The global HVAC-R market was valued at $193.6 billion in 2021 and is projected to reach $257.9 billion in 2027, following a CAGR of 5% during the forecast period 2022-2027. The growth in the global HVAC-R market is expected to be driven by increasing population and rapid urbanization, drastic change in weather conditions, and emerging innovation in HVAC-R.

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Market Lifecycle Stage

The HVAC-R market is at the growing stage. There has been numerous research and development activities are underway to enhance HVAC-R products and new innovative technologies in the HVAC-R has been introduced in the market.

The rise of smart technology adoption across HVAC-R industry, technologies for smart home has also been increasing rapidly. The smart buyers increasingly updating new homes to be equipped with the latest technological advances, and the HVAC-R system is no exception. Owing to swift in the trend, the HVAC-R industry is undergoing a technological revolution to keep up with the demand of home buyers and builders.

Impact

With an increased worldwide focus on green energy by using technologies such as geothermal, solar power, smart thermostats, even ice-powered air-conditioning, and others energy saving products brings significant sales and financing opportunities. The shift is more prominent in regions such as North America and Asia-Pacific.
Furthermore, HVAC-R market has witnessed adoption of environment friendly refrigerants. Companies such as Chemours, Daikin, has been dominating by manufacturing environment friendly refrigerants across the globe. For example, Daikin have introduced refrigerants with lower values which are more environment friendly, such as R-134a, R-32 and R-410A which possesses huge opportunity for the HVAC market.
Impact of COVID-19

Impact of Covid-19 on HVAC-R market was positive in comparison of other industries across the globe. Airborne spread of Covid-19 offered opportunities to HVAC-R market to improve the performance of indoor air quality of multi-occupancy buildings. HVAC-R strengthen the resilience of the infection control environment, in public, commercial and multi-unit residential buildings. In addition to this, Shift in the trend of work from home during and post covid-19 has witnessed demand in Air Conditioning sector.

Demand – Drivers and Limitations

Following are the demand drivers for the HVAC-R market:

Increasing Population and Rapid Urbanization 
Emerging Innovation in HVAC
The market is expected to face some limitations too due to the following challenges:

Adherence to Stringent Regulations to Maintain Energy Efficiency Standards
Growing Alternative Technologies
Harmful Effect of Chlorofluorocarbons (CFCs) and Hydrochlorofluorocarbons (HCFCs)
Recent Developments in Global HVAC-R Market

In April 2021, Coway, entered the Europe market by introducing the Germany populace with the sustainable and good quality water and air purifying devices the company manufactures.
In January 2021, Samsung announced the market launch of the BESPOKE range of products starting from customized refrigerators.
In February 2020, Nortek Global HVAC acquired Reznor to strengthen its presence and network in Europe.
In July 2019, Munters launched a new product named Green Field Controllers which are designed to bring automation, efficiency, along with higher quality products to the agricultural industry by aiding operations of irrigation control and greenhouse climate control.

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Analyst Thoughts

According to Rakhi Tanwar, Principal Analyst, BIS Research, "The global HVAC-R market is expected witnessed tremendous growth due to involvement of innovative technologies and drastic change in the temperature. Also, with the increasing awareness regarding green energy and energy efficiency in the HVAC-R industry the demand for innovative HVAC-R products is anticipated to witness strong growth over the forecast period."

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