HVAC Equipment Market To Reach Valuation Of ~US$ 180 Bn By 2030
HVAC is the abbreviation for heating, ventilation and air conditioning. The HVAC equipment market includes heating, ventilation, and cooling or air conditioning equipment. These equipment are used to move the air between indoor & outdoor areas. The equipment provides thermal comfort temperature during extreme climatic conditions.
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In this market report, TMR estimates that based on product type, cooling equipment is likely to be the most widely used product type by the end of 2030 in the HVAC equipment market. Growing usage of HAVC equipment for construction projects and renovation of residential spaces is anticipated to drive the market. Moreover, growing awareness among users about using energy efficient equipment and growth in the construction sector is expected to drive the market for HVAC equipment.
HVAC Equipment Market: Prominent Regions
Asia Pacific is projected to show prominent growth in the HVAC equipment market in the near future, due to increasing number of construction projects in the region. North America is the dominant market for HVAC equipment over the years. Demand for energy efficient equipment is one the major reasons for growth of this market in North America as well as Europe. Growing home automation and development of smart HVAC equipment is expected to create better opportunities for the HVAC equipment market in the near future.
Major brands are likely to focus on research & development to manufacture high-tech equipment and expand their business to strengthen their footprints in the global HVAC equipment market.
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Prominent companies operating in the global HVAC equipment market include Daikin Industries, Ltd., Samsung, United Technologies, Johnson Controls International Plc, Panasonic Corporation, Lennox International Inc., Mitsubishi Electric Corporation, Nortek Global HVAC LLC, Hitachi, Ltd., and Trane Technologies Plc (formerly Ingersoll-Rand Plc).
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Transparency Market Research
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