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Global HVAC Market Projected to Reach $346.7 Billion by 2028, Growing at a 5.6% CAGR

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BCC Research Study Indicates Steady Growth in the Heating, Ventilation, and Air Conditioning Industry, with Market Value Rising from $263.6 Billion in 2023 to $346.7 Billion by 2028

BOSTON, June 20, 2024 /PRNewswire/ — HVAC stands for Heating, Ventilation, and Air Conditioning. Here’s a breakdown of what each part means:

Heating: This refers to systems and equipment used to generate warmth inside buildings. Common heating systems include furnaces, boilers, and heat pumps. They help maintain a comfortable temperature during cold weather.

Ventilation: Ventilation is about ensuring the flow of fresh air into indoor spaces and removing stale air. This is crucial for maintaining indoor air quality, controlling humidity, and preventing the buildup of pollutants. It can be achieved naturally through windows and vents or mechanically using fans and ventilation systems.

Air Conditioning: This component involves cooling and dehumidifying the air to make indoor environments comfortable during hot weather. Air conditioners and heat pumps are common devices used for this purpose. They work by removing heat from the indoor air and releasing it outside.

Together, HVAC systems are designed to create and maintain a comfortable and healthy indoor environment, no matter the weather outside. They play a crucial role in residential homes, commercial buildings, and industrial facilities by regulating temperature, ensuring adequate ventilation, and improving air quality.

Market Expansion and Revenue Surge

“According to the latest BCC research study, the demand for Heating, Ventilation and Air Conditioning: Global Markets expected to grow from $263.6 billion in 2023 and will reach $346.7 billion by the end of 2028 at a compound annual growth rate (CAGR) of 5.6% from 2023 through 2028.”

This report examines the HVAC market by product type (heating, ventilation, and cooling equipment), installation type, application, and region (North America, Europe, Asia-Pacific, and Rest of the World). It reviews leading companies, their products, and revenue, along with a patent analysis. The study also covers ESG factors, emerging technologies, and the competitive landscape, including the impact of the RussiaUkraine war. Using 2022 as the base year, the report provides estimated market values for 2023 and forecasts from 2023 to 2028, with growth rates in millions of dollars.

Some Interesting Facts about Heating, Ventilation and Air Conditioning: Global Markets

U.S. consumers spend over $10 billion a year on HVAC repairs and maintenance, and this demand is expected to grow by 1.5 times by 2028.In the EU, heat pump sales are projected to more than double, from 3 million units in 2022 to 7 million units by 2030.Upgrading to advanced HVAC systems can cut energy use by 50%, and integrating AI and IoT can save an additional 20-25% on electricity.

Factors contributing to this growth include:

Expansion of industrialization.: The expansion of industrialization means more factories and advanced technology for making goods. This leads to more jobs and better infrastructure like roads and power supplies. People move to cities for work, boosting economic growth and improving living standards. However, it also causes environmental challenges like pollution, which require careful management. Overall, it’s about growing industries and economies, changing how people live and work.

Construction boom.: A construction boom is a period when a lot of new buildings and infrastructure projects are being built. This includes homes, offices, roads, and bridges. It’s usually driven by economic growth, increased investment, and rising demand for housing and commercial spaces. During a construction boom, there are more jobs, more development, and often a noticeable change in the landscape of cities and towns.

Technological developments in HVAC systems.: Technological developments in HVAC systems have made them more efficient, smarter, and better for the environment. New systems use less energy, saving money and reducing emissions. Smart controls allow users to adjust settings remotely with smartphones, while AI and IoT integration helps systems learn preferences, predict maintenance needs, and optimize performance. Improved filters and ventilation also enhance indoor air quality, making spaces healthier and more comfortable.

Request a Sample Copy of the Heating, Ventilation and Air Conditioning: Global Markets 

Report Synopsis        

Report Metrics

Details

Base year considered

2022

Forecast Period considered

2023-2028

Base year market size

$251.1 billion

Market Size Forecast

$346.7 billion

Growth Rate

CAGR of 5.6% for the forecast period of 2023-2028

Segment Covered

Product Type, Installation Type, Application, and Region

Regions covered

North America, Europe, Asia-Pacific, and Rest of the World (RoW)

Countries covered           

China, India, Japan, U.S., Canada, Mexico, Germany, U.K., France, Italy, Spain, South America, and Africa

Key Market Drivers

 

Expansion of industrialization. Construction boom. Technological developments in HVAC systems.

