Heating, ventilation, air conditioning or HVAC equipment refers to specialized systems that offer environmental comfort to occupants and allow appropriate air quantity in homes and vehicles. They can be categorized into central and decentralized types. HVAC equipment help to improve the air quality of an enclosed space by introducing conditioned air. They even aid in replenishing oxygen and removing moisture, smoke, bacteria, dust, and unwanted pollutants. HVAC equipment are even extremely environment-friendly, save construction space, lower installation time and cost, and minimizes power usage. Consequently, they find extensive applications in residential, commercial, and industrial establishments across the globe.
The global HVAC equipment market size reached US$ 221.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 343.1 Billion by 2032, exhibiting a growth rate (CAGR) of 4.9% during 2024-2032.