International. This was revealed by the consulting firm Verified Market Research, announcing the culmination of an investigation into the size of the global HVAC systems market.
The research company said it conducted its study by analyzing the size of the global HVAC systems market by ventilation equipment (air filter, fan), heating equipment (heat pumps, furnaces), refrigeration equipment (chillers, chillers), applications (commercial, residential), geographic scope, and forecast.
In this way, the researchers at Verified Market Research were able to project a 6.4% annual growth in the global HVAC market over the next seven years.
The above, considering that the HVAC systems market size was valued at US$218.32 billion in 2024 and is projected to reach US$338.62 billion by 2031, growing at a CAGR of 6.40% during the said period.
According to the research firm, such growth will be underpinned by the growing demand for energy-efficient HVAC systems, the upward trend of smart homes and government initiatives, along with growing investment in the construction industry.
The study report 'Global HVAC Systems Market' also provides information with emphasis on the global market, including some of the major players such as Daikin Industries Ltd., Ingersoll Rand PLC, Johnson Controls, Inc., Nortek, Inc., United. Technologies Corp., Electrolux AB, Dixell-Emerson, Honeywell International Inc., Lennox International Inc. and LG Electronics.
The document also analytically addresses events that have represented key developments within the sector in recent years.
For instance, it is mentioned that in September 2021, Carrier Transicold launched two new products in the line of Citimax units, the Citimax 1000 and Citimax 1100 units. These new products were developed to support heavy-duty refrigerated trucks with high-roof cabs.
In turn, in August 2021, Johnson Controls and Apollo Global Management, Inc. signed a strategic partnership to offer sustainability and energy efficiency services to help their clients address decarbonization and operating cost goals for their buildings.
The report also highlights that in May 2021, Carrier, a global leader in high-tech heating, air conditioning and refrigeration solutions, announced the availability of evaporative precooling technology in Carrier's AquaForce 30XV product line.
This comprehensive analysis of segments, trends, drivers, restraints, competitive landscape, and factors that play a major role in the market, can be consulted online.