 

Market Segmentation 

Heating, Ventilation and Air Conditioning: Global Markets Can Be Categorized into Various Segments:

Market Segments by Product Type
The HVAC market is categorized by product type, including heating equipment like boilers, furnaces, heat pumps, space heaters, and others. Ventilation equipment consists of air filters, air handling units (AHUs), air purifiers, humidifiers, ventilation fans, and others. Cooling equipment includes chillers, air conditioners, water cooling towers, and other cooling devices. These categories help organize the various components and systems that make up the HVAC industry, making it easier to understand and analyze.

 Market Segments by Installation Type
HVAC systems are installed in two main ways: new construction and retrofitting or replacement. New construction refers to installing HVAC systems in newly built structures, such as homes, offices, or commercial buildings. Retrofitting and replacement involve upgrading or replacing existing HVAC systems in older buildings to improve efficiency, performance, or to meet updated regulations or standards. This distinction helps understand how HVAC systems are integrated into different types of buildings and projects.

Market Segments by Application
HVAC systems are used in various settings, categorized by their application: residential, industrial, and commercial. Residential applications involve heating, cooling, and ventilating homes and apartments. Industrial applications refer to HVAC systems used in factories, warehouses, and other industrial facilities to regulate temperature and air quality for manufacturing processes. Commercial applications include HVAC systems in offices, retail stores, restaurants, and other commercial buildings to create comfortable and healthy indoor environments for employees and customers. These categories help understand where and how HVAC systems are used across different types of spaces.

this report on heating, ventilation and air conditioning: global markets provide comprehensive insights and analysis, addressing the following key questions:

What is the projected market size and growth rate of the market?
The projected market size in 2028 is $346.7 billion, and the market’s CAGR is 5.6% during the forecast period.

What are the key factors driving the growth of the market?
Growing Construction Activities
Increasing Expansion of Industrialization
Favorable Government Policies

What segments are covered in the market?
By Product Type
By Installation Type
By Application

By cooling equipment, which segment will dominate the market by the end of 2028?
The air conditioners segment will dominate the market by 2028.

Which region has the highest market share in the market?
The Asia-Pacific region holds the largest share of the global market.

Some of the Key Market Players Are:

CARRIERDAIKIN INDUSTRIES LTD.EMERSON ELECTRIC CO.GREE ELECTRIC APPLIANCES INC. OF ZHUHAIHITACHI LTD.JOHNSON CONTROLSLENNOX INTERNATIONAL INC.MITSUBISHI ELECTRIC CORP.NORTEK GLOBAL HVACRHEEM MANUFACTURING CO.SAMSUNG HVAC LLC.TRANE TECHNOLOGIES PLC

Directly Purchase a copy of the report with BCC Research.

For further information or to make a purchase, please get in touch with info@bccresearch.com.

About BCC Research

BCC Research provides objective, unbiased measurement and assessment of market opportunities with detailed market research reports. Our experienced industry analysts’ goal is to help you make informed business decisions, free of noise and hype.

Contact Us
Corporate HQ: 50 Milk St. Ste 16, Boston, MA 02109, USA
Email: info@bccresearch.com,
Phone: +1 781-489-7301
For media inquiries, email press@bccresearch.com or visit our media page for access to our market research library.

Data and analysis extracted from this press release must be accompanied by a statement identifying BCC Research LLC as the source and publisher. 

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SOURCE BCC Research LLC

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PS Hogan highlights investments from Spring Economic Update 2026: Canada Strong for All to support Canada’s sport system

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CALGARY, AB, May 2, 2026 /CNW/ – In Budget 2025, we outlined our plan to build Canada Strong. Since then, we have moved fast to build the major infrastructure, homes and industries that grow Canada’s economy and create lasting prosperity; empower Canadians with better careers and a more affordable life; and protect our communities, our borders and our way of life.

We delivered concrete savings for Canadians while supporting key national priorities and keeping investments focused on results. We are maintaining a strong fiscal position, with the Spring Economic Update 2026 showing that projected deficits are lower over the fiscal horizon and that we are on track to meet our fiscal anchors.

