The global HVAC systems market size is anticipated to reach USD 197.50 billion by 2028, registering a CAGR of 5.9% over the forecast period, according to a new study by Grand View Research Inc. The rising adoption of energy-efficient and renewable energy products is anticipated to be a significant driving factor for the market. Furthermore, climate changes have rendered heating and cooling equipment a necessity rather than a luxury. Thus, the deteriorating climate condition is likely to positively influence the market over the forecast period. Proactive government initiatives will emerge as market growth drivers over the forecast period.
For instance, under the Taxpayer Relief Act of 2012 (U.S.)-2017, customers can apply for the Federal Energy Tax Credit. Similarly, Australia’s Department of the Environment and Energy has introduced the “discounted energy-efficient air conditioners for households program” that provides a discount ranging between USD 200 to USD 1,000 to New South Wales residents buying high-efficiency air conditioners for household purposes. Several governments worldwide introduce such initiatives to promote product adoption.
In addition, the market is expected to experience healthy growth owing to refurbishment and replacement demand. Several customers are replacing old equipment with new energy-efficient units for energy savings, improved performance, and cost reduction. The factors responsible for the replacement of the HVAC (Heating, ventilation, and air conditioning) unit are the system’s age, building remodeling, poor air quality, and high cost of repair.
The spread of the novel coronavirus in 2020 resulted in the shutting down of production plants across the globe in the first quarter. As a result, several major players recorded substantial revenue drop in the initial part of 2020. However, pent-up demand and increasing awareness about hygienic surroundings have resulted in higher product sales in recent times and are expected to continue in the subsequent years. Overall, the Covid-19 pandemic has had a minor impact on the market and the industry is expected to record steady growth in the years to come.
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