ALBANY, N.Y. — The global HVACR systems market, which stood at a value of $81.1 billion in 2015, is likely to progress at a compound annual growth rate (CAGR) of 5.5 percent between 2016 and 2020, reaching an opportunity worth $130.7 billion by the end of the forecast period, according to a new report by Transparency Market Research (TMR).

Boosted by the augmenting demand for refrigeration equipment in cold storage and food processing units, the shipment volume of HVACR systems is estimated to rise at a CAGR of 8 percent over the same forecast period. Evaporators have emerged as the most valued product in this market in the last few years and are expected to remain so throughout the forecast period. The revenue generated by evaporators is estimated to cross $34.1 billion by 2024.