Global HVAC AfterMarket Insights, Size and Growth Forecast To 2027
Global HVAC Aftermarket projected to grow due to the low cost of replacement of HVAC components and parts costs and integration of building automation system. Global HVAC aftermarket estimated to grow at a significant rate during the forecast period, 2020–2027. The primary factors are the surge in demand for automation systems (BAS) installations due to its functions such as automatic monitoring, automatic control, automatic adjustment, and automatic management of building electromechanical systems. The introduction of stringent emission compliances, ensuring smarter energy consumption, and energy efficiency standards will complement industry growth. Development of sustainable building codes and standards, development of heating and cooling technologies for residential and industrial establishments, will simultaneously foster the growth of the thermostat market. Additionally, the development of home automation and IoT devices and the infrastructure spending for the r...