Heating & Cooling Market size to exceed $1,400bn by 2027

Heating & Cooling Market is expected to surpass USD 1,400 billion by 2027 as reported in the latest study by Global Market Insights Inc.
 

The global heating & cooling industry is anticipated to grow on account of increasing energy demand along with the rapidly changing extreme climatic conditions. Favorable government norms and policies on the deployment of clean energy sources coupled with stringent regulations to minimize carbon emissions will foster the industry outlook. Moreover, the adoption of advanced technologies and sustainable heating & cooling units along with rising infrastructural expenditure will augment the business landscape.
 

Energy optimization and changing climatic conditions will continue to drive the heating & cooling industry statistics

Continuous changes in weather conditions across several regions across the globe coupled with the increasing demand for efficient energy utilization will complement the heating & cooling market landscape. Furthermore, the industry is witnessing technological improvements across micro-CHP installations and the introduction of cogeneration technology which will positively sway the business scenario.
 

Stringent emission norms to encourage the deployment of energy-efficient systems

Residential heating & cooling market is anticipated to witness a considerable growth owing to booming residential infrastructure and rising real-estate industry along with the expansion of several housing structures. For instance, in 2019, the UN Secretary-General launched an initiative pertaining to zero carbon structures at the Climate Action Summit to aid industries, civil societies & governments to achieve targets for decarbonizing structures by 2050. Surging investments in the installation & development of green infrastructure and the introduction of strict emission norms will boost the demand for residential district heating application units.
 

Browse key industry insights spread across 1,175 pages with 2,285 market data tables & 31 figures & charts from the report, “Heating & Cooling Market Statistics By Category (Heating (By Fuel {Electricity, District Heating, Biofuels & Wastes, Renewables, Geothermal, Natural Gas, Oil Products, Coal}, Cooling)), By Application (Industrial (Heating [By Fuel {Electricity, District Heating, Biofuels & Wastes, Renewables, Geothermal, Natural Gas, Oil Products, Coal}, Temperature Gradient {High, Medium, Low}, Specification {Energy Intensive (Iron & Steel, Non-Ferrous Metal Industry, Chemical Industry, Non–Metallic Mineral Product Industry, Pulp & Paper Industry), Non-Energy Intensive}], Cooling [Specification {Energy Intensive (Iron & Steel, Non-Ferrous Metal Industry, Chemical Industry, Non–Metallic Mineral Product Industry, Pulp & Paper Industry), Non-Energy Intensive}]), Residential (Heating [Source {Electricity, District Heating, Biofuels & Wastes, Renewables, Geothermal, Natural Gas, Oil Products, Coal}, Specification {Single Family, Multi Family, High Rise}], Cooling [Specification {Single Family, Multi Family, High Rise}]), Service Sector (Heating [Source {Electricity, District Heating, Biofuels & Wastes, Renewables, Geothermal, Natural Gas, Oil Products, Coal}, Specification {Hospitals, Hotels & Restaurants, Sports & Recreation, Shop-Large, Shop-Small, Offices}], Cooling [Specification {Hospitals, Hotels & Restaurants, Sports & Recreation, Shop-Large, Shop-Small, Offices}]), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 – 2027”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/heating-cooling-market
 

Ongoing industrialization and urbanization to favor enhanced technological adoption across developed and developing regions

Ongoing industrialization and urbanization across emerging nations have improved standard of living along with rise in disposable incomes will fuel the heating & cooling market outlook. Energy efficiency concord and technological developments coupled with the flexibility of fuel alternatives and reduced thermal losses will positively stimulate the industry growth. Furthermore, a surge in industrial proficiency amongst HVAC manufacturers backed by the rising demand among regional markets will further create a favorable platform for industry expansion.
 

Rising concerns of carbon emissions and the adoption of enhanced technological units will foster the North America heating & cooling market forecasts

Continuously rising carbon footprints coupled with changing climatic conditions have led different administrations to implement numerous directives to curb the overall emission. For instance, as per the Government of Canada, the transportation and oil & gas sectors collectively accounted for around 52% of the total national GHG emissions in 2019. The introduced policy framework aims to reduce the overall national GHG output by up to 52% by 2030 compared to the 2005 levels. Additionally, the deployment of smart heating & cooling infrastructure across the region along with growing focus on the adoption of sustainable systems will further boost the business scenario.
 

The COVID-19 pandemic hit the global economy drastically as its first and second waves have already slowed down the economic growth. Geographies including North America, Europe, and Asia Pacific are estimated to witness the third pandemic wave, which in turn, will impact the overall business scenario. However, the introduction of large-scale vaccination drives along with ongoing COVID protocols will propel the market growth by 2022. The upliftment of government sanctions toward international movement will foster the hospitality, sports, and recreational industries will further propelling the heating & cooling market.
 

Operating manufacturers across the heating & cooling market are focusing on capturing business shares through strategic alliances to introduce enhanced technologies. Eminent players operating across the heating & cooling industry include Siemens, Johnson Controls, Engie, Lennox International, Daikin, Trane, Rheem Manufacturing, Mitsubishi Electric, Danfoss, Empower, Haier, SNC Lavalin, and Goodman, amongst others.