HVAC Equipment Market to Reach $155.1 Billion by 2022
Rising demand from Asia-Pacific to drive evolution
ALBANY, N.Y. — The overall value of the global HVAC equipment market was at $91.3 billion in 2013, according to a report by Transparency Market Research. Rising at a positive compound annual growth rate (CAGR) of 6.2 percent between 2014 and 2022, the market is anticipated to reach $155.1 billion by the end of the forecast period.
The rising demand for energy-efficient systems, coupled with the rise in consumer confidence, has led to the increased uptake of HVAC equipment in recent years. Consumers and the commercial and construction markets have become more inclined towards technologically advanced products to replace their traditional counterparts.