INDUSTRY REPORT
“ The HVAC market is expected to reach US $ 195.96 billion by 2028 , growing at a CAGR of 6.75 % during the forecast period ( 2023-2028 ).”
All images : Shutterstock . com .
INDUSTRY REPORT
HIGHS AND LOWS
We analyse global HVAC ( heating , ventilation and air conditioning ) markets and technology trends for sheet metal manufacturers .
Many governments worldwide are offering tax incentives to encourage the installation of efficient HVAC ( heating , ventilation and air conditioning ) equipment . This is part of a larger effort to reduce carbon emissions and mitigate the impact of climate change .
“ With the outbreak of COVID-19 , more consumers are expressing concerns about the environmental impact of the services and products that they buy . They are willing to pay more for more eco-friendly and health-friendly options than others ,” commented analyst , Mordor Intelligence .
HVAC systems are used to provide cooling , ventilation and heating facilities to a building . Heating appliances ( such as heaters , furnaces and heat pumps ) are used to generate heat in buildings via central heating or local heating . Ventilation appliances are used to change or replace air in any building to regulate temperature . Air-conditioning appliances are used to cool indoor air for thermal comfort .
HVAC equipment market
The HVAC equipment market is fragmented with the presence of major players such as Trane Technologies PLC , Daikin Industries Ltd and Comfort SRL . Some players in the market are adopting strategies , such as partnerships and acquisitions , to enhance their product offerings and gain sustainable competitive advantage .
According to analyst , Mordor Intelligence , the size of the HVAC equipment market is estimated at US $ 141.36 billion in 2023 . It is expected to reach US $ 195.96 billion by 2028 , growing at a CAGR of 6.75 % during the forecast period ( 2023-2028 ).
“ The rapid rise in industrialisation and urbanisation worldwide is one of the primary factors driving the market ' s growth . The significant increase in the construction of different commercial and residential buildings worldwide is creating considerable demand for HVAC equipment ,” commented Mordor Intelligence .
28 | ismr . net | ISMR November 2023