|By Business Wire||
|May 21, 2014 11:54 AM EDT||
The consumption of energy for heating, ventilation, and air conditioning (HVAC) systems in commercial buildings represents a key contribution to total global energy use. Although advanced controls technology for HVAC systems is mature, adoption of the newest technologies remains relatively low, and HVAC controls retrofits can provide a compelling value proposition through reduced energy consumption in existing buildings. Click to tweet: According to a new report from Navigant Research, shipments of advanced controls devices for HVAC in commercial buildings will grow from 33.8 million units in 2014 to 70.4 million in 2023.
Such devices include a variety of sensors, controllers, and thermostats that assist with the efficient management of commercial HVAC systems. Navigant Research forecasts that the largest device categories over the coming decade, in terms of unit shipments, will be temperature sensors, airflow sensors, variable air volume or terminal controllers, fan coil unit controllers, and CO2 sensors.
“Networked digital controls for HVAC systems have been available for many years, but much of the existing building stock is still dependent on older technologies,” says Benjamin Freas, research analyst with Navigant Research. “New building certification and benchmarking regulations are driving faster retrofits of controls in existing buildings, and changing how automation is designed into new buildings.”
Future economic growth presents a primary uncertainty for this segment. The advanced HVAC controls market remains very dependent on rates of new construction and building renovation, which in turn are driven by the overall economic conditions in each world region. The market has been negatively affected by the 2008 financial crisis, and is only now beginning to experience a modest but accelerating recovery, according to the report.
The report “Advanced HVAC Controls”, analyzes the global market for remote advanced HVAC controls, segmented by equipment type, sensors, field devices, floor-level controllers, building-level controllers, as well as building use, office, retail, education, healthcare, hotels & restaurants, institutional/assembly, warehouse, transport, in each major world region. The report provides an analysis of the market issues, including technology advances, opportunities, and barriers, associated with advanced HVAC controls. Global market forecasts for unit shipments and revenue, segmented by device type and by region, extend through 2023. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals combine technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism in the highly regulated Construction, Energy, Financial Services and Healthcare industries to support clients in addressing their most critical business needs. More information about Navigant can be found at www.navigant.com.
* The information contained in this press release concerning the report, “Advanced HVAC Controls,” is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.