The Spring Economic Update 2026 is the next step in our plan to build Canada Strong for All. It provides a clear update on the strength of Canada’s economy, giving Canadians confidence in our plan. It delivers targeted relief to make life more affordable, support workers and accelerate the construction of homes and major infrastructure. It also strengthens Canada’s competitiveness and economic growth while investing in strong, safe communities across the country.

Today, Corey Hogan, Parliamentary Secretary to the Minister of Energy and Natural Resources and Member of Parliament for Calgary Confederation, met with athletes at Foothills Athletic Park to highlight key investments in sport from the Spring Economic Update to build stronger and safer communities.

The Government of Canada is investing $755 million to support and expand Canada’s sport system, which will help athletes safely train and perform at the highest levels. This will increase sport participation across the country by strengthening national sport organizations, infrastructure and local sport communities.

Canada’s new government is transforming our economy from reliance to resilience. The Spring Economic Update 2026 ensures all Canadians can participate in building Canada strong and share in its success. Other key measures include:

The Canada Strong Fund — Canada’s first national sovereign wealth fund. This will invest in key, strategic Canadian projects and companies. While Canadians will benefit from these nation building projects through jobs, economic growth and greater security, the government is determined to ensure that Canadians also have a stake in the projects themselves. That’s why a unique and important feature of the Canada Strong Fund will be its new retail investment product. This allows Canadians to receive financial returns as we build Canada strong together.Team Canada Strong — a new nationwide effort to recruit, train and hire 80,000 to 100,000 new skilled trade workers by 2030–31. This initiative creates new opportunities for Canadians and attracts the workers needed to build more homes and major projects at speed and at scale.Building Stronger Communities — by making communities safer, more connected and more resilient. We are building more homes, getting tougher on crime and fraud and funding essential infrastructure, including small craft harbours that sustain coastal communities and local jobs. We are also investing to build healthier, safer and stronger Indigenous communities.

Our new government is building a Canada that is not just strong, but good; not just prosperous, but fair. A Canada that is not just for some, most of the time, but for all, at all times. We’re building Canada strong, for all.

Quote

“The Spring Economic Update 2026 builds on the momentum of our budget, combining strategic investments with sustained fiscal discipline to keep building Canada Strong for All — delivering prosperity today and strengthening our economy for tomorrow. At this pivotal moment in Canada’s history, we’re charting a course through the fog of uncertainty and global headwinds with strength, determination and ambition — and building one strong Canadian economy, by Canadians, for Canadians.”
— The Honourable François-Philippe Champagne, Minister of Finance and National Revenue 

“The Government of Canada is building Canada Strong by investing in what brings us together — our people, our communities and our athletes. By strengthening the foundation of Calgary and  Canada’s sport system, we are building a resilient economy and strong communities for all.”
— Corey Hogan, Parliamentary Secretary to the Minister of Energy and Natural Resources and Member of Parliament for Calgary Confederation

Quick Facts

The Spring Economic Update 2026 proposes to provide $755 million over five years, starting in 2026–27, and $118 million ongoing to Canadian Heritage to support Canada’s sport system to: Host and compete with the best: $50 million over five years to bring more world-class sporting events to Canada. Funding will be tied to legacy-building projects that deliver lasting benefits well beyond the events themselves. Facilities built or upgraded for major events will continue to serve communities, support grassroots participation and strengthen local sport systems for years to come. Support our athletes in performing at the highest levels: $45 million over five years and $8 million ongoing to help our athletes train, compete and perform, including support for better mental health and funding that will be linked to robust safe sport measures and frameworks. These actions will strengthen the sport system and respond to some of the findings of the Final Report of the Future of Sport in Canada Commission while the government continues to consider all of its Calls to Action. Get more Canadians involved in sport: $660 million over five years and $110 million ongoing for National Sport Organisations, increasing funding that has remained largely unchanged since 2005, so that they can invest in a strong and safe sport system and grow participation among children and youth nationwide.

