Ventilation, Heating, Air-Conditioning, and Commercial Refrigeration Equipment Market: Sustained Growth Fueled by Economic Stability and Construction Boom

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The market for ventilation, heating, air-conditioning, and commercial refrigeration equipment has exhibited robust growth, ascending from $551.18 billion in 2023 to $587.36 billion in 2024, reflecting a commendable compound annual growth rate (CAGR) of 6.6%. Projections suggest continued strong growth, with the ventilation, heating, air-conditioning, and commercial refrigeration equipment market size anticipated to reach $741.84 billion by 2028, maintaining a steady CAGR of 6.0%.

Economic Stability Driving Manufacturing Growth:
The manufacturing market for ventilation, heating, air-conditioning, and commercial refrigeration equipment is thriving on the back of stable economic growth projected in developed and developing countries. China, for instance, experienced substantial gross domestic product (GDP) growth, increasing from $17.75 trillion in 2021 to $18.1 trillion in 2022. Emerging markets and developing economies also saw growth, reaching 6.1% in 2022. Recovering commodity prices contribute to the positive outlook, fostering economic stability. Developed economies are expected to register steady growth, and emerging markets are poised to outpace developed markets in the forecast period. This stable economic growth is anticipated to drive investments in end-user markets, stimulating the market for ventilation, heating, air-conditioning, and commercial refrigeration equipment.

Global Construction Industry Expansion as a Catalyst:
The global expansion of the construction industry is identified as a key driver propelling the growth of the ventilation, heating, air-conditioning, and commercial refrigeration equipment markets. The construction industry, encompassing building, repairing, renovating, and maintaining infrastructure, creates a significant demand for HVAC systems in commercial spaces and efficient heating and cooling systems in residential construction. The U.S. Census Bureau reported construction expenditure of $1,938.4 billion in June 2023, indicating a 3.5% increase from June 2022. This surge in construction activities is set to drive the demand for ventilation, heating, air-conditioning, and commercial refrigeration equipment in the foreseeable future.

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Key Market Players:
Major companies playing a pivotal role in shaping 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, and Systemair AB.

Rising Popularity of Geothermal Heating and Cooling Technology:
The growth in the construction industry is expected to drive the demand for energy-efficient HVAC solutions, including geothermal heating and cooling technology. With the construction sector projected to increase by 10.7% in 2022, there is a heightened demand for HVAC systems in both residential and industrial sectors. This trend is expected to contribute significantly to the growth of the ventilation, heating, air-conditioning, and commercial refrigeration equipment market.

Wind-Free Technology Revolutionizing Air Conditioning:
Manufacturers in the ventilation, heating, air-conditioning, and commercial refrigeration equipment market are incorporating wind-free technology into air conditioners to enhance their product offerings. This innovative feature minimizes direct airflow, providing consumers with a quieter, more comfortable, and energy-efficient cooling experience. Samsung Electronics Co. Ltd. has introduced its latest generation of Wind-Free air conditioners in the Indian market, featuring advanced functionalities such as AI auto-cooling, welcome cooling, motion detection sensors, and voice control. The wind-free technology incorporated in these air conditioners can deliver substantial energy savings, reaching up to 77%.

Regional Overview:
In 2023, Asia-Pacific emerged as the largest region in the ventilation, heating, air-conditioning, and commercial refrigeration equipment market, with North America securing the second-largest market share. The report covers regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Market Segmentation:
The ventilation, heating, air-conditioning, and commercial refrigeration equipment market covered in this report is segmented -
1) By Type: HVAC And Commercial And Industrial Refrigeration Equipment, Commercial Fan And Air Purification Equipment, Heating Equipment (except Warm Air Furnaces)
2) By Capacity: Small, Medium, Large
3) By End-Use: Residential, Commercial, Industrial
Subsegments Covered: HVAC Equipment, Commercial And Industrial Refrigeration Equipment, Polystyrene Foam Products, Urethane And Other Foam Product, Air Purification Equipment, Attic And Exhaust fans, Other Commercial Fan And Air Purification Equipment, Heating Boilers, Heating Stoves, Floor And Wall Furnaces, Other Heating Equipment (except Warm Air Furnaces)

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Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Global Market Report 2024 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

The Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on ventilation, heating, air-conditioning, and commercial refrigeration equipment market size, ventilation, heating, air-conditioning, and commercial refrigeration equipment market drivers and trends, ventilation, heating, air-conditioning, and commercial refrigeration equipment market major players, ventilation, heating, air-conditioning, and commercial refrigeration equipment market competitors' revenues, ventilation, heating, air-conditioning, and commercial refrigeration equipment market positioning, and ventilation, heating, air-conditioning, and commercial refrigeration equipment market growth across geographies. The ventilation, heating, air-conditioning, and commercial refrigeration equipment market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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