Heating & Cooling Market Size 2022, Share, Growth, Trends, COVID-19 Analysis, and Forecast By 2027
With rising infrastructure spending and growing adoption of sustainable systems, global heating & cooling market is slated to progress considerably in the coming years. As per the European Construction Industry Federation (FIEC), total construction expenditure across the EU27 nations was valued at around €1,324 billion in 2019.
Rising global warming concerns leading to the introduction of various emission reduction initiatives, such as green building standards and favorable government reforms and policies to promote the adoption of sustainable energy mixes would support the industry expansion in the upcoming years. This is further supported by the rising inclination towards the incorporation of thermal energy storage technologies and escalating demand for district heating and cooling systems.
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On this note, it is safe to include that, global heating & cooling market size is predicted to witness notable progress by 2027, as per a recent report by Global Market Insights Inc.
Mentioned below are some major factors influencing the market trends:
Rising demand for residential heating & cooling solutions
Multi-family residential heating and cooling systems are observing substantial demand owing to the growing urban population and rising construction expenditure on residential infrastructure, especially across developed countries. As per the World Bank, as of 2020, approximately 83% of the total population in the United States was living in urban regions.
Growing focus on developing sustainable heating networks as per energy efficiency standards will influence the adoption of these solutions across residences. In order to cater to the rising consumption requirements of consumers, there has been increasing adoption of advanced solutions and deployment of energy management systems across buildings, which will eventually complement the overall industry dynamics.
Growing adoption of district heating units
The adoption of district heating units is majorly driven by their nature-friendly and economical nature. District heating solutions use renewable energy sources and waste heat to produce heat that makes them energy-efficient, leading to lower GHG emissions.
Increasing demand for sustainable energy and rising government initiatives to promote the adoption of low emission systems is further supporting their acquisition.
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Extreme climatic conditions across Middle East
Middle East is emerging as a promising market for heating and cooling solutions owing to extreme weather conditions and increasing adoption of energy-efficient solutions. The high-temperature climate is influencing the establishment of advanced district cooling infrastructure across the region. This is leading to the rising number of district cooling projects.
For, instance, in 2020, Emirates Central Cooling Systems Corporation (Empower) announced to connect Avani Palm View Dubai Hotel & Suites to its cooling network. Under this venture, ‘Empower’ is said to supply a cooling capacity of 2,610 RT across Avani’s 527 hotels, residential units, retail outlets, and advanced office spaces. Escalating global warming concerns, increasing per capita income, and soaring adoption of smart technology solutions will complement the regional market expansion in the coming years.
Impact of COVID-19 pandemic on the overall market expansion
The COVID-19 pandemic has severely hampered the global economy. The restrictions on public movement, transportation, and business and industrial operations to curb the spread of the virus has resulted in the delay of many residential and commercial infrastructure development projects, which in turn is impeding the demand for heating and cooling systems.
However, decreasing COVID-19 cases, along with rising government emphasis on amplifying coronavirus vaccination drives and supporting economic activities is likely to revive the overall industry landscape in the coming years.
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