Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Global Market Report 2024

The ventilation, heating, air-conditioning, and commercial refrigeration equipment market size has grown strongly in recent years. It will grow from $551.18 billion in 2023 to $587.36 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth observed during the historical period can be attributed to factors such as energy efficiency regulations, urbanization, replacement cycles, and the impact of global climate change.

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 $741.84 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. Anticipated growth in the forecast period can be linked to factors like the integration of renewable energy sources, growing concerns about indoor air quality, the integration of smart building technologies, the effects of rising global temperatures, and the adoption of sustainable refrigerants. Major trends expected in the forecast period encompass green building certification, remote monitoring and control systems, the utilization of heat pumps for both heating and cooling, electrification initiatives, and increased customization and personalization in building systems.

The growth of the ventilation, heating, air-conditioning, and commercial refrigeration equipment manufacturing market is bolstered by the projected stable economic growth in various developed and developing countries. For instance, China's gross domestic product (GDP) increased from $17.75 trillion in 2021 to $18.1 trillion in 2022, according to the International Monetary Fund (IMF). Moreover, emerging markets and developing economies demonstrated a growth rate of 3.9% in 2020, which escalated to 6.1% in 2022. This growth, along with recovering commodity prices, is expected to facilitate market expansion. Developed economies are also poised for stable growth during the forecast period, with emerging markets continuing to outpace developed ones. This sustained economic growth is likely to drive investments in end-user markets, contributing to market growth in the forecast period.

The primary categories of ventilation, heating, air-conditioning, and commercial refrigeration equipment consist of HVAC systems, commercial and industrial refrigeration equipment, commercial fans, air purification equipment, and heating equipment (excluding warm air furnaces). Commercial fan and air purification equipment are designed for the purification of air, and they come in various capacities, including small, medium, and large. The equipment caters to a range of end-users, including residential, commercial, and industrial settings.

The ventilation, heating, air-conditioning, and commercial refrigeration equipment market research report is one of a series of new reports that provides ventilation, heating, air-conditioning, and commercial refrigeration equipment market statistics, including ventilation, heating, air-conditioning, and commercial refrigeration equipment industry global market size, regional shares, competitors with ventilation, heating, air-conditioning, and commercial refrigeration equipment market share, detailed ventilation, heating, air-conditioning, and commercial refrigeration equipment market segments, market trends and opportunities, and any further data you may need to thrive in the ventilation, heating, air-conditioning, and commercial refrigeration equipment industry. This ventilation, heating, air-conditioning, and commercial refrigeration equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The global construction industry's expansion is set to drive growth in the ventilation, heating, air-conditioning, and commercial refrigeration equipment markets. The construction industry encompasses the building, repair, renovation, and maintenance of infrastructure. The construction of new commercial spaces necessitates HVAC systems to maintain indoor comfort, while the residential construction sector fuels demand for efficient heating and cooling systems, sought after for their comfort and energy efficiency. For instance, the U.S. Census Bureau reported construction expenditure of $1,938.4 billion in June 2023, representing a 3.5% increase from the estimated $1,873.2 billion in June 2022. Consequently, the burgeoning construction industry is expected to propel the growth of the ventilation, heating, air-conditioning, and commercial refrigeration equipment markets in the future.

The outbreak of COVID-19 significantly restrained the ventilation, heating, air-conditioning, and commercial refrigeration equipment manufacturing market in 2020 due to supply chain disruptions and reduced manufacturing activity caused by global lockdowns. As governments worldwide imposed restrictions to contain the spread of COVID-19, the movement of goods across borders was severely limited, leading to manufacturing disruptions due to raw material and component shortages. While the pandemic's impact persisted through 2021, it is anticipated that the ventilation, heating, air-conditioning, and commercial refrigeration equipment manufacturing market will recover over the forecast period. The setbacks were primarily attributed to a 'black swan event' and not indicative of fundamental weaknesses in the market or the global economy.

The growth in the construction industry is expected to fuel the growth of the ventilation, heating, air-conditioning, and commercial refrigeration equipment market in the coming years. The development of new infrastructure projects is poised to boost the demand for energy-efficient HVAC solutions, reflecting the increasing adoption of HVAC systems in both residential and industrial sectors. For example, as per the Ministry of Statistics and Programme Implementation, the construction sector is anticipated to grow by 10.7% in 2022, rebounding from a 8.6% decline observed in the previous year.

Major manufacturers in the market are focusing on integrating wind-free technology into air conditioning units to enhance their product offerings. Wind-Free technology represents an innovative feature in air conditioning systems, aiming to provide a more comfortable cooling experience by reducing direct airflow. This enables market players to offer quieter, more comfortable, and energy-efficient cooling. Samsung Electronics Co. Ltd. introduced its latest generation of Wind-Free air conditioners in the Indian market in February 2023. These models include Wi-Fi-enabled features, such as AI auto-cooling, welcome cooling, motion detection sensors, and voice control. Notably, the wind-free technology incorporated in these air conditioners can result in energy savings of up to 77%, while the convertible 5-in-1 ACs equipped with digital inverter technology offer energy savings of up to 41%.

Major companies operating in the ventilation, heating, air-conditioning, and commercial refrigeration equipment market include Johnson Controls International PLC, Gree Electric Appliances Inc., Midea Group co Ltd., Hitachi Ltd., Ingersoll-Rand PLC, Honeywell International Inc., Carrier Corporation, Danfoss GmbH, Atlas Copco AB, 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.

The Asia-Pacific was the largest region in The ventilation, heating, air-conditioning, and commercial refrigeration equipment market in 2023. 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, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the ventilation, heating, air-conditioning, and commercial refrigeration equipment market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, 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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