The global HVAC equipment market is expected to grow owing to the increasing rate of urbanization across the world as well as rising investment in developing rural infrastructure leading to more people having access to HVAC tools for various end applications. Also, the demand for highly efficient HVAC technology may witness unprecedented growth since there are growing government regulations in terms of reducing carbon emissions and promoting energy efficiency.
With the rising rate of the global population, the construction sector is also on the rise as it struggles to meet the exponentially rising demand and necessity for adequate living spaces. With the growth in the number of construction projects including the infrastructure development segment, the demand for HVAC equipment may surge. Another crucial point of discussion is the increasing technological advancements for improved and sophisticated HVAC systems that enable greater comfort and energy efficiency could result in more revenue.
According to the recent estimation by Zion Market Research, Global HVAC Equipment Market size was at around USD 130.1 Billion 2022 and is estimated to grow about USD 221.61 Billion by 2030, at a CAGR of approximately 6.12%.