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2025 HVAC And Commercial And Industrial Refrigeration Equipment Industry Trends Report: Long-Term Outlook Through 2034
HVAC And Commercial And Industrial Refrigeration Equipment
What Is the Expected CAGR for the HVAC And Commercial And Industrial Refrigeration Equipment Market Through 2025?
In the past few years, there has been a significant expansion in the market size of HVAC and commercial and industrial refrigeration equipment. It is projected to increase from $432.53 billion in 2024 to $458.91 billion in 2025, indicating a compound annual growth rate (CAGR) of 6.1%. Factors contributing to this growth in the historical period include urbanization and construction boom, globalization and international trade, the need for air quality solutions, the uptick in commercial real estate, and health and safety regulations.
What's the Projected Size of the Global HVAC And Commercial And Industrial Refrigeration Equipment Market by 2029?
The market for HVAC and commercial and industrial refrigeration equipment is anticipated to witness robust expansion in the coming years, growing to $566.75 billion by 2029 at a CAGR of 5.4%. This growth over the projected period can be credited to factors like the shift toward sustainable cooling, increased need for cold chain logistics, worries about global climate change, energy efficiency, and green building norms, along with economic prosperity in developing markets. Throughout the forecasted period, significant trends to watch include smart and interconnected HVAC systems, cutting-edge refrigeration technologies, diversified refrigeration systems, implementation of heat pumps, and HVAC system renovations and enhancements.
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Top Growth Drivers in the HVAC And Commercial And Industrial Refrigeration Equipment Industry: What's Accelerating the Market?
The worldwide growth of the construction industry is predicted to boost the HVAC and commercial and industrial refrigeration equipment markets in the future. The construction sector involves the manufacturing and trading activities related to the building, repair, renovation, and upkeep of infrastructure. The building of new commercial spaces requires HVAC systems to ensure indoor comfort, and the residential construction industry stimulates demand for efficient heating and cooling systems that are preferred by homeowners and tenants for their comfort and energy-saving features. For example, in August 2023, the U.S. Census Bureau - a U.S.-based Federal Statistical System - published a report indicating that the expenditure on construction totaled $1,938.4 billion in June 2023, showing an increase of 3.5% from the estimated expenditure of $1,873.2 billion in June 2022. As such, the burgeoning construction industry is projected to fuel the growth of the HVAC and commercial and industrial refrigeration equipment markets in the future.
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What Trends Will Shape the HVAC And Commercial And Industrial Refrigeration Equipment Market Through 2029 and Beyond?
Firms operating in the commercial and industrial refrigeration equipment and HVAC markets have commenced the shift towards eco-friendly refrigerants such as Solstice N71 (R-471A), in an effort to comply with international regulations and foster sustainability in the sector. Solstice N71 (R-471A) offers the first ever non-combustible and power-efficient solution for the supermarket sector, with a low global warming potential (GWP) of less than 150. To illustrate, in January 2022, Honeywell International Inc., a manufacturing and technology corporation based in the US, launched a novel low-global-warming-potential refrigerant, Solstice N71 (R-471A), specifically created for commercial and industrial refrigeration to meet the needs of retailers and supermarkets in anticipation of regulatory adjustments. Solstice N71 shines as the first non-flammable and power-efficient solution in the Solstice range of low-GWP solutions by Honeywell, having a GWP under 150.
What Are the Main Segments in the HVAC And Commercial And Industrial Refrigeration Equipment Market?
The HVAC and commercial and industrial refrigeration equipment market covered in this report is segmented -
1) By Type: HVAC Equipment, Commercial And Industrial Refrigeration Equipment
2) By Capacity: Small, Medium, Large
3) By Application: Food Processing, Beverage Production, Chemicals and Pharmaceuticals, Petrochemicals, Energy, Logistics
Subsegments:
1) By HVAC Equipment: Heating Equipment, Furnaces, Heat Pumps, Boilers, Ventilation Equipment, Air Handling Units (AHUs), Exhaust Fans, Air Filtration Systems, Ductless Mini-Split Systems, Chillers
2) By Commercial And Industrial Refrigeration Equipment: Commercial Refrigerators And Freezers, Reach-In Refrigerators, Walk-In Coolers And Freezers, Industrial Refrigeration Systems, Refrigeration Compressors, Ammonia Refrigeration Systems, Display Refrigeration Units, Merchandising Refrigerators, Ice Cream Freezers
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Which Top Companies are Driving Growth in the HVAC And Commercial And Industrial Refrigeration Equipment Market?
Major companies operating in the HVAC and commercial and industrial refrigeration equipment market include Midea Group, Hitachi Ltd., Panasonic Corporation, Haier Group, Specialty Refrigeration and Equipment, 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, Blue Air, Frigoglass SAIC, Cold Shot Chillers, RTF Manufacturing
Which Regions Will Dominate the HVAC And Commercial And Industrial Refrigeration Equipment Market Through 2029?
Asia-Pacific was the largest region in HVAC and commercial and industrial refrigeration equipment market in 2024. 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.
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