HVAC and Commercial and Industrial Refrigeration Equipment Market Report 2026

The hvac and commercial and industrial refrigeration equipment market size has grown steadily in recent years. It will grow from $450.34 billion in 2025 to $469.61 billion in 2026 at a compound annual growth rate (CAGR) of 4.3%. The growth in the historic period can be attributed to industrial refrigeration expansion, growth of food processing industries, traditional hvac installations, regulatory cooling requirements, expansion of logistics infrastructure.

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 $577.25 billion in 2030 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to decarbonization mandates, growth of cold storage demand, smart factory adoption, replacement of legacy systems, investment in energy efficient cooling. Major trends in the forecast period include shift toward energy efficient hvac systems, integration of smart monitoring and controls, adoption of low gwp refrigerants, expansion of cold chain infrastructure, demand for high capacity industrial cooling.

The global expansion of the construction industry is expected to drive the growth of the HVAC and commercial and industrial 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 fuels demand for efficient heating and cooling systems that provide comfort and energy savings for homebuyers and renters. For instance, in August 2023, according to the U.S. Census Bureau, a US-based Federal Statistical System, construction expenditure reached $1.93 trillion in June 2023, a 3.5% increase from $1.87 trillion in June 2022. Therefore, growth in the construction industry is supporting the HVAC and commercial and industrial refrigeration equipment markets.

Major companies in the HVAC and commercial and industrial refrigeration equipment market are focusing on innovative technologies, such as low-global warming potential (GWP) refrigeration, to enhance energy efficiency, environmental performance, and regulatory compliance. Low-GWP refrigeration technology uses refrigerants with reduced global warming potential and integrates electric-drive or multi-energy-source systems for efficient cooling, offering benefits such as lower CO₂ emissions, reduced fuel consumption, and flexible power-source operation. For example, in September 2024, Carrier Transicold, a US-based multinational leader in climate and cold-chain solutions, launched the Vector HE 19, a refrigeration unit using a low-GWP refrigerant compatible with biofuels (HVO or B100). Designed for temperature-controlled trailers and semi-trailers, it features a refrigerant that reduces CO₂ emissions by up to nine times compared to standard refrigerants and a flexible E-Drive architecture allowing operation via engine, battery, or grid. Vector HE 19 enhances sustainability, fuel efficiency, and operational flexibility in cold-chain transport within the HVAC and commercial and industrial refrigeration sector.

In July 2024, Bosch, a Germany-based company specializing in vehicle technology and hardware and software solutions, acquired a residential and light commercial HVAC business from Johnson Controls and Hitachi for an undisclosed sum. This acquisition allows Bosch to broaden its HVAC portfolio by incorporating advanced technologies and innovations from Johnson Controls and Hitachi, thereby enhancing its offerings in residential and light commercial heating, ventilation, and air conditioning systems. Johnson Controls-Hitachi Air Conditioning is a Japan-based company that provides HVAC and commercial and industrial refrigeration solutions.

Major companies operating in the hvac and commercial and industrial refrigeration equipment market are Midea Group, Hitachi Ltd., Panasonic Corporation, Haier Group, 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, Frigoglass SAIC, Cold Shot Chillers, RTF Manufacturing.

Asia-Pacific was the largest region in HVAC and commercial and industrial refrigeration equipment market in 2025. 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, South East Asia, 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 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 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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