Date : November 2024
The global heating and cooling market size is projected to surpass around USD 348.80 billion by 2032 from USD 272.10 billion in 2023, expanding at a solid CAGR of 2.80% between 2023 and 2033. Top companies in the heating & cooling are Johnson Controls, Siemens, Daikin, Lennox International, Trane, Rheem Manufacturing, Engie, Mitsubishi Electric, Haier, Danfoss, Empower, Veolia, Goodman, Fortum.
| Report Coverage | Details |
| Market Size by 2032 | USD 348.89 Billion |
| Growth Rate from 2023 to 2032 | CAGR of 2.80% |
| Largest Market | North America |
| Fastest Growing Market | Asia Pacific |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | Category, Application, Region |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America and Middle East, & Africa |
The strategic developments like partnerships, agreements, and innovative product launches is expected to drive the market growth. The top HVAC manufacturers are operating under stringent government regulations regarding the energy efficiency. Thus the manufacturers are investing heavily on the development innovative products that caters to the need for the energy efficiency and growth in the adoption of the renewable energy sources across the globe.
The government plays a crucial role in the growth of heating and cooling market. The rising investments in the development and deployment of renewable energy sources such as solar energy and wind energy is triggering the adoption of the green energy in the residential, industrial, and service sectors across the global markets.
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