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The heating and cooling sector is witnessing notable shifts, propelled by technological progress and a heightened focus on sustainability. Regulations, emphasizing both environmental stewardship and cost-effectiveness, are propelling the adoption of energy-efficient HVAC systems. Moreover, the integration of smart technologies, like IoT devices and AI controls, is transforming the management of these systems, enhancing both efficiency and user experience. Notably, there's a rising inclination towards renewable energy sources, such as solar and geothermal, for heating and cooling, underscoring a broader sustainability trend. The U.S. Energy Information Administration reports that renewable energy sources accounted for about 20% of U.S. electricity generation in 2022. These developments underscore a market landscape where innovation and eco-consciousness are central to future trajectories.
The residential segment in the heating and cooling market is projected to record 4% CAGR through 2032, driven by increasing consumer demand for energy-efficient and eco-friendly HVAC (heating, ventilation, and air conditioning) systems.
Global industry size for heating and cooling was valued at USD 1.18 trillion in 2023 and is anticipated to register 5.1% CAGR between 2024 and 2032, driven by the increasing demand for energy-efficient HVAC solutions and the increasing global trends towards sustainability and regulatory compliance.
Daikin, Danfoss, Empower, Engie, Fortum, Goodman Manufacturing Company, Haier Group, Johnson Controls, and Lennox International Inc., among others.
Asia Pacific is expected to reach USD 590 billion by 2032 due to advancements in energy-efficient technologies, and government initiatives promoting sustainable development.