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Steam & Air-Conditioning Supply Market 2024-2033 : Industry Analysis, Size, Share, Growth And Forecast
Steam & Air-Conditioning Supply Global Market Report 2024
According to The Business Research Company's, The steam & air-conditioning supply market size has grown strongly in recent years. It will grow from $101.67 billion in 2023 to $107.67 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to expansion of power generation facilities, urbanization and commercial building boom, rise of district heating systems, healthcare industry growth, environmental regulations and energy efficiency.
The steam & air-conditioning supply market size is expected to see strongly grown in the next few years. It will grow to $134.8 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to renewable energy integration, urban heat island mitigation, electrification of heating systems, increased demand for healthcare infrastructure, growing demand for industrial cooling. Major trends in the forecast period include digitalization of energy systems, smart building technologies, advancements in hvac technologies, demand response integration, circular economy practices.
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Market Drivers and Trends:
The growth in the steam & air-conditioning supply market is due to the higher disposable income, corporate profit, and industrial output, which has resulted in greater demand for air-conditioning and heating, particularly in urban areas. An increase in disposable income is expected to propel the growth of the steam & air-conditioning supply market going forward. Disposable income refers to the amount of money left to spend and save after income tax has been deducted. Due to a rise in the purchasing capacity of the public people are choosing to buy discretionary products which are costly and provide comfort steam & air-conditioning comes under this category of products. For instance, according to trading economies, a US-based company provides information about economic indicators, exchange rates, and stock market indexes. Disposable Personal Income in India increased the US $ 3017266.44INR Million in 2021 which is the US $ 2525496.31 Million in 2020. Therefore, an increase in disposable income is driving the growth of the perishable prepared food manufacturing market.
Technological innovations are the key trend gaining popularity in the steam and air-conditioning supply market major companies operating in the market are introducing new technologies such as Experience Zone to sustain their position in the market. For instance, in January 2021, Voltas Limited, an India-based manufacturer of steam and air-conditioning systems launched Experience Zone which helps to meet the growing expectations of consumers this provides real-time experience spaces. This is designed to experience a new range of Volta's air conditioners.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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Major Key Players of the Market:
Carrier Corporation; Trane Inc.; Daikin Applied Americas Inc.; Goodman Manufacturing Company LP; Rheem Manufacturing Company; Siemens AG; Johnson Controls International PLC; United Technologies Corporation; Honeywell International Inc.; Mitsubishi Electric Corporation; Schneider Electric SE; Nortek Global HVAC LLC; Asea Brown Boveri Ltd; Zamil Air Conditioners; York International Corporation; Spirax-Sarco Engineering plc; Lennox International Inc.; SPX Corporation; BDR Thermea Group B.V.; Viessmann Group; Babcock & Wilcox Enterprises Inc.; Doosan Corporation; Weil-McLain; Greenheck Fan Corporation; AAON Inc.; Cleaver-Brooks Inc.; Hamon & Cie SA; Toshiba Carrier Corporation; AESYS Technologies LLC; Watsco Inc.
Steam & Air-Conditioning Supply Market 2024 Key Insights:
• The steam & air-conditioning supply market size will grow to $134.8 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%.
• High Disposable Income Drives The Steam & Air-Conditioning Supply Market
• The Role Of Technology In The Steam And Air-Conditioning Supply Market
• Western Europe was the largest region in the steam & air-conditioning supply market in 2023
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