Growing HVAC industry driven by innovation and rising demand

The HVAC industry in North America is expected to grow about 4% from 2023 through 2028. This $45 billion industry generates $150 billion in annual revenue and employs over 1.5 billion people. Rising disposable incomes, increasing applications in smart homes, and growing demands for heat pumps are among the major drivers in the industry. The US Department of Energy is also investing in improving energy efficiency standards. With over 90% of US homes using air conditioning and the focus on energy efficiency, the industry is experiencing steady growth.