What Is The Current and Historic Market Size Analysis Of HVAC And Commercial And Industrial Refrigeration Equipment Market?
The hvac and commercial and industrial refrigeration equipment market has seen considerable growth due to a variety of factors.
• The market for HVAC and commercial and industrial refrigeration equipment has seen substantial growth in the recent past. It is projected to escalate from $432.53 billion in 2024 to $458.91 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 6.1%.
Factors leading to this progress during the historic period include rising urbanization and construction activities, global trade and globalization, an increase in demand for air quality solutions, growth in commercial real estate, and health and safety regulations.
What Are the Future Growth Projections for the HVAC And Commercial And Industrial Refrigeration Equipment Market?
The hvac and commercial and industrial refrigeration equipment market is expected to maintain its strong growth trajectory in upcoming years.
• The market for HVAC and commercial and industrial refrigeration equipment is predicted to experience significant expansion over the next several years. It is projected to reach a value of $566.75 billion in 2029, with a CAGR of 5.4%.
This growth during the forecast period is likely due to factors such as the move towards sustainable cooling, the growing requirement for cold chain logistics, worries about global climate change, the push for energy efficiency and green construction standards, and economic development in emerging markets. Main trends to watch in the forecast period encompass smart and connected HVAC systems, cutting-edge refrigeration technologies, adoption of decentralized refrigeration systems, use of heat pumps and HVAC system retrofits and upgrades.
What Are the Critical Driver Fuelling the HVAC And Commercial And Industrial Refrigeration Equipment Market's Growth?
The global construction industry's growth is projected to spur the expansion of the HVAC and commercial and industrial refrigeration equipment markets in the upcoming years. The construction industry encompasses the manufacturing and commerce sector related to the building, refurbishment, renovation, and upkeep of infrastructure. The building of new commercial environments requires HVAC systems for interior comfort maintenance, while the residential construction sector influences the need for efficient heating and cooling systems, which are preferred by homeowners and renters for comfort and energy efficiency. As an illustration, a report by the U.S. Census Bureau, a Federal Statistical System based in the US, revealed in August 2023 that construction spending reached $1,938.4 billion in June 2023, a 3.5% rise from the anticipated spending of $1,873.2 billion in June 2022. Hence, the growth of the construction industry will stimulate the expansion of the HVAC and commercial and industrial refrigeration equipment markets in the future.
What Are The Major Segments Within The HVAC And Commercial And Industrial Refrigeration Equipment Market?
The HVAC and commercial and industrial refrigeration equipment market covered in this report is segmented –
1) By Type: HVAC Equipment, Commercial And Industrial Refrigeration Equipment
2) By Capacity: Small, Medium, Large
3) By Application: Food Processing, Beverage Production, Chemicals and Pharmaceuticals, Petrochemicals, Energy, Logistics
Subsegments:
1) By HVAC Equipment: Heating Equipment, Furnaces, Heat Pumps, Boilers, Ventilation Equipment, Air Handling Units (AHUs), Exhaust Fans, Air Filtration Systems, Ductless Mini-Split Systems, Chillers
2) By Commercial And Industrial Refrigeration Equipment: Commercial Refrigerators And Freezers, Reach-In Refrigerators, Walk-In Coolers And Freezers, Industrial Refrigeration Systems, Refrigeration Compressors, Ammonia Refrigeration Systems, Display Refrigeration Units, Merchandising Refrigerators, Ice Cream Freezers
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Which Trends Are Expected To Transform The HVAC And Commercial And Industrial Refrigeration Equipment Market?
Efforts are escalating among businesses in the HVAC and commercial and industrial refrigeration equipment scene to shift towards eco-friendly refrigerants like Solstice N71 (R-471A). This is being done with a focus on adhering to global regulations and cultivating sustainability in the market. Solstice N71 (R-471A) holds the title as the first energy-efficient, non-flammable solution in the supermarket industry with a remarkably low global warming potential (GWP) of under 150. For example, in January 2022, Honeywell International Inc., an American technology and manufacturing firm, launched Solstice N71 (R-471A), a new refrigerant with a low global warming potential. This refrigerant, specifically tailored for commercial and industrial refrigeration sector, caters to the needs of retailers and supermarkets preparing for expected regulatory shifts. As a part of Honeywell’s range of low-GWP Solstice solutions, Solstice N71 positions itself as the sector’s primary non-flammable and energy-efficient option carrying a GWP lower than 150.
Who Are the Key Players in the HVAC And Commercial And Industrial Refrigeration Equipment Market?
Major companies operating in the HVAC and commercial and industrial refrigeration equipment market include:
• Midea Group
• Hitachi Ltd.
• Panasonic Corporation
• Haier Group
• Specialty Refrigeration and Equipment
• Daikin Global
• Gree Electric Appliances Inc.
• Johnson Controls International plc
• Carrier Corporation
• Illinois Tool Works Inc.
• Snow River Chillers
• Fukushima Galilei Co. Ltd
• Lotte Engineering & Machinery Mfg. Co.
• Dover Corporation
• Ingersoll-Rand Plc
• GEA Group AG
• Hoshizaki Corporation
• Blue Star Limited
• Standex International Corporation
• Arneg S.p.A
• Paul Mueller Company
• Bitzer
• Baltimore Aircoil Company
• Structural Concepts Corporation
• Zhongshan Aochi Refrigeration Equipment Co. Ltd
• Mokon Chillers
• Blue Air
• Frigoglass SAIC
• Cold Shot Chillers
• RTF Manufacturing
What Is The Most Dominant Region In The HVAC And Commercial And Industrial Refrigeration Equipment Market?
Asia-Pacific was the largest region in HVAC and commercial and industrial refrigeration equipment market in 2024. North America was the second largest region in the HVAC and commercial and industrial refrigeration equipment. The regions covered in the HVAC and commercial and industrial refrigeration equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
