News Market Insights

The expanding construction industry will support the HVAC market in witnessing a CAGR of 4.8% during the forecast period (2020–2030). As a result, the market revenue is expected to rise from $240.8 billion in 2019 to $358.1 billion in 2030. India, Qatar, China, the U.S., Saudi Arabia, and the U.A.E. are generating a high demand for HVAC systems due to the soaring number of hotels, shopping complexes, and skyscrapers in these countries. The construction of new structures is attributed to the booming number of tourists and upcoming events, such as FIFA World Cup 2022 and Dubai Expo 2020. At present, a majority of customers are showing a preference for smart HVAC systems that have intelligent thermostats, better controls, and advanced monitoring systems. These systems also produce cleaner air, emit lesser noise, and offer better temperature variability than conventional systems. Additionally, smart HVAC systems enable customers to monitor their performance in real time. Users across the ...

Factors such as the growing construction sector, increasing government initiatives to support the installation of heating, ventilation, and air conditioning (HVAC) systems, rising global surface temperature, and surging demand for energy-efficient systems are expected to drive the growth of the HVAC market at a 4.8% CAGR during the forecast period (2020–2030). According to P&S Intelligence, the market size will increase from $240.8 billion in 2019 to $358.1 billion by 2030. One of the key factors propelling the HVAC market is the growth in the construction sector. As per the World Bank, the industry will witness a year-on-year (Y-o-Y) growth of 4.2% during 2018–2023. This can be due to the expanding tourism industry and major upcoming events, such as the FIFA World Cup 2022. Moreover, the increasing investment in construction projects, such as residential and commercial units, malls, and industrial complexes, in countries including India, China, the U.S., Saudi Arabia, the U.A.E.,...