888-776-0942 from 8 AM - 10 PM ET
SAN FRANCISCO , Sept. 21, 2022 /PRNewswire/ -- The global HVAC systems market size is anticipated to reach USD 234.9 billion by 2030, according to a new study by Grand View Research Inc. The market is expected to expand at a CAGR of 6.3% from 2022 to 2030. The rising adoption of energy-efficient and renewable energy products is anticipated to be a significant driving factor for HVAC demand. Demand for eco-friendly systems, and advanced technology usage in products including software and automation, are a few key factors contributing to the industry's success. The growing usage of ACs in homes, as well as offices, has favoured the HVAC industry over the years. To further boost this demand, rising incomes and standard of living in several emerging economies have also driven business profitability in recent years.
Key Industry Insights & Findings from the report:
Read 134 page full market research report for more Insights, "HVAC Systems Market Size, Share & Trends Analysis Report By Product (Heating, Ventilation, Cooling), By End Use (Residential, Commercial, Industrial), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
HVAC Systems Market Growth & Trends
The growing popularity of ductless HVAC (Heating, ventilation, and air conditioning) is also gaining traction and will create avenues for market growth over the mid-term. Installing ACs in buildings without ducts is an impossible task and this is where ductless systems come to save the day. These compact units can be installed almost anywhere devoid of ducts. Apart from new product development energy-efficient and tech-savvy products are also carving a niche for themselves in the market. For instance, products that work on geothermal technologies or renewable energy sources are helping consumers cut energy costs while benefitting OEMs meet sustainability targets.
Apart from efficiency, technology is also making this a lucrative market. Building automation systems are popular among contractors and architects. Therefore, the demand for Building Automation Systems (BAS) is gaining traction, as such creating avenues for the market. Further, ACs are no longer operated manually but can be controlled remotely with a smartphone, PC, or tablet. This functionality and smart feature is also emerging as a popular trend in the market creating revenue streams for manufacturers.
Grand View Research has segmented the global HVAC systems market based on product, end use, and region:
HVAC Systems Market - Product Outlook (Revenue, USD Billion, 2018 - 2030)
HVAC Systems Market - End-use Outlook (Revenue, USD Billion, 2018 - 2030)
HVAC Systems Market - Regional Outlook (Revenue, USD Billion, 2018 - 2030)
List of Key Players in HVAC Systems Market
Check out more related studies published by Grand View Research:
Browse through Grand View Research's Advanced Interior Materials Industry Research Reports.
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco , the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Sherry James Corporate Sales Specialist, USA Grand View Research, Inc. Phone: 1-415-349-0058 Toll Free: 1-888-202-9519 Email: [email protected] Web: https://www.grandviewresearch.com Grand View Compass | Astra ESG Solutions Follow Us: LinkedIn | Twitter
Logo: https://mma.prnewswire.com/media/661327/Grand_View_Research_Logo.jpg
SOURCE Grand View Research, Inc.
More news releases in similar topics
Cision Distribution 888-776-0942 from 8 AM - 9 PM ET