Revenue from Commercial Energy-Efficient HVAC Systems to Total $340 Billion from 2015-2024
ACHR News, February 15, 2016. Image credit:
As concerns about the environmental impact of energy generation and uncertainty over future energy prices continue to build, commercial building owners are looking for ways to reduce energy spend, notes Navigant Research. This drive for efficiency is increasingly targeting HVAC systems, which can account for roughly 40 percent of a building’s total energy consumption. According to a report from the research firm, global revenue from commercial energy-efficient HVAC systems is expected to total $340 billion from 2015 to 2024.
“The current push toward energy efficiency and greenhouse gas reduction is opening the market for energy-efficient HVAC systems, but system cost is still a major consideration before investment,” said Benjamin Freas, senior research analyst with Navigant Research. “Most energy-efficient models are at least 15 percent to 20 percent more expensive than conventional systems, and while the return on investment for more efficient systems can be substantial, shorter payback periods are required to drive these upgrades.”
Many large corporations, especially those with consumer-facing brands, have started using sustainability as a tool for reducing operating costs and building public image, according to the report. Retrofitting buildings within a corporate portfolio is often one of the most cost-effective ways to achieve both goals and includes making sure building systems, including HVAC, are energy efficient.