The global HVAC Systems market was worth around USD 196.10 billion in 2021 and is estimated to grow to about USD 286.14 billion by 2028.
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The development is being paved by an increase in multi-family and single-family residences. Energy efficiency is becoming increasingly important in the HVAC industry. Several automakers are concentrating on green initiatives in order to save money while reducing greenhouse gas emissions. As a result, in recent years, there has been a shift toward ecologically friendly HVAC equipment. This comprises things that consume less energy and are powered by renewable energy sources, resulting in lower energy costs.
According to the Market Research report, the global HVAC Systems market was worth about 196.10 (USD billion) in 2021 and is predicted to grow to around 286.14 (USD billion) by 2028, with a compound annual growth rate (CAGR) of around 6.50 percent.
The HVAC systems market in APAC is predicted to have the largest market share throughout the forecast period. China, Japan, and India are just a handful of the major APAC HVAC system manufacturers. The HVAC system sector in the region is being propelled forward by two key factors: increasing development activity and a growing population. Smart houses are in high demand in nations such as Japan, South Korea, and China. As a result of increased urbanisation and industry, the need for HVAC systems in the region is growing.
Some of the main competitors dominating the global HVAC Systems market include -DAIKIN INDUSTRIES (Japan), Johnson Controls (US), Carrier (US), Trane Technologies plc, (US), LG Electronics (South Korea), Emerson Electric Co. (US), Honeywell International Inc. (US), Mitsubishi Electric Corporation (Japan), Nortek Air Management (US), and Samsung Electronics (South Korea. (US)
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