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The Heating, Ventilation and Cooling (HVAC) Market - Growth and Trends
Global Market Size and Forecast
The global HVAC market has been witnessing a significant growth, with its value reaching an estimated USD 150.04 billion in 2022 and is projected to reach USD 294 billion in 2023. Moreover, the market is forecasted to grow at a compound annual growth rate (CAGR) of 5.6% from 2024 to 2032, reaching a value of USD 740.2 billion by 2028.
Market Segmentation
The HVAC market is segmented based on cooling, heating, heat pump, furnace, ventilation, AHU (air handling unit), air filter, and service type. The cooling segment includes unitary air conditioners and VRF (variable refrigerant flow) systems, while the heating segment consists of heat pumps and furnaces. The ventilation segment includes AHUs and air filters, and the service type segment covers installation, maintenance, and repair.
Growth Drivers
The growth of the HVAC market is attributed to factors such as rising demand for energy-efficient systems, increasing construction activities, and growing awareness about indoor air quality. The rising adoption of smart and connected HVAC systems, coupled with government initiatives and regulations promoting energy efficiency, is also contributing to market expansion.
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