Heating & Cooling Market 2023 By Regional Statistics, Trend & Growth Forecast To 2027
space cooling accounted for over 16% (over 1,885-TWh) of the final electricity consumption in the building sector in 2020. Statistics such as these could, in turn, stimulate heating & cooling market development.
Despite disruptions arising from the outbreak of the COVID-19 disease, the HVAC industry has been rapidly evolving, especially across the residential, commercial, and industrial establishments. This positive growth trajectory of heating & cooling services is slated to continue due to myriad reasons, including the growing prevalence of extreme heat events and the subsequent rise in the installation of air conditioners worldwide.
According to a November 2021 tracking report from the International Energy Agency, nearly 2 billion AC units are presently in operation, with residential units contributing to over 70% of the total installations. Also, space cooling accounted for over 16% (over 1,885-TWh) of the final electricity consumption in the building sector in 2020. Statistics such as these could, in turn, stimulate heating & cooling market development.
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Furthermore, there has been increasing dependence on renewable energy sources to make heating and cooling equipment less carbon-intensive. As per data from Eurostat, clean energy held a 23% share of the total energy used for heating and cooling applications in the EU in 2020, indicating a marked rise from 22% in 2019. With the rapid implementation of net-zero carbon targets worldwide, renewable heating and cooling supply will gain further traction over the years ahead.
Installation of district heating systems powered by geothermal and other clean technologies
With the growing implementation of a set of policy initiatives to become climate neutral, various countries are focusing on the development of geothermal technologies to power space heating and cooling solutions. According to Energy Industry Review, out of around 5,000 district heating systems in Europe, above 240 systems are powered by geothermal energy, recording a total installed capacity of around 4.3-GWth and production of over 12,900-GWh.
Over the years, renewable energy has become the default economic choice for new power generation capacity. Based on data from IRENA (International Renewable Energy Agency), costs for electricity from utility-scale solar PVs (photovoltaics) reduced by 85% between 2010 and 2020. Due to the considerable cost reduction, renewable power generation capacity surged by 3.7 times, from 754-GW to 2,799-GW worldwide.
Since renewable technologies offer significant environmental, financial, and energy benefits, advanced heating and cooling systems powered by clean energy are projected to gain massive popularity among project stakeholders.
Rising energy use for space and process heating in U.S. industrial, residential, and commercial sectors
Rapid industrialization is becoming a key contributor to increased energy consumption. In the United States, for example, the industrial sector uses heat for a range of applications, such as process heating and preheating of boiler feed water. According to the U.S. Environment Protection Agency (EPA), the sector accounts for nearly 24-quadrillion Btu, or roughly one-third of the country’s overall delivered energy supply, which could impetus to the growth of the heating & cooling industry for industrial applications.
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Apart from the industrial sector, the rate of energy use has been increasing for residential and commercial heating purposes in the country. As per the EPA, space heating accounts for over 42% and 36% of energy use in U.S. residences and commercial buildings respectively. Also, homeowners spend nearly $73 billion or 29% of energy-related expenditures on space heating, while commercial buildings spend above $27 billion or 15% per year.
With the proliferation of energy use for heating industrial equipment as well as residential and commercial buildings in the U.S. and beyond, the heating & cooling market is anticipated to gain traction over the foreseeable future.
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