HVAC (heating, ventilation, and air conditioning) equipment aid in regulating indoor air quality and maintaining comfortable temperatures. Some key HVAC equipment include chillers, air handling units, boilers, radiators, fans, ducts, and vents. Rising construction of commercial buildings such as malls, hospitals, and office spaces along with infrastructure development projects are fueling the demand for HVAC equipment.
The global HVAC equipment market is estimated to be valued at US$ 180 billion in 2024 and is expected to exhibit a CAGR of 6.6% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the HVAC equipment market are Carrier Global Corporation, Daikin Industries Ltd., Johnson Controls International Plc, Trane Technologies Plc, and Zamil Industrial Investment Co.
The HVAC Equipment Market Demand of IoT-enabled smart HVAC systems, increased expenditure on data centers and focus on reducing energy consumption through efficient equipment.
The market is also witnessing increased global expansion with major players establishing operations across developing regions in Asia Pacific and Middle East & Africa to tap into the growth opportunities.
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