Top 8 Growth Opportunities in HVAC, 2024

Top 8 Growth Opportunities in HVAC, 2024

Advancements in AI and ML Call for Strategic Partnering and an Innovation Culture among HVAC Participants

RELEASE DATE
11-Dec-2023
REGION
Global
Research Code: PFB0-01-00-00-00
SKU: EN_2023_395
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Description

Demand for connected and automated systems in buildings is rapidly increasing. The heating, ventilation, and air conditioning (HVAC) system is one of the most crucial operations components of a building, and it is integral to the digital transformation of building systems.

Besides the decarbonization of buildings, advancement of HVAC systems is critical because it offers monetary savings and higher comfort levels for building occupants. Furthermore, customers’ needs and requirements are driving the legacy HVAC manufacturers and market participants to incorporate information and communications technology (ICT) and software-related offerings as add-on features in their systems.

Since the COVID-19 pandemic, HVAC stakeholders, including occupants and building owners, have become more conscious about indoor air quality and airborne transmission of diseases. This translates to the need for highly efficient HVAC systems with advanced filtration technology; artificial intelligence (AI) and machine learning (ML) technologies can enable the transformation of HVAC systems for improved performance and better utility.

The HVAC ecosystem of the future will entail partnerships among various stakeholders in the buildings industry, such as property developers and building automation system providers. Collaboration with cross-industry players, such as those from ICT, finance, and the public sector, will be inevitable.

Table of Contents

Strategic Imperatives

Top 8 Growth Opportunities

Growth Opportunity 1: Remote HVAC Services through IoT and Cloud to Modernize Maintenance

Growth Opportunity 2: Open Protocols to Enhance HVAC Interoperability

Growth Opportunity 3: AI- and ML-based HVAC to Gain Dominance

Growth Opportunity 4: HVAC-as-a-Service to Emerge as a Customer Value Proposition

Growth Opportunity 5: Green HVAC to Drive the Decarbonization of Buildings

Growth Opportunity 6: HVAC Optimization to Support Demand Response Programs

Growth Opportunity 7: Smart HVAC to Progress with Cybersecurity

Growth Opportunity 8: Retrofit Focus to Expand HVAC Ecosystem Development

Next Steps

Legal Disclaimer

Demand for connected and automated systems in buildings is rapidly increasing. The heating, ventilation, and air conditioning (HVAC) system is one of the most crucial operations components of a building, and it is integral to the digital transformation of building systems. Besides the decarbonization of buildings, advancement of HVAC systems is critical because it offers monetary savings and higher comfort levels for building occupants. Furthermore, customers needs and requirements are driving the legacy HVAC manufacturers and market participants to incorporate information and communications technology (ICT) and software-related offerings as add-on features in their systems. Since the COVID-19 pandemic, HVAC stakeholders, including occupants and building owners, have become more conscious about indoor air quality and airborne transmission of diseases. This translates to the need for highly efficient HVAC systems with advanced filtration technology; artificial intelligence (AI) and machine learning (ML) technologies can enable the transformation of HVAC systems for improved performance and better utility. The HVAC ecosystem of the future will entail partnerships among various stakeholders in the buildings industry, such as property developers and building automation system providers. Collaboration with cross-industry players, such as those from ICT, finance, and the public sector, will be inevitable.
More Information
Author Melvin Leong
Industries Environment
No Index No
Is Prebook No
Keyword 1 HVAC Market Analysis
Keyword 2 heating, ventilation, and air conditioning (HVAC) system
Keyword 3 HVAC Technology Trends
Podcast No
WIP Number PFB0-01-00-00-00