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.