HVAC, which stands for heating, ventilation, and air conditioning, is one of the most important aspects of both residential and industrial facilities. Large and small homes and business establishments could benefit from the comfort and air circulating function of HVAC. We all need proper ventilation to prevent diseases by maintaining clean air and a well-balanced atmosphere.
Because of the need for HVAC, the HVAC industry has become one of the largest industries in the world today. But how large is the HVAC industry? What makes it one of the largest in the world? Here are some answers to that.
What kind of industry is HVAC?
The industry of HVAC is comprised of those that install, repair, and conduct maintenance on refrigeration equipment, ventilation, air-conditioning, and heating equipment. This could be in a home, building, factory, business establishments, offices, and more.
The increasing demand for HVAC indicates that it’s a large industry
Nowadays, we need fresh, clean and well-balanced air to come inside our homes, buildings, offices and other establishments. Clean air and balanced temperature and ventilation affect the performance of everyone in the building or home.
In a business facility, this could affect the performance of employees inside the building. Good air circulation and ventilation affect the health and experience of the people working inside. If the atmosphere inside is pleasant, people can work efficiently and be able to perform their tasks properly.
Because of that, HVAC is one of the most necessary components and because of that need, the demand rises, allowing it to grow into a huge industry today. As it flourishes, more and more are becoming aware of its importance.
The size of HVAC’s market from a global perspective
As the industry of HVAC is growing, the size of its market is increasing. In 2019, the sector of HVAC was worth 130.5 billion dollars from a global perspective. The increasing demand for the HVAC system makes it one of the fastest-growing industries in the world today.
Future projection of HVAC market
With its growing demand, it is no doubt that the HVAC market will grow in the future. According to statistics, the HVAC market will reach up to 357.5 billion dollars worldwide in the year 2030. It has been projected that the HVAC unit will reach up to 151 million around the world. Because of that, global HVAC buyers will increase to 32.7 percent in the global market share.