Product ID: SQMIG20D2141
Report ID:
SQMIG20D2141 |
Region:
Global |
Published Date: March, 2024
Pages:
202
|
Tables:
95 |
Figures:
76
North America is a prominent player, holding a significant market share. The region's strong position can be attributed to several factors, including technological advancements, stringent energy efficiency regulations, and high demand for residential and commercial HVAC systems. For example, in the United States, the demand for HVAC equipment is driven by the need to replace outdated systems with more energy-efficient alternatives to reduce carbon emissions and achieve sustainability goals. The region's market share is estimated to be around 35% in the global HVAC equipment market.
While North America remains a dominant region, the Asia Pacific is emerging as the fastest-growing region in the HVAC equipment market. Rapid industrialization, urbanization, and rising disposable incomes in countries like China and India are fueling the demand for HVAC systems in commercial, residential, and industrial sectors. For instance, in China, the government's emphasis on energy efficiency and the adoption of green building initiatives are driving the growth of the HVAC equipment market. The Asia Pacific region is projected to witness a significant compound annual growth rate (CAGR) of around 6.5% during the forecast period. Its rising influence is expected to contribute to a larger market share in the coming years.
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Product ID: SQMIG20D2141