Top 8 Growth Opportunities in HVAC, 2024

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.