Global HVAC demand to rise by 2016
Nearly every residence and business at some point will require service to their heating, ventilation and air conditioning units, and the results of a new survey reveal demand for upkeep and maintenance of these units is expected to rise significantly in the coming years.
The results of the study, from The Freedonia Group, an industry market research firm based in Cleveland, Ohio, reveal that worldwide demand for HVAC-related equipment should climb 6.1 percent every year through 2016, where it will rest at $107 billion.
That growth rate is upwardly revised from previously revised figures projecting gains between 2006 and 2011. North America is projected to have the fastest average annual advances over the next four years, due mostly to the U.S. economic recovery.
HVAC company leaders and their field service professionals will have to update their technology and streamline their processes in order to benefit the most from the expected rise in demand. Some companies are already taking steps to make their operations more efficient by instituting a bring your own device policy and providing workers with apps and software that automate tasks.