HVAC Systems Market Worth $173.16 Billion by 2022
Government incentives, increasing construction activities among factors driving market
PUNE, India — The global HVAC systems market is expected to reach $173.16 billion by 2022, increasing at a compound annual growth rate (CAGR) of 5.9 percent between 2016 and 2022, according to a new report published by MarketsandMarkets.
The factors driving the growth of the market include government incentives through tax credit programs, increasing construction activities, government regulations and policies regarding energy efficiency, and the growing trend of smart homes.
Cooling equipment is expected to lead the HVAC systems market between 2016 and 2022. This growth is attributed to the reduction in energy consumption of the latest cooling equipment, introduction of innovative solutions such as low-global warming potential (GWP) products, changing weather conditions, increase in disposable income, and government grants and tax benefits.
Residential applications are expected to grow at the highest CAGR from 2016 to 2022. Favorable government regulations and tax credit facilities on the installation of HVAC systems and the growing concerns toward energy saving and minimizing costs related to energy consumption have significantly contributed to the growth of the HVAC systems market in residential applications.
The Asia-Pacific (APAC) region is expected to dominate the HVAC systems market during the forecast period. China, Japan, and India are significantly driving growth. These countries have considerable market size and scope, and there are a number of government regulations, acts, and associations supporting the adoption of HVAC systems. Further, the growth of the market in the APAC region is attributed to its increasing construction activities, rising population, and change in climate conditions.
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Publication date: 7/18/2016