The heating and cooling market size is expected to reach around US$ 1,412.2 billion by 2030, growing at a CAGR of 2.3% every year, according to a 2022 study by Precedence Research, the Canada-based market Insight Company.
The base year for the study has been considered 2021, the historic year 2017 and 2020, the forecast period considered is from 2022 to 2030. The heating & cooling market is analyzed on the basis of value (US$ Million), volume (Unit), and price (US$/Unit).
The rising government initiatives to promote the adoption of green energy and rising government investments to boost the deployment of the renewable energy sources are the major drivers of the global heating and cooling market. For instance, in August 2021, the government of Canada under the Department of Natural Resources Canada announced a reward of US$165,000 to InukshukSynergie to help them to commercialize the biomass-based heating systems.
Moreover, the rising concerns related to the global warming and changing climatic conditions the government is boosting the transition towards adopting the low carbon emission technologies across various sectors like industrial, residential, and service sectors. The rising investments by the prominent players in the development of innovative and energy efficient HVAC systems is significantly boosting the adoption of the efficient heating and cooling systems across the globe.
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Heating & Cooling Market Scope
|Market Size||USD 1,412.2 Billion by 2030|
|Growth Rate||CAGR of 2.3% from 2021 to 2030|
|Largest Market||North America|
|Fasetst Growing Market||Asia Pacific|
|Forecast Period||2021 to 2030|
|Segments Covered||Category, Application, Region|
Heating and Cooling Market Report Highlights
- Based on the category, the heating segment dominated the global heating and cooling market, garnering a market share of over 90% in 2020. This is attributable to the rising investments on the in the construction of industrial and residential structures especially in the developing nations, owing to the rapid industrialization and urbanization. Moreover, the regulatory frameworks pertaining to solar power, geothermal, solar PV, and biomass is expected to foster the growth of the heating segment in the upcoming future.
- Based on the application, the residential segment dominated the global heating and cooling market in 2020. The increased investments in the real estate sectors across the globe along with the green building mandates have augmented the growth of the residential segment. Moreover, rising consumer expenditure on the luxury products and rising living standards have fueled the adoption of the cooling and heating systems across the residential sector.
Heating and Cooling Market Regional Snapshot
In 2020, North America dominated the global heating and cooling market. North America is characterized by the increased consumer expenditure on the commercial and residential heating and cooling systems. Moreover, the increased awareness regarding the changing climatic conditions and the benefits of renewable energy sources is driving the growth of market in North America. The strict government regulations pertaining to the energy efficiency and renewable energy is further expected to foster the growth of the market in the forthcoming future. The growing technological advancements in the heating and cooling technology is anticipated to drive the market growth.
On the other hand, Asia Pacific is projected to growth at the highest CAGR during the forecast period. This is attributed to the rising investments on the industrialization and urbanization in the region. The extreme climatic conditions along with the rising focus on the adoption of green energy in the countries like India, China, Japan, and Australia is propelling the growth of the heating and cooling market. The government is playing an exceptional role in the market growth. For instance, in 2020, the government of Japan implemented the Renewable Energy Act to promote the programs related to the renewable energy projects. This implantation involved the latest amendments to the act.
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Heating and Cooling Market Dynamics
Developing regions are driving the demand for the advanced systems technology
The burgeoning investments by the government on the infrastructural developments of in the developing regions is estimated to have a significant and positive impact of the demand for the heating and cooling systems. The regions like Asia Pacific, Middle East, and Latin America are witnessing strong economic growth and rising penetration of industries owing to the favorable government policies. The growing urbanization and industrialization in these regions will exponentially drive the demand for the advanced and efficient heating and cooling systems in the forthcoming years.
High cost of heating and cooling solutions
A huge capital investment is involved in the acquisition of the advanced heating and cooling technology. Moreover, the lack of affordability in the underdeveloped and developing regions is restricting the adoption of the heating and cooling technologies that may hinder the growth of the global heating and cooling market.
Strategic developments by the prominent market players
The manufacturers of the heating and cooling systems are investing on the development of enhanced systems that may effectively and efficiently cater to the needs of the consumers. Moreover, the various developmental strategies adopted by them such as partnerships, contractual agreements, and innovations to develop enhanced systems is expected to have a significant impact on the global heating and cooling market.
Lack of investments and proper infrastructure
There is a lack of proper infrastructure that hampers the adoption of the renewable energy. Moreover, the financial restrictions of the consumers in the underdeveloped market and lack of regular power supply are the major challenges faced by the heating and cooling market players.
Heating and Cooling Market Key Players
- Johnson Controls
- Lennox International
- Rheem Manufacturing
- Mitsubishi Electric
Heating and Cooling Market Segmentations
- District Heating
- Oil Products
- Natural Gas
- North America
- Asia Pacific
- South Korea
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- North Africa
- South Africa
- Rest of Middle East & Africa
Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.
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