The global heating, ventilation and air conditioning market is estimated to reach US$ 201.4 billion in 2023, growing at a CAGR of 6.72% for the period spanning 2018-2023. The growth of the market has been driven by rising global population, increasing construction activities, intensifying annual mean temperature, escalating e-commerce retail sales and upsurge in economic growth. However, growth of the market would be challenged by increase in raw material prices, data infrastructure security system and economic and political events. Some of the noteworthy trends of the market include growing smart thermostat market, advancements in technological innovations and adaption of sustainable building designs.
The global heating, ventilation and air conditioning market can be segmented into two broad segments: HVAC Equipment and Afterm
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