The commercial HVAC market is observing significant growth owing to the increase in temperatures and unpredictable weather patterns and stricter government regulations, according to a new report from The Insight Partners.
The market is currently worth about $79.3 billion and is expected to grow to about $136.45 billion by 2031, the report said.
Increasing urbanization, rising demand for energy-efficient systems, climate change awareness, the growing number of data centers — which is driving a demand for equipment to cool them — the development of smart HVAC systems, new construction, and retrofitting projects are among the other factors expected to spur growth in the commercial HVAC market, the statement said.
The Insight Partners said its report includes an in-depth analysis of market trends, key players, and future opportunities.
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