temperatures and global warming are giving rise to drastic changes in the global climate, which are likely to enhance demand for cooling equipment worldwide, particularly in equatorial locations. Considering the rising environmental concerns, HVAC firms are required to align their products to strict regulatory policies as well as tweak their business according to the rapidly evolving competitive market.
Listed below are 3 key trends impacting global heating & cooling market over 2025:
Stringent regulatory mandates towards mitigation of carbon emissions
The increasing unpredictability of weather conditions has necessitated the onset of strict government reforms pertaining to the reduction of carbon emissions, which is in turn expected to bolster the global heating & cooling market outlook. Widespread acceptance of renewable sources of energy coupled with the advent of green construction mandates is likely to assert a positive influence on industry growth and present myriad opportunities to key players.
In fact, during the Climate Action Summit, the UN Secretary General announced plans to begin development of zero carbon buildings. The purpose behind this initiative is to leverage support from numerous regulatory authorities like governments and civil bodies towards ensuring the decarbonization of buildings by 2050.
Burgeoning demand for efficient heating & cooling solutions in the United States
The U.S heating & cooling market size is likely to witness an appreciable growth rate of over 2% through 2025. Considering the upsurge in consumer spending power across residential and commercial sectors and the subsequent rise in demand for effective temperature control solutions, the global heating & cooling industry share may experience a significant boost.
Furthermore, favorable government measures aimed at energy efficiency solutions in tandem with strict standards regarding carbon emissions will present commendable growth prospects for the business landscape. In 2018, the Center for Climate & Energy reported that the national energy segment had recorded nearly 27% emission reduction over the last 10 years.
Rising dependence on DH (district heating) units across the chemical industry
The global heating & cooling market share from the district heating segment recorded remuneration of approximately $300 billion over 2018, across several sectors. Pivotal drivers promoting industry demand in the sector include lower conveyance losses and leak protection, among others. The burgeoning requirement for biomass-powered district heating equipment in chemical facilities has resulted in higher energy efficiency and reduced environmental footprint.
Likewise, the adoption of wood pellets as fuel alternatives, given their ample availability and ease of use is likely to add further impetus to industry trends.
As per estimates by a Global Market Insights, Inc. report, the global heating & cooling market size is expected to surpass 60 EJ annual consumption over 2025.
