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Soaring Demand Set to Propel Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market to $742.1 Billion by 2029
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.What Is the Expected CAGR for the Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market Through 2025?
The market size for ventilation, heating, air-conditioning, and commercial refrigeration equipment has been on a consistent growth trajectory in the past few years. Predicted to increase from $570.08 billion in 2024 to $597.12 billion in 2025, it will witness a compound annual growth rate (CAGR) of 4.7%. Factors such as energy efficiency regulations, rapid urbanization, product replacement cycles, and global climate change have significantly fueled the growth during the historical period.
What's the Projected Size of the Global Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market by 2029?
Expectations are high for robust growth in the market size for ventilation, heating, air-conditioning, and commercial refrigeration equipment in the coming years. The market is projected to reach $742.1 billion by 2029, with a compound annual growth rate (CAGR) of 5.6%. Factors contributing to this growth during the forecast period include the integration of renewable energy, concerns over