INDUSTRY REPORT
“ The cooling segment dominated the market for HVAC systems and accounted for the largest revenue share of 54.7 % in 2021 .”
Image courtesy of Hypertherm .
INDUSTRY REPORT
HEATING AND COOLING
We analyse global HVAC ( heating , ventilation and air conditioning ) markets and technology trends for sheet metal manufacturers .
Supply-chain shortages , amidst the pandemic , impacted the market for HVAC systems in 2020 . However , the market entered recovery from H32020 onwards as global manufacturing activities gradually resumed following strict lockdowns .
According to analyst Grand View Research , the global HVAC systems ’ market size was valued at US $ 136.3 billion in 2021 and is projected to expand at a compound annual growth rate ( CAGR ) of 6.3 % from 2022 to 2030 . A new Research and Markets . com report values the global heating , ventilation & air conditioning ( HVAC ) market at US $ 156.44- billion in 2021 , and expects it to be worth US $ 231.11 billion in 2027 , growing at a CAGR of 6.72 % during 2022-2027 .
“ Varied climatic conditions and the need to maintain an ambient environment in a building is a key trend that is expected to impact the market over the forecast period . In recent times , the availability of smart features and energy efficiency have been key purchase criteria for most customers , and the trend is expected to gain traction over the next few years ,” explained Grand View Research .
The move to energy efficiency
“ Global warming , predominately due to greenhouse emissions , has led to a rise in temperature , which has been a major driving force in demand for heating , ventilation and air conditioning ( HVAC ) equipment worldwide . Climate change has also resulted in the inflated
In recent times , the availability of smart features and energy efficiency have been key purchase criteria for most customers
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