According to the research report titled ‘Global Heating & Cooling Market Size By Category (Heating (Source {Electricity, District Heating, Biofuels & Waste, Renewables, Geothermal, Natural Gas, Oil Products, Coal}, Cooling)), By Application (Industrial [Temperature Gradient {High, Medium, Low}, Specification {Energy Intensive (Iron & Steel, Non-Ferrous Metal, Chemical, Non - Metallic Mineral Product, Pulp & Paper), Non-Energy Intensive}], Residential [Specification {Single Family, Multi Family, High Rise}], Service Sector [Specification {Hospitals, Hotels & Restaurants, Sport & Recreation, Shop-Large, Shop-Small, Offices}]), Industry Analysis Report, Regional Outlook, Competitive Market Share & Forecast, 2019 – 2025’, available at MarketStudyReport.com, the global heating & cooling market was worth USD 1 trillion in 2018 and is expected to register an annual consumption of 60 exajoule by the year 2025.
 

Strict government measures regarding emission mitigation, along with harsh climatic conditions are driving the heating & cooling market growth. Surging need for efficient heating & cooling systems is leading to rising integration of HVAC solutions in the residential sector. In addition to this, integration of HEMS (home energy management systems) with green infrastructure reforms is aiding the expansion of the market. Growing population in urban areas and escalating investments in real estate sector are boosting the technological adoption of heating & cooling systems.
 

According to the report, heat derivatives held a significant share in overall energy consumption and is estimated to witness continuous growth during the forecast period. Advancements in micro CHP installations has paved the way for rising adoption of cogeneration technologies across various applications. Rapid expansion of DH (district heating) networks, in tandem with increasing utilization of electricity-based heat supply are stimulating the heating & cooling industry outlook.
 

Escalating consumer disposable income is contributing towards the popularity of HVAC solutions across the globe. Strict energy reforms, sustainable network deployment, fuel flexibility, and minimal thermal losses are some of the factors positively influencing the business scenario.
 

Based on application, the report cites that industrial application segment of heating & cooling system market generated a revenue of USD 300 billion in 2018. Biomass integrated district heating units are not only energy efficient but also environment friendly.  Thus, rising concerns regarding operational hazards like leakages which lead to conveyance losses is fueling the need for efficient district heating systems across the industrial sector.
 

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Considering geographical landscape, U.S. heating & cooling market is expected to grow by 2% through the year 2025, due to growing need for space heating & cooling systems, in tandem with escalating consumer disposable income. On the other hand, robust industrialization in developing regions of Middle East & Africa and Asia-Pacific, along with rising suburban migration are propelling the global market.
 

The prominent companies operating in heating & cooling market are Rheem, Trane, Lennox, Daikin, Johnson Control, and Siemens among others.