Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market Poised for 5.9% Growth, Set to Hit $101.36 Billion by 2029

How Is the Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market Projected to Grow, and What Is Its Market Size?
In the past few years, the market size of the ventilation, heating, air-conditioning, and commercial refrigeration equipment has witnessed substantial growth. This market is set to expand from $568.24 billion in 2024 to $605.8 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 6.6%. The growth during the historic period can be credited to factors such as energy efficiency regulations, urbanization, replacement cycles, and global climate change.

The market for ventilation, heating, air-conditioning, and commercial refrigeration equipment is projected to experience robust growth in the coming years. The market is set to expand to $762.04 billion in 2029, with a compound annual growth rate (CAGR) of 5.9%. The growth over the forecasted period can be linked to aspects such as the incorporation of renewable energy, concerns regarding indoor air quality, the assimilation of smart buildings, rising global temperatures, and the use of sustainable refrigerants. Key trends predicted during this forecast period comprise of green building certifications, remote monitoring and control, the use of heat pumps for heating and cooling, electrification, along with customization and personalization.

What Are the Key Drivers Behind the Growth of the Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market?
Stable economic growth predicted in several developed and developing nations is supporting the expansion of the ventilation, heating, air-conditioning, and commercial refrigeration equipment manufacturing market. The International Monetary Fund (IMF), based in the US, has noted that China's GDP has seen an increase from $17.75 trillion in 2021 to $18.1 trillion in 2022. Emerging markets and developing economies also recorded a growth increase from 3.9% in 2020 to 6.1% in 2022. The market's growth is further anticipated to be boosted by the recovery of commodity prices following their significant drop during the historic period. Moreover, during the predicted timeline, developed economies are projected to maintain steady growth. Emerging economies are also expected to keep outpacing the growth rate of developed markets. Stable economic growth is likely to lead to more investments in end-user markets, propelling the market throughout the projected period.

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Who Are the Major Industry Players Fueling Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market Expansion?
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.

Which Key Developments Are Influencing the Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market?
The expansion in the construction sector is predicted to drive the growth of the ventilation, heating, air-conditioning, and commercial refrigeration equipment market. The commencement of fresh infrastructure development initiatives is anticipated to augment the need for energy-efficient HVAC systems. Both residential and industrial sectors have seen a surge in demand for HVAC solutions. For example, forecasts from the Ministry of Statistics and Programme Implementation, a governmental agency in India, predict an upswing in the construction sector by 10.7% in 2022, following an 8.6% decrease from the previous year.

How Is the Segmentation of the Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market Defined?
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:
1) By HVAC And Commercial And Industrial Refrigeration Equipment: Heating, Ventilation, And Air Conditioning (HVAC) Systems, Commercial Refrigeration Equipment, Industrial Refrigeration Equipment, Chillers, Refrigeration Condensing Units
2) By Commercial Fan And Air Purification Equipment: Commercial Fans (Axial, Centrifugal, And Others), Air Purification Systems (Air Filters, Air Cleaners, UV Air Purifiers)
3) By Heating Equipment (Except Warm Air Furnaces): Boilers, Heat Pumps, Radiators, Underfloor Heating Systems, Space Heaters (Electric, Gas, And Oil Heaters)

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What Is the Leading Region in the Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market?
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.

What Is Covered In The Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Global Market Report?

- Market Size Analysis: Analyze the Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

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