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).

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 U.S. residential HVAC market is forecast to see significant growth due to lower unemployment and gas prices, coupled with higher consumer confidence and pent-up demand. The commercial HVAC market is expected to see more steady growth.

The United States is the leader in global imports of commercial and industrial air conditioning, heating, and refrigeration equipment, accounting for a 15 percent share (based on U.S. dollars), according to a new report from IndexBox Marketing.