When it comes to heat and air conditioning units, the more the merrier. That's the message of a recent report on the HVAC market, which is projected to grow to a stunning $155 billion annually by 2022. According to the report, published by Transparency Market Research, heat pumps and air conditioners will lead the way into the next decade of HVAC growth. Read on to learn more about this explosion in the heat and air conditioning market and what it means for you.
A Market Exploding Around the World
In 2013, the global market for HVAC equipment was about $91 billion, and it's projected to increase by 6.2 percent every year until 2022. There are a number of reasons behind the soaring demand – the growing world population, more new homes being sold and increasing development in previously impoverished countries. Industrialization of the developing world notwithstanding, demand is rising the most in North America, where American and Canadian customers are enjoying access to new advances in heat and air conditioning technology.
The other region that is seeing the most growth in its HVAC market is Asia Pacific, where China and India in particular have enormous populations that are enjoying increasing prosperity. The upshot of all this demand is that consumers should see more products that address niche needs, providing greater choice in the way we heat and cool our homes.
An Industry Growing Greener
As the heat and air conditioning market grows, the technology is becoming more sustainable and better for the environment as well. That's due in part to increasingly stringent government standards, which ensure that new systems manufactured for U.S. consumers meet conservation benchmarks to limit their contribution to climate change. The green mentality manifests itself in other ways, as well, such as the phase-out of hydro chlorofluorocarbons like freon, which are damaging to the ozone layer.
The rise of heat pumps is also great news for the planet, since they are far more efficient than electric resistance heat, and they function hand-in-hand with renewable electricity options like wind and solar. That also means they are suitable for homes that are off the electric grid but have their own solar panels installed. As new heat pump models get better at functioning in bitter cold conditions, they are likely to take up a bigger and bigger chunk of the market.
The HVAC Equipment of Your Dreams
Whether you're in the market for a new furnace or AC unit, or just projecting your household needs years down the line, the growth of the HVAC industry should give you an expanded set of options so you can find the heating and cooling solution that works best for your home.
If you need help picking out or installing any new heat and air conditioning technology, call a local HVAC technician today.