Study Forecasts Major Growth in Advanced HVAC Control

BOULDER, CO—The market for advanced controls devices for heating, ventilation, and air conditioning is expected to generate $11.7 billion in revenue by 2023, according to Navigant Research.

Heating, ventilation, and air conditioning (HVAC) in commercial buildings typically accounts for roughly 40% of total building energy consumption. While advancements have been made in the efficiency of HVAC equipment, the actual energy consumption of HVAC equipment depends largely on their operation – which can be made much more efficient and less energy-intensive through the application of advanced HVAC controls. According to a recent report from Navigant Research, worldwide revenue from advanced HVAC controls is expected to grow from $7 billion annually in 2014 to $11.7 billion in 2023.