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HVAC And Commercial And Industrial Refrigeration Equipment Market Poised to Hit $547.03 Billion by 2029 with Accelerating Growth Trends
HVAC And Commercial And Industrial Refrigeration Equipment Market
HVAC And Commercial And Industrial Refrigeration Equipment Market Size Growth Forecast: What to Expect by 2025?
In recent times, the market size for HVAC and commercial and industrial refrigeration equipment has been experiencing steady growth. The predicted progression from $432.79 billion in 2024 to $450.34 billion in 2025 signifies a Compound Annual Growth Rate (CAGR) of 4.1%. The observed growth during the historic phase is linked to factors such as urbanization, a surge in construction activities, globalization and expansion of international trade, the necessity for air quality solutions, a boost in commercial real estate, and stringent health and safety regulations.
How Will the HVAC And Commercial And Industrial Refrigeration Equipment Market Size Evolve and Grow by 2029?
The market size for hvac and commercial and industrial refrigeration equipment is anticipated to witness consistent expansion in the coming years. It is projected to reach $547.03 billion by 2029, with a compound annual growth rate (CAGR) of 5.0%. The growth during the forecast period can be attributed to several factors such as the shift towards sustainable cooling, increased need for cold chain logistics, concerns over global climate change, energy efficiency, green building norms, and economic development in emerging markets. Key trends for the forecast period include intelligent and connected HVAC systems, advancements in refrigeration technologies, decentralized refrigeration systems, the adoption of heat pumps, and HVAC system retrofits and upgrades.
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What Drivers Are Propelling the Growth of HVAC And Commercial And Industrial Refrigeration Equipment Market Forward?
Projected worldwide growth in the construction field is anticipated to stimulate the expansion of the HVAC and commercial and industrial refrigeration equipment sectors in the forecasted timeline. The construction sector involves the industrial segment connected to the manufacturing and trade concerning infrastructure building, repair, renovation, and upkeep. The building of new commercial environments requires HVAC systems to sustain indoor environmental comfort. Simultaneously, the domestic construction sector promotes demand for efficient climate control systems preferred by homeowners and renters for their comfort and energy efficiency. For example, in August 2023, as per a report by the U.S. Census Bureau, a US-based Federal Statistical System, there was an expenditure of $1,938.4 billion in construction in June 2023, indicating an increment by 3.5% from the projected expenditure of $1,873.2 billion in June 2022. Hence, the broadening of the construction sector will be a contributing factor to the growth of the HVAC and the commercial and industrial refrigeration equipment industries in the future.
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Which Emerging Trends Are Transforming the HVAC And Commercial And Industrial Refrigeration Equipment Market in 2025?
Businesses in the HVAC and commercial and industrial refrigeration equipment sectors are proactively transitioning to eco-friendly refrigerants such as Solstice N71 (R-471A), aligning with international guidelines, and fostering sustainable methods in the marketplace. Solstice N71 (R-471A) serves as the first non-combustible, energy-conserving alternative in the supermarket sector, flaunting a low global warming potential (GWP) of less than 150. For instance, Honeywell International Inc., an American technology and manufacturing company, launched a novel low-GWP refrigerant, Solstice N71 (R-471A), exclusively designed for commercial and industrial refrigeration in January 2022. The product caters to the needs of supermarkets and retailers bracing for expected regulatory modifications. Within Honeywell's low-GWP suite of Solstice solutions, Solstice N71 emerges as the pioneering non-inflammable, energy-saving selection with a GWP of under 150.
What Are the Key Segments in the HVAC And Commercial And Industrial Refrigeration Equipment Market?
The hvac and commercial and industrial refrigeration equipmentmarket 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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Who Are the Key Players Shaping the HVAC And Commercial And Industrial Refrigeration Equipment Market's Competitive Landscape?
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
What Geographic Markets Are Powering Growth in the HVAC And Commercial And Industrial Refrigeration Equipment Market?
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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