Related products

Spring Economic Update 2026: Canada Strong for AllSpring Economic Update 2026: Key MeasuresSpring Economic Update 2026: Address by the Minister of Finance and National Revenue  

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SOURCE Natural Resources Canada

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POVADDO AND PROLEGIS ANNOUNCE STRATEGIC PARTNERSHIP TO EXPAND ACCESS TO PUBLIC POLICY PROFESSIONALS FOR OPINION RESEARCH

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Partnership connects policy professionals using Prolegis’ modernized Congressional platform with Povaddo’s exclusive paid research panel, combining forces to serve the policymaking community

ST. LOUIS and WASHINGTON, May 2, 2026 /PRNewswire/ — Povaddo, a leading provider of public opinion and policy elite research, has announced a strategic partnership with Prolegis, a nonpartisan technology platform serving thousands of policy professionals in Congress and the advocacy community. The partnership will expand the reach of the Povaddo Panel—an exclusive network of nearly 5,000 public policy professionals worldwide—while providing Prolegis users new opportunities to contribute their expertise to policy research.

Prolegis provides nonpartisan technology solutions designed to modernize Congress. Built specifically for the policymaking community, the platform serves as a natural intersection where policy professionals and issue advocacy campaigns meet, making it an ideal environment for connecting researchers with the experts shaping public policy.

Beginning this month, users of the Prolegis platform will be invited to join the Povaddo Panel and become eligible to participate in research studies tailored specifically for public policy professionals.

“There is no shortage of so-called ‘expert network’ firms, but Povaddo is setting the standard when it comes to building the most rigorous and credible network of public policy professionals in the U.S. and beyond,” said William Stewart, President of Povaddo. “What makes Prolegis the right partner is the quality and relevance of their community—these are precisely the professionals our clients most want to hear from. Prolegis users are actively engaged in policy work daily, making them ideal participants for our research studies. This partnership will meaningfully accelerate our efforts.”

“Prolegis exists to serve the policy community with tools that make their work more effective,” said Jim Gianiny, CEO of Prolegis. “Partnering with Povaddo allows our users to contribute their expertise in a new way and take part in rigorous research that helps organizations better understand the policy landscape. It’s a natural extension of what our platform already does: connecting policy professionals with the resources and opportunities that matter to their work.”

Launched in 2018, the Povaddo Panel was built to meet growing demand for research insights from individuals who shape, influence, and analyze public policy as part of their daily work. Over the past eight years, the panel has grown to nearly 5,000 public policy professionals worldwide, including over 2,000 in the United States. Many panelists are former elected officials, including former Members of Congress.

This partnership is part of a broader period of momentum for Povaddo. The company recently announced it is launching a quarterly omnibus survey among public policy professionals in the United States and Europe.

“Companies and other organizations that want to understand what public policy professionals think—whether about their brand or an issue they are facing—now have a new way of doing that. Our new omnibus survey among public policy professionals fills an important need in the research services marketplace,” said Brooke Hayes, Executive Vice President of Povaddo, who oversees the Povaddo Panel and the firm’s new omnibus research service among public policy professionals.

Additionally, Povaddo recently released select findings from its survey of public policy professionals in the U.S. and Europe regarding their attitudes towards AI. In an era when political consensus is elusive, this study finds widespread agreement within policy communities on both sides of the Atlantic that government regulation of AI should be increased.

About Povaddo: Povaddo specializes in public opinion and policy elite research. Founded in 2009, Povaddo is recognized as a trusted advisor to top-tier organizations seeking to navigate complex issues management, strategic communications, corporate reputation, and business transformation challenges. Most of the firm’s clients sit within external affairs, corporate affairs, public affairs, government affairs, regulatory affairs, scientific affairs, corporate communications, business planning and strategy. For more information, please visit www.povaddo.com.

About Prolegis: Prolegis provides nonpartisan technology solutions designed to modernize Congress. Built specifically for the policymaking community, Prolegis delivers innovative solutions, efficient tools, and engaging content, all on one easy-to-use platform. The platform serves Congressional staff, think tank scholars, and public affairs professionals, creating a unique intersection where policy expertise and advocacy meet. For more information, please visit www.prolegis.com.

