Navigant Research forecasts revenue for commercial, energy efficient HVAC technologies market to reach $61.2 billion in 2027.
The research firm predicts revenue generation within the market to increase from $29.4 billion in 2018, owing to current regulation supporting commercial building owners to adopt smart controls, enabling intelligent management and building operations.
Courtney Marshall, research analyst of Navigant Research, said: “These technologies support Energy Cloud platforms such as Building-to-Grid, Transportation-to-Grid, and Smart Cities.
“Efficient HVAC technologies enable connections to the grid and commercial buildings by optimising equipment operations, all while maintaining comfort for their building occupants.”
Energy efficient technologies are expected to follow IoT trends, demand response and grid connectivity markets.
These trends will offer increased energy and demand savings through building optimisation, to support the global shift to renewable or clean energy resources.
The Asia Pacific region is expected to dominate the market, with an anticipated revenue growth of $39.3 billion by 2027, whilst Western Europe is expected to reach over $12.1 billion.
The energy efficient technologies include unitary systems, heat pumps, furnaces, boilers, variable refrigerant flow systems, chillers and geothermal heat pumps.