Ottawa, March 10, 2022 (GLOBE NEWSWIRE) — Precedence Research, has announced a new report on “heating and cooling market – Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook and Forecast 2021-2030”.
Increase in government initiatives to promote the adoption of green energy and increase in government investments to boost the deployment of renewable energy sources are the major drivers of the global heating and cooling market. For example, in August 2021, the Government of Canada, under the auspices of the Department of Natural Resources Canada, announced a US$165,000 reward to InukshukSynergie to help them commercialize biomass-based heating systems.
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Moreover, the growing concerns related to global warming and changing climatic conditions are pushing the government to accelerate the transition towards the adoption of low carbon technologies in various sectors such as industrial, residential and service sectors. Growing investments by major players in the development of innovative and energy efficient HVAC systems are significantly boosting the adoption of efficient heating and cooling systems across the globe.
|Market size in 2028||$1345.10 billion|
|CAGR||2.3% from 20222 to 2030|
- On the basis of category, the heating segment has dominated the global heating and cooling market, securing a market share of over 90% in 2020. This is attributed to the rise in investment in the construction of industrial structures and residential, especially in developing countries, due to rapid industrialization and urbanization. Additionally, regulatory frameworks for solar, geothermal, solar PV, and biomass are expected to drive the growth of the heating segment in the near future.
- Based on application, the residential segment dominated the global heating and air conditioning market in 2020. Rising investment in real estate sectors across the globe along with green building mandates augmented the growth of the residential segment. Additionally, rising consumer spending on luxury goods and rising living standards have fueled the adoption of cooling and heating systems in the residential sector.
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In 2020, North America dominated the global heating and cooling market. North America is characterized by increasing consumer spending on commercial and residential heating and cooling systems. Additionally, increased awareness of changing climatic conditions and benefits of renewable energy sources is driving the growth of the market in North America. Strict government regulations related to energy efficiency and renewable energy are further expected to drive the market growth in the near future. Growing technological advancements in heating and cooling technologies are expected to drive the market growth.
On the other hand, Asia-Pacific is expected to grow at the highest CAGR during the forecast period. This is attributed to the rising investment in industrialization and urbanization in the region. Extreme climatic conditions along with increasing attention towards green energy adoption in countries like India, China, Japan, and Australia are propelling the growth of the heating and air conditioning market. The government plays an exceptional role in the growth of the market. For example, in 2020, the Japanese government implemented the Renewable Energy Law to promote programs related to renewable energy projects. This implementation involved the latest changes in the law.
Developing regions drive demand for advanced systems technology
Booming government investments in infrastructural developments in developing regions are estimated to have a significant and positive impact on the demand for heating and cooling systems. Regions like Asia-Pacific, the Middle East and Latin America are witnessing strong economic growth and increasing penetration of industries thanks to favorable government policies. The increasing urbanization and industrialization of these regions will exponentially drive the demand for advanced and efficient heating and cooling systems in the coming years.
High cost of heating and cooling solutions
A huge capital investment is involved in acquiring state-of-the-art heating and cooling technology. Additionally, the lack of affordability in underdeveloped and developing regions restricts the adoption of heating and cooling technologies which may hamper the growth of the global heating and cooling market.
Strategic Developments of Key Market Players
Manufacturers of heating and cooling systems are investing in the development of improved systems that can effectively meet consumer needs. Moreover, the various development strategies adopted by them such as partnerships, contractual agreements, and innovations to develop improved systems are expected to have a significant impact on the global heating and cooling market.
Lack of investment and adequate infrastructure
There is a lack of proper infrastructure that hinders the adoption of renewable energy. Moreover, the financial restrictions of consumers in the underdeveloped market and the lack of regular electricity supply are the main challenges faced by the players in the heating and cooling market.
Some of the major players in the global heating and air conditioning market include:
- Johnson Controls
- Lennox International
- Rheem Manufacturing
- Mitsubishi Electric
- Good man
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