Global Heating, Ventilation, And Air Conditioning (HVAC) Market

Increasing expenditure on modern infrastructure and construction activities coupled with growing focus on the adoption of energy-efficient HVAC systems, drives the demand for HVAC system across the globe. The global HVAC market is likely to ascend from USD 182.1 billion in 2019 to USD 243.5 billion by 2027, at a CAGR of 4.5% over the forecast period (2020–2027) according to QuantAlign Research.

The world has been witnessing a significant growth in the residential and commercial construction activities which is anticipated to fuel the market demand over the coming years. Moreover, governments across the world are implementing new rules and policies to promote energy efficiency for HVAC systems which is accounted to hold major share of electricity consumption. Thus, there is growing demand for better and efficient cooling solutions in the construction industry prompting the replacement of old cooling systems. As a result, the global HVAC industry is set to expand at healthy rate especially in the coming years.

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Key insights:

Ø The Central HVAC segment dominated the market in 2019, and the trend is likely to continue over the coming years