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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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Eficode receives Atlassian Partner of the Year 2026 for Software Solutions

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Eficode has been named Atlassian Partner of the Year 2026 for Software Solutions, recognizing performance in new business development, thought leadership, and delivering solutions that complement Atlassian’s offering.

HELSINKI, May 5, 2026 /PRNewswire/ — Atlassian announced today that Eficode has been awarded the Atlassian Partner of the Year 2026 for Software Solutions in recognition of their exemplary contributions and achievements throughout the calendar year 2025. This accolade acknowledges exceptional performance in new business development, thought leadership, and the delivery of products and services that effectively complement Atlassian’s offerings.

Eficode was among the select group of partners honored at the annual Atlassian Partner of the Year awards, in recognition of their sustained commitment and outstanding customer engagement.

“Our Partner of the Year winners represent the very best of our ecosystem—driving innovation, delivering cutting-edge solutions, and demonstrating an unwavering commitment to customer success. We are proud to celebrate their achievements and recognize the incredible impact they’ve made in helping customers unlock their full potential with Atlassian,” said Bill Hustad, Head of Channel and GTM Ecosystems at Atlassian.

“This recognition reflects the trust our customers place in us and the dedication of our teams every day. We focus on helping organizations use AI in the software development lifecycle and build effective software tooling that supports real business outcomes. It’s rewarding to see the impact this has on our clients’ success, and we’re excited to keep building on that with Atlassian,” said Henri Hämäläinen, Chief Product Officer and Co-CEO of Eficode.

Eficode brings deep experience in AI-driven software development and building effective SDLC tooling that helps teams work smarter. They have supported organizations such as Air France–KLM, Supercell, and The Very Group in saving costs, future-proofing their environment for innovation, and building more efficient software processes and better customer experiences. Learn more about Eficode’s work with Atlassian solutions.

Media contacts
Henri Hämäläinen, CPO, Co-CEO at Eficode, henri.hamalainen@eficode.com, +358 50 487 3291
Simon Wood, CRO, Co-CEO at Eficode, simon.wood@eficode.com, +44 7920 002769

This information was brought to you by Cision http://news.cision.com.

https://news.cision.com/eficode-oy/r/eficode-receives-atlassian-partner-of-the-year-2026-for-software-solutions,c4343859

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Bizcap launches Line of Credit in Europe to meet growing SME demand

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MUNICH, May 5, 2026 /PRNewswire/ — Small and medium-sized enterprises (SMEs) in Europe can now access up to €500,000 in funding thanks to a flexible, fast-turnaround line of credit offered by Bizcap.

The Line of Credit is designed to help businesses manage cash flow, respond to seasonal pressures, and act on growth opportunities. The new facility offers set-up within two to three days, followed by ongoing access to funds as needed.

Bizcap’s Business Line of Credit gives SMEs a more adaptable funding solution than many traditional lending products, with flexible drawdowns and repayments aligned to business cash flow. Businesses only pay for the funds they use, and once the facility is in place, they can access capital as needed without having to reapply each time.

The launch comes as Bizcap builds on a strong start in Europe, following its launch into Luxembourg in July 2025, then expanding lending into Germany in October 2025, where it facilitated more than €4 million in funding in its first month of lending. Bizcap has described Germany as its most successful international expansion to date, underlining strong product-market fit and the effectiveness of its partnerships-led strategy in Europe.

“Europe has responded favourably to Bizcap’s fast, flexible and transparent approach to funding, and that’s exactly why this Line of Credit launch matters,” said Laura Schlag, Managing Partner for Bizcap Europe.

“Our early traction in Luxembourg and Germany showed us there is clear demand from SMEs for funding that moves at the speed of business. With our Line of Credit, businesses can access capital when they need it, use only what they need, and stay in control of their cash flow.

“For many SMEs, funding needs don’t arrive in one neat moment. They ebb and flow with stock purchases, supplier payments, payroll, tax obligations, and growth opportunities. This product is designed to meet that reality with flexibility, speed and clarity.”

Bizcap’s Line of Credit has already proven itself in other international markets, where the product has seen strong uptake from SMEs seeking reliable working capital and repeat access to funding. Its expansion into Europe reflects Bizcap’s broader strategy to bring practical, flexible business finance to underserved SME markets.

Albert Gahfi, Bizcap’s Global Co-CEO, said the launch of Line of Credit in Europe reflects both market demand and Bizcap’s confidence in the region’s long-term potential.

“We’ve seen in Luxembourg and Germany just how strongly SMEs and partners respond when funding is fast, transparent and built around real business needs,” he said.

“Launching our Line of Credit in Europe is a natural next step. It gives businesses an ongoing source of capital they can draw on as opportunities arise, without the friction of starting from scratch each time.

“Our model is built to move quickly, but it’s also built to understand businesses properly. We look beyond rigid scorecards and assess overall financial health, which means we can support a broader range of SMEs with practical, responsible funding solutions.”

This broader underwriting approach and Bizcap’s focus on overall business health are themes the company has highlighted in its European rollout.

Bizcap works closely with advisers, brokers and partners across its markets to help deliver funding solutions to a broader range of business clients. In Europe, that partnership-led approach has already played a major role in its early growth, where Bizcap says trust, credibility and strong broker relationships were key to its first-month results.

Bizcap is offering select advisers access to bring this solution to their clients. Interested advisers can email partners@bizcap.eu or become a partner via their website.

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Frost & Sullivan Recognizes Picus Security as the 2026 Global Company of the Year for Advancing Automated Security Validation

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Recognition highlights Picus for pioneering a unified, AI-driven approach that is reshaping the security validation market and delivering meaningful customer impact

SAN ANTONIO, May 5, 2026 /PRNewswire/ — Frost & Sullivan today announced that it has awarded Picus Security the 2026 Global Company of the Year recognition in the automated security validation industry. This recognition highlights Picus Security’s consistent leadership in delivering measurable security outcomes, advancing innovation, and driving customer impact in a rapidly evolving threat landscape.

Each year, Frost & Sullivan presents the Company of the Year recognition to an organization that demonstrates outstanding strategy development and implementation. The firm evaluates companies based on a rigorous benchmarking process across two core dimensions: strategy effectiveness and strategy execution. Picus Security excelled in both, aligning its long-term vision with enterprise security needs while executing efficiently at scale. The company’s strategic agility and sustained investment in autonomous exposure validation have enabled it to scale effectively across North America, Asia-Pacific, and other global markets, serving large enterprises across sectors such as BFSI, healthcare, government, and technology.

“Picus Security’s rapid growth, diversified revenue streams, expanding global presence, and strong partner ecosystem reflect a company entering a new phase of accelerated scale. Its platform breadth, enterprise adoption, and continued investments across integrations, alliances, marketplaces, and service providers position it to play a pivotal role in advancing the automated security validation market,” said Ying Ting Neoh, an industry analyst at Frost & Sullivan.

Picus Security continues to differentiate through a unified, AI-driven security validation platform that integrates breach and attack simulation, automated pentesting, and autonomous exposure validation to measure real exploitability, correlate siloed findings, and reveal the small fraction of exposures that truly matter. With evidence-based reporting, compensating control guidance, and always-up-to-date attack content, Picus Security transforms enterprise security validation into a continuous, automated, and intelligence-driven practice.

“We’ve entered the Post-Mythos and GPT-Cyber era. Frontier AI models can now write exploits and launch autonomous attacks against thousands of targets in parallel, yet most enterprises are still validating their defenses at human speed,” said Volkan Ertürk, co-founder and CTO of Picus Security. “That gap is no longer survivable with periodic pentesting or manual red teaming. It demands autonomous validation: continuous, AI-driven proof that your controls hold and your real exploitable paths are closed. Frost & Sullivan’s recognition affirms that Picus is leading this shift, and that the market is ready for it.”

Frost & Sullivan commends Picus Security for setting a high standard in competitive strategy, execution, and market responsiveness. The company’s vision, innovation pipeline, and customer-first approach are shaping the future of the automated security validation industry and enabling enterprises to manage cyber risk in dynamic environments proactively.

Learn more about Picus Security’s innovation at https://www.picussecurity.com/resource/blog/why-frost-sullivan-named-picus-2026-global-company-of-the-year

Frost & Sullivan Best Practices Recognition
Frost & Sullivan’s Best Practices Recognitions honor companies across regional and global markets that exhibit exceptional achievement and consistent excellence in areas such as leadership, technological innovation, customer experience, and strategic product development. Each recognition is the result of a rigorous analytical process in which Frost & Sullivan industry experts benchmark performance through comprehensive interviews, deep-dive analysis, and extensive secondary research. The goal is to identify true best-in-class organizations that are driving transformative growth and setting new industry standards.

Contact us: Start the discussion.

About Picus Security
Picus Security, the leading security validation company, gives organizations a clear picture of their cyber risk based on business context. Picus transforms security practices by correlating, prioritizing and validating exposures across siloed findings so teams can focus on critical gaps and high-impact fixes. With Picus, security teams can quickly take action with one-click mitigations to stop more threats with less effort. Offering Adversarial Exposure Validation with Breach and Attack Simulation and Automated Penetration Testing, working together for greater outcomes, Picus delivers award-winning, threat-centric technology that allows teams to pinpoint fixes worth pursuing.

Follow Picus Security on X and LinkedIn.

Frost & Sullivan Media Contact:
Tarini Singh
E: Tarini.Singh@frost.com

Media Contact
Jennifer Tanner
Look Left Marketing
picus@lookleftmarketing.com

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SOURCE Frost & Sullivan

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