July 2017: A new report: “Global HVAC Safety Devices Market from 2017-2021” from the market research analysts at Technavio predicts that the global HVAC safety devices market will grow steadily between 2017 and 2021 and post a CAGR of around 6% by the end of the period.
According to Technavio, the three top emerging trends driving the global HVAC safety devices market are:
- Adoption of Variable Refrigerant Flow (VRF) systems
- Integration of Internet of Things (IoT) with HVAC systems
- Growing popularity of “Smart” homes
Adoption of Variable Refrigerant Flow (VRF) Systems
Although not yet commonplace here in the US, Variable Refrigerant Flow systems are popular in Japan and Europe in larger commercial buildings. It’s a system of air-con which employs multiple indoor fan coils and one outdoor condensing unit. Technavio’s report predicts that growing demand for VRF systems here in the States in both commercial units and high-end residential homes will contribute to the market growth of HVAC safety devices to provide surge protection.
Integration of Internet of Things (IOT) with HVAC systems
Another driving force for growth is the integration of IoT and HVAC systems. Technavio’s report details how this integration is creating new revenue avenues for the HVAC industry despite it being early days for the IoT. Right now the earliest adopters of this technology are commercial buildings where the integration of HVAC safety systems is enhancing the efficiency and reliability of the building automation systems (BAS).
The report outlines how “Smart” HVAC equipment is providing real-time remote monitoring and analytics, allowing management teams to reduce operating costs through improved building and equipment control.
Growing popularity of “Smart” Homes
The percentage of global households with internet access will be 69 per cent by 2020 while smartphones usage will be at 75 percent. The report expects that this growth will only continue to increase the popularity of “smart” homes where a homeowner’s property is fitted with network connected products that control, optimize and automate security, temperature, lighting or entertainment. All this can be done remotely by smartphone, tablet or computer. This growth, in turn, will help ensure the steady rise of the HVAC safety devices market as such devices will be integrated within the “smart” home system.
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