During the past few years, we have been feeling the effects of global warming very well. Under such circumstances, it requires no special mention that the demand of innovative products from the HVAC-R industry will continue to increase.
Especially, the growing urbanization and construction projects in the Asia-Pacific region – specifically among the emerging economies, have started boosting the demand of the HVAC-R solutions among all the sectors.
According to the market research firm Research and Markets, “The HVAC-R market was valued at $422.91 billion in 2023, and it is expected to grow at a CAGR of 6.33% and reach $781.05 billion by 2033, driven by technological advancements such as smart systems, IoT integration, and enhanced control systems, which stimulate market growth as businesses and consumers prioritize efficiency and sustainability.”
Research and Markets observes that the rising disposable incomes in numerous Asian nations have further fueled this demand for comfort and luxury, propelling the HVAC-R market expansion. Developing economies such as India, China, and Southeast Asian countries are witnessing significant growth in the HVAC-R sector due to urbanization and heightened awareness of the benefits of efficient heating and cooling systems.
Competition accelerates innovation. Nowadays advent of advanced supporting technologies has started enriching the HVAC-R products in an unprecedented way. As users are becoming more technologically savvy and environmentally aware and are expressing a growing interest in real-time monitoring and control of their HVAC-R products, the HVAC-R products’ manufacturers are also in a race to cater to the emerging needs of the users.
One thing is very prominent at this juncture that the life of technology is getting shortened in this era of continuous innovation. Companies who are able to keep pace with fast growing demand of additional features are winning the market. For example: low power consumption, remote operation, automatic temperature control, dust-virus-pathogen control et al are being included in the list of customers’ demand. Thus, companies that will be able to provide these functions at the most economical way beside other basic qualities of the HVAC-R products and services will continue to hold their market leadership position.
Pravita Iyer
Publisher & Director
