Revenue generation associated with residential HVAC equipment will growth by 4.3% per annum between 2019 and 2028, according to Navigant Research.
The industry is expected to witness an increase in revenue from $136.4 billion to $199.3 billion during the forecasts period.
Growing pressure from standard bodies, regulators and consumers towards enhancing energy efficiency will increase the adoption of HVAC systems.
In addition, an increase in the adoption of stringent building codes, broad carbon reduction goals and a desire for increased innovation will reshape the market in coming years.
Neil Strother, principal research analyst with Navigant Research, said: “Consumers who have a growing awareness about advanced technologies in HVAC systems and a willingness to explore their options for more efficiently heating and cooling their homes have power in this evolving market.
“These customers are willing to pay more for higher efficiency systems upfront if it means lower ongoing bills and a cleaner environment in the longer run.”
The report states that global manufacturers are competing for market share and developing advanced systems to differentiate their products from rivals.
For more information about the report, visit: Residential Heating and Cooling Innovations