6.4% Annual Growth in Global HVAC Market Predicted

JERSEY CITY, N.J. — The global HVAC systems market is projected to grow at a compound annual growth rate of 6.4% between 2024 and 2031, according to a new report published by Verified Market Research (VMR).

The report estimates that the market is valued at $218.32 billion now and is expected to reach $338.62 billion by the end of the forecast period.

The HVAC systems market is experiencing significant growth due to increasing demand for energy-efficient solutions, a statement from VMR said. The demand for greater energy efficiency is primarily driven by stringent regulations and sustainability initiatives.

New technologies such as the internet of things (IoT) and smart thermostats are also market growth by improving operational efficiency and reducing costs for businesses, VMR said. The industry is also being revolutionized by innovations like advanced sensors and cloud-based HVAC management systems, which are driving efficiency and reliability, VMR said.

In addition, the global construction industry is experiencing significant growth, especially in developing countries, VMR found. As a result, there is a surge in the need for HVAC systems in various sectors, such as residential, commercial, and industrial. The growth of the market is fueled by urbanization and infrastructure development, which creates opportunities for stakeholders to take advantage of the expanding market landscape, VMR said.

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