The heating & cooling market revenue is projected to cross USD 1,400 billion by 2027 as reported in the latest study by Global Market Insights Inc. owing to increasing energy consumption along with rising infrastructural spending. The introduction of green building standards along with favorable government reforms & policies to improve sustainable energy mixes will foster the industry landscape. Paradigm shift toward the integration of thermal energy storage technologies along with increasing district heating and cooling demand will accelerate the business expansion.
Rising investments in residential infrastructure for the construction of multi-story buildings along with the developing real estate sector will favour the multi-family residential heating and cooling industry dynamics. Refurbishment and expansion of sustainable heating networks in line with the energy efficiency standards will complement the business dynamics.
Increasing energy demand along with large & medium-scale investments toward the adoption of sustainable district heating units will boost the business landscape. The district heating segment has observed a substantial development owing to its environmental-friendly and economical nature. The heat delivered from these units is produced in an eco-friendly manner that reduces the effect of GHG emissions, positively encouraging the technology demand. Favourable government policies restricting carbon emissions together with the accelerating adoption of green energy will thrust the industry outlook.
Some prime findings of the global heating & cooling market report include
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The heating & cooling industry is anticipated to grow owing to rising demand for sustainable heating along with rising investments in residential and commercial infrastructures.
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Ongoing technological developments to deploy enhanced thermal heating & cooling units will positively encourage the business outlook.
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Eminent players operating across the global heating & cooling market include Siemens, Johnson Controls, Daikin, Engie, Trane, and Haier Group, amongst others.
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Large-scale renewable integration followed by shifting focus toward the adoption of smart heating units will positively influence the industry scenario.
Browse key industry insights spread across 1,175 pages with 2,285 market data tables & 31 figures & charts from the report,
"Heating & Cooling Market Forecasts By Category (Heating, Cooling), Application (Industrial, Residential, Service Sector), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 – 2027,"
The COVID-19 has hit the world in an exceptional manner and affected the global economy drastically. The pandemic has resulted in lockdowns and curfews across the globe to avoid virus transmission and has further led respective governments to promote social distancing. In addition, the lack of labour and unavailability of raw materials have further resulted in ceased production and disruptions in the supply chain & distribution network. However, proper vaccination programs and beneficiary measures by governing authorities will lead the industry to come back to its normal position.
Middle East heating & cooling market is set to gain momentum owing to the rapidly changing technological advancements along with extreme climatic conditions. Growing inclination toward advanced district cooling infrastructure favoured by commissioning of large number of projects across the region will foster the industry dynamics. For, instance, in 2020, Empower connected Avani Palm View Dubai Hotel & Suites an urban project to its cooling network supplying cooling capacity of TR 2,610 connecting 527 hotel & residential units along retail outlets as well as advanced office spaces. Moreover, the rising per capita income coupled with shifting consumer focus toward luxury & smart technological units will positively sway the business outlook.
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