HVAC and Commercial and Industrial Refrigeration Equipment Global Market Report 2024

The hvac and commercial and industrial refrigeration equipment market size has grown strongly in recent years. It will grow from $423.36 billion in 2023 to $448.62 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth observed in the historic period can be attributed to several factors, including urbanization and a construction boom, globalization fostering international trade, increased demand for air quality solutions, a surge in commercial real estate, as well as the implementation of health and safety regulations.

The hvac and commercial and industrial refrigeration equipment market size is expected to see strong growth in the next few years. It will grow to $554.06 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. Forecasted growth is led by sustainable cooling methods, rising cold chain logistics demand, global climate change concerns, energy efficiency, and emerging market growth. Anticipated trends include smart HVAC systems, advanced refrigeration tech, decentralized systems, heat pump adoption, and HVAC retrofits/upgrades.

The anticipated expansion of the global construction industry is poised to drive the growth of the HVAC and commercial and industrial refrigeration equipment markets in the forecast period. The construction industry, encompassing activities related to building, repairing, renovating, and maintaining infrastructure, plays a pivotal role in creating demand for HVAC systems. The construction of new commercial spaces necessitates HVAC systems for maintaining indoor comfort, while the residential construction sector fuels the demand for efficient heating and cooling systems preferred by homebuyers and renters for both comfort and energy efficiency. A notable example is the construction expenditure data published by the U.S. Census Bureau in August 2023, revealing a 3.5% increase in construction expenditure from $1,873.2 billion in June 2022 to $1,938.4 billion in June 2023. This underlines the significant impact of the expanding construction industry on the HVAC and commercial and industrial refrigeration equipment markets.

The growth of the HVAC and commercial and industrial refrigeration equipment market is further supported by the stable economic growth forecasted in various developed and developing countries. According to the International Monetary Fund (IMF), global GDP growth is predicted to be 3.3% in 2020 and 3.4% in 2021. The recovery of commodity prices, following a notable decline in the historic period, is expected to contribute to market growth. Developed economies are anticipated to experience stable growth, with emerging markets such as ly to exhibit slightly faster growth than developed markets during the forecast period. This stable economic growth is poised to stimulate investments in end-user markets, thereby acting as a key driver for the HVAC and commercial and industrial refrigeration equipment markets in the forecast period.

The COVID-19 pandemic has exerted a significant adverse impact on the HVAC and commercial and industrial refrigeration equipment markets in 2020. The outbreak led to widespread disruptions in supply chains due to trade restrictions, and a decline in manufacturing activity occurred as governments globally imposed lockdowns to curb the spread of the virus. COVID-19, characterized by flu-such as symptoms such as fever, cough, and difficulty breathing, was first identified in Wuhan, Hubei province of the People’s Republic of China, in 2019. The virus subsequently spread worldwide, affecting regions including Western Europe, North America, and Asia. Manufacturers in the HVAC and commercial and industrial refrigeration equipment markets heavily rely on the global supply of raw materials, parts, and components. The movement of goods across countries was restricted by numerous governments, leading to a shortage of raw materials and components and subsequently causing manufacturers to halt production. The negative impact of the outbreak is anticipated to persist, affecting businesses throughout 2020 and into 2021. Nevertheless, there is an expectation that the HVAC and commercial and industrial refrigeration equipment market will rebound from this shock over the forecast period. The characterization of the pandemic as a 'black swan event' suggests that its occurrence is unforeseen and not linked to ongoing or fundamental weaknesses in the market or the global economy.

Companies operating in the HVAC and commercial and industrial refrigeration equipment markets are proactively embracing sustainability by transitioning to eco-friendly refrigerants such as Solstice N71 (R-471A), ensuring adherence to international regulations, and promoting environmentally conscious practices within the industry. Solstice N71 (R-471A) represents a significant advancement for the supermarket industry, being the inaugural non-flammable and energy-efficient solution with a low global warming potential (GWP) of less than 150. An illustrative example is Honeywell International Inc., a US-based technology and manufacturing company, which introduced Solstice N71 (R-471A) in January 2022. This new refrigerant, part of Honeywell's Solstice line of low-GWP solutions, caters to the needs of the commercial and industrial refrigeration sector, particularly supermarkets and retailers preparing for impending regulatory changes. Solstice N71 stands out as the industry's first non-flammable and energy-efficient option, aligning with sustainability goals and global environmental considerations.

The surge in demand for energy-efficient HVAC systems has led to the increasing popularity of geothermal heating and cooling technology. This innovative approach involves absorbing heat from the facility and transferring it underground, utilizing cool water from the ground to create air conditioning within the facility. Geothermal HVAC systems typically consist of an indoor handling unit and a network of underground pipes, requiring minimal maintenance and boasting a longer lifespan compared to traditional HVAC systems. According to the US Department of Energy, approximately 50,000 houses in the United States are equipped with geothermal heating and cooling systems each year. This trend reflects a growing awareness and adoption of sustainable HVAC solutions to meet energy efficiency goals.

Major companies operating in the hvac and commercial and industrial refrigeration equipment market report are Midea Group; Hitachi Ltd.; Panasonic Corporation; Haier Group; Specialty Refrigeration and Equipment; Daikin Global; Gree Electric Appliances Inc.; Johnson Controls International plc; Carrier Corporation; Whirlpool Corporation; Illinois Tool Works Inc.; Electrolux AB; 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; Innovative DisplayWorks; Baltimore Aircoil Company; Structural Concepts Corporation; Zhongshan Aochi Refrigeration Equipment Co. Ltd; Mokon Chillers; Blue Air; Frigoglass SAIC; Cold Shot Chillers; RTF Manufacturing.

Asia-Pacific was the largest region in The HVAC and commercial and industrial refrigeration equipment market in 2023. 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. The countries covered in the hvac and commercial and industrial 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.

These types consist of HVAC equipment and commercial/industrial refrigeration equipment, specifically designed for the commercial and industrial refrigeration sectors. They come in varying capacities such as small, medium, and large, and find applications in sectors such as food processing, beverage production, chemicals/pharmaceuticals, petrochemicals, and energy industries.

The HVAC and commercial and industrial refrigeration equipment market research report is one of a series of new reports that provides HVAC and commercial and industrial refrigeration equipment market statistics, including HVAC and commercial and industrial refrigeration equipment industry global market size, regional shares, competitors with an HVAC and commercial and industrial refrigeration equipment market share, detailed HVAC and commercial and industrial refrigeration equipment market segments, market trends and opportunities, and any further data you may need to thrive in the HVAC and commercial and industrial refrigeration equipment industry. This HVAC and commercial and industrial 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 HVAC and commercial and industrial refrigeration equipment market consists of sales of split systems, hybrid systems, duct-free systems, and packaged heating and air systems. 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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