Sustainability from the Inside Out

The “common wisdom” says there would be no Las Vegas as we know it without air conditioning. HVAC, the commercial version, makes buildings like casinos and hotels comfortable inside even in 100-plus degree days. Indeed, HVAC has helped to advance society, particularly in some of Earth’s hottest regions, for decades. However, its operation is a key cause of climate change and the environmental impact is driving industry and governments to seek sustainable cooling and heating solutions, such as heat pumps and heat pump water heaters, along with variable speed compressors.
According to a new report from Guidehouse Insights, the global HVAC market is anticipated to be $218.8 billion in 2021, then growing at a CAGR (compound annual growth rate) of 3.4% from 2021 to 2030. The 2030 market size is anticipated to reach $296.7 billion.
Obviously, the industry has been moving toward sustainability, showing higher efficiency and environmental friendliness in response to regulations and, equally important, to show civic responsibility. While local governments are regulating system efficiency and refrigerants with high global warming potential, market leaders are developing highly efficient advanced products to compensate.
While such policies often guided market growth, several non-policy drivers are also helping to bolster the market. These include cooling demand in hot countries and regions, the heat island effect, technical advancements, user-friendly functions, district heating and cooling, new business models, and new construction demand.
The report, Commercial and Residential HVAC, examines the global HVAC market, taking into consideration sustainable heating and cooling, the impact of geographic differences on the market, decarbonization policies, and emerging market trends. The report addresses market issues, including notable business cases and emerging business opportunities associated with commercial and residential segments.