The demand for air conditioning systems is expected to be robust this summer. Due to climate change, there has been a significant increase in air conditioning consumption in residential, commercial, and industrial sectors to beat the extreme weather. And consumers' shift to energy-efficient and environment-friendly technologies in air conditioning systems is further boosting the market's growth.
According to a report by Grand View Research, the U.S. Heating, Ventilation, and Air Conditioning (HVAC) systems market is projected to reach $26.93 billion, growing at a 5.6% CAGR. The growing real estate market in the U.S and high demand for energy-efficiency equipment are expected to sustain the demand. Last year, the air conditioning segment accounted for the largest share of approximately 56.7% of HVAC industry’s total revenue and is expected to remain a dominant segment in the coming years.