Media Inquiries: William Stewart, +1 (855) 768-2336, stewart@povaddo.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/povaddo-and-prolegis-announce-strategic-partnership-to-expand-access-to-public-policy-professionals-for-opinion-research-302760432.html

SOURCE POVADDO LLC

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POVADDO AND PROLEGIS ANNOUNCE STRATEGIC PARTNERSHIP TO EXPAND ACCESS TO PUBLIC POLICY PROFESSIONALS FOR OPINION RESEARCH

Published

on

By

Partnership connects policy professionals using Prolegis’ modernized Congressional platform with Povaddo’s exclusive paid research panel, combining forces to serve the policymaking community

ST. LOUIS and WASHINGTON, May 2, 2026 /PRNewswire/ — Povaddo, a leading provider of public opinion and policy elite research, has announced a strategic partnership with Prolegis, a nonpartisan technology platform serving thousands of policy professionals in Congress and the advocacy community. The partnership will expand the reach of the Povaddo Panel—an exclusive network of nearly 5,000 public policy professionals worldwide—while providing Prolegis users new opportunities to contribute their expertise to policy research.

Prolegis provides nonpartisan technology solutions designed to modernize Congress. Built specifically for the policymaking community, the platform serves as a natural intersection where policy professionals and issue advocacy campaigns meet, making it an ideal environment for connecting researchers with the experts shaping public policy.

Beginning this month, users of the Prolegis platform will be invited to join the Povaddo Panel and become eligible to participate in research studies tailored specifically for public policy professionals.

“There is no shortage of so-called ‘expert network’ firms, but Povaddo is setting the standard when it comes to building the most rigorous and credible network of public policy professionals in the U.S. and beyond,” said William Stewart, President of Povaddo. “What makes Prolegis the right partner is the quality and relevance of their community—these are precisely the professionals our clients most want to hear from. Prolegis users are actively engaged in policy work daily, making them ideal participants for our research studies. This partnership will meaningfully accelerate our efforts.”

“Prolegis exists to serve the policy community with tools that make their work more effective,” said Jim Gianiny, CEO of Prolegis. “Partnering with Povaddo allows our users to contribute their expertise in a new way and take part in rigorous research that helps organizations better understand the policy landscape. It’s a natural extension of what our platform already does: connecting policy professionals with the resources and opportunities that matter to their work.”

Launched in 2018, the Povaddo Panel was built to meet growing demand for research insights from individuals who shape, influence, and analyze public policy as part of their daily work. Over the past eight years, the panel has grown to nearly 5,000 public policy professionals worldwide, including over 2,000 in the United States. Many panelists are former elected officials, including former Members of Congress.

This partnership is part of a broader period of momentum for Povaddo. The company recently announced it is launching a quarterly omnibus survey among public policy professionals in the United States and Europe.

“Companies and other organizations that want to understand what public policy professionals think—whether about their brand or an issue they are facing—now have a new way of doing that. Our new omnibus survey among public policy professionals fills an important need in the research services marketplace,” said Brooke Hayes, Executive Vice President of Povaddo, who oversees the Povaddo Panel and the firm’s new omnibus research service among public policy professionals.

Additionally, Povaddo recently released select findings from its survey of public policy professionals in the U.S. and Europe regarding their attitudes towards AI. In an era when political consensus is elusive, this study finds widespread agreement within policy communities on both sides of the Atlantic that government regulation of AI should be increased.

About Povaddo: Povaddo specializes in public opinion and policy elite research. Founded in 2009, Povaddo is recognized as a trusted advisor to top-tier organizations seeking to navigate complex issues management, strategic communications, corporate reputation, and business transformation challenges. Most of the firm’s clients sit within external affairs, corporate affairs, public affairs, government affairs, regulatory affairs, scientific affairs, corporate communications, business planning and strategy. For more information, please visit www.povaddo.com.

About Prolegis: Prolegis provides nonpartisan technology solutions designed to modernize Congress. Built specifically for the policymaking community, Prolegis delivers innovative solutions, efficient tools, and engaging content, all on one easy-to-use platform. The platform serves Congressional staff, think tank scholars, and public affairs professionals, creating a unique intersection where policy expertise and advocacy meet. For more information, please visit www.prolegis.com.

Media Inquiries: William Stewart, +1 (855) 768-2336, stewart@povaddo.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/povaddo-and-prolegis-announce-strategic-partnership-to-expand-access-to-public-policy-professionals-for-opinion-research-302760432.html

SOURCE POVADDO LLC

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