Ventilation, Heating, Air-Conditioning, and Commercial Refrigeration Equipment Market Report 2026

The ventilation, heating, air-conditioning, and commercial refrigeration equipment market size has grown steadily in recent years. It will grow from $597.12 billion in 2025 to $626.31 billion in 2026 at a compound annual growth rate (CAGR) of 4.9%. The growth in the historic period can be attributed to commercial construction growth, expansion of retail refrigeration, demand for thermal comfort, industrial cooling needs, urban infrastructure development.

The ventilation, heating, air-conditioning, and commercial refrigeration equipment market size is expected to see strong growth in the next few years. It will grow to $788.4 billion in 2030 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to growth in green commercial buildings, rising cold chain infrastructure, stricter energy efficiency regulations, expansion of smart cities, demand for climate resilient systems. Major trends in the forecast period include rising adoption of energy efficient hvac systems, growing integration of smart building technologies, expansion of commercial refrigeration demand, shift toward low emission heating solutions, increased use of predictive maintenance systems.

The global growth of the construction industry is anticipated to boost the ventilation, heating, air-conditioning, and commercial refrigeration equipment markets during the forecast period. The construction industry encompasses the sector involved in building, repairing, renovating, and maintaining infrastructure. New commercial construction requires HVAC systems to ensure indoor comfort, while residential construction increases demand for efficient heating and cooling solutions that appeal to homebuyers and renters seeking comfort and energy efficiency. For example, in August 2023, a report by the U.S. Census Bureau, a U.S.-based Federal Statistical System, stated that construction expenditure reached $1.93 trillion in June 2023, reflecting a 3.5% rise from $1.87 trillion in June 2022. Consequently, the growth of the construction industry is expected to drive the expansion of the ventilation, heating, air-conditioning, and commercial refrigeration equipment markets.

Leading manufacturers in the market are emphasizing the integration of wind-free technology into air conditioners to enhance and diversify their product offerings. Wind-Free technology is an innovative air conditioning feature designed to provide a comfortable cooling experience by reducing direct airflow, resulting in a quieter, more energy-efficient, and pleasant environment for users. For instance, in February 2023, Samsung Electronics Co. Ltd., a South Korea-based manufacturer specializing in consumer electronics, telecommunications, and home appliances, introduced its latest generation of Wind-Free air conditioners in the Indian market. This new range includes Wi-Fi-enabled models equipped with advanced features such as AI auto-cooling, welcome cooling, motion detection sensors, and voice control, highlighting the benefits of wind-free technology.

In August 2025, Robert Bosch GmbH, a Germany-based multinational engineering and technology company, finalized the acquisition of the residential and light commercial HVAC business from Johnson Controls and Hitachi for $8 billion. Through this acquisition, Bosch aims to strengthen its presence in the HVAC market, expand its product portfolio across residential and light commercial segments, enhance operational synergies, and support long-term growth in global heating, ventilation, and air conditioning solutions. Johnson Controls and Hitachi, a Japan-based commercial company, provide ventilation, heating, air-conditioning, and commercial refrigeration equipment.

Major companies operating in the ventilation, heating, air-conditioning, and commercial refrigeration equipment market are Johnson Controls International plc, Gree Electric Appliances Inc., Midea Group co ltd, Hitachi Ltd., Ingersoll-Rand Plc, Honeywell International Inc., Carrier Corporation, Danfoss GmbH, Panasonic Corporation., Daikin Industries Ltd., Mitsubishi Electric Corporation, LG Electronics Inc., Fujitsu General Limited, Trane Technologies plc, Samsung Electronics Co. Ltd., Lennox International Inc., Rheem Manufacturing Company, Haier Group Corporation, Nortek Global HVAC LLC, Zamil Air Conditioners, Viessmann Werke GmbH & Co. KG, Bosch Thermotechnik GmbH, Emerson Electric Co., Toshiba Corporation, Airedale International Air Conditioning Ltd., Blue Star Limited, Mitsubishi Heavy Industries Ltd., S.K.M Air Conditioning LLC, Systemair AB.

Asia-Pacific was the largest region in the ventilation, heating, air-conditioning, and commercial refrigeration equipment market in 2025. North America was the second-largest region in the ventilation, heating, air-conditioning, and commercial refrigeration equipment market. The regions covered in the ventilation, heating, air-conditioning, and commercial refrigeration equipment market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the ventilation, heating, air-conditioning, and commercial refrigeration equipment market report are China, India, Japan, Australia, Indonesia, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, Taiwan, New Zealand, UK, Germany, France, Italy, Spain, Austria, Belgium, Denmark, Finland, Ireland, Netherlands, Norway, Portugal, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.

The ventilation, heating, air-conditioning, and commercial refrigeration equipment market consists of sales of ventilation, heating, air-conditioning, and commercial refrigeration equipment, including heating equipment (except warm air furnaces), air-conditioning, and warm air heating equipment. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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