The global HVAC systems market size is anticipated to reach USD 208.6 billion by 2027, according to a new study by Grand View Research Inc., registering a CAGR of 6.1% over the forecast period. Growing commercial sector and rapid urbanization across the globe are driving the demand for HVAC equipment. Furthermore, incentives and rebate programs offered by various governments to promote the use of energy-efficient units is anticipated to drive the market growth.
Moreover, HVAC systems are being integrated with next-generation technologies, such as IoT sensors, remote control systems, and hybrid HVAC units, to increase efficiency and reduce energy consumption. This is also anticipated to support the global market expansion over the forecast period. On the other hand, high installation and maintenance costs, coupled with complexity of retrofit HVAC installations, may hinder the market growth. However, many prominent manufacturers are investing in R&D to develop cost- and energy-efficient units, which will fuel the product demand. For instance, a California-based company developed an ice-powered air conditioner. The new system reduces the energy consumption of the building by freezing a significant amount of water overnight and offers six hours of cooling the next day.
Request a sample Copy of the Global HVAC Systems Market Research Report @ https://www.grandviewresearch.com/industry-analysis/hvac-equipment-industry/request/rs1
Several residential complexes and businesses are replacing old HVAC systems with new energy-efficient units for higher performance, energy savings, and cost reduction. Moreover, remodeling or new construction of residential, commercial, or industrial buildings require HVAC systems, which is another factor driving the market growth.
Asia Pacific dominated the global market in 2019. This growth is attributed to the rising disposable income and awareness regarding energy-efficient products. Furthermore, the growing real estate sector across the region as a result of increasing population will have a positive impact on product demand. The emergence of smart buildings and government initiatives promoting the use of energy- and cost-efficient systems are also expected to boost the regional market growth.
Key suggestions from the report:
Have Any Query? Ask Our Experts @ https://www.grandviewresearch.com/inquiry/64/ibb
Grand View Research has segmented the global HVAC systems market on the basis of product, end use, and region:
HVAC Systems Product Outlook (Revenue, USD Billion, 2016 – 2027)
HVAC Systems End-use Outlook (Revenue, USD Billion, 2016 – 2027)
HVAC Systems Regional Outlook (Revenue, USD Billion, 2016 – 2027)
Find more research reports on HVAC & Construction Industry, by Grand View Research:
Heating Radiator Market – The global heating radiator market size was valued at USD 5.1 billion in 2018 and is estimated to progress at a CAGR of 8.8% from 2019 to 2025.
Hospital HVAC Systems Market – The global hospital HVAC systems market was valued at USD 7.05 billion in 2018 and is expected to register a CAGR of 7.2% during the forecast period.
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
Media ContactCompany Name: Grand View Research, Inc.Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.Email: Send EmailPhone: 1-415-349-0058, Toll Free: 1-888-202-9519Address:201, Spear Street, 1100 City: San FranciscoState: CaliforniaCountry: United StatesWebsite: https://www.grandviewresearch.com/industry-analysis/hvac-equipment-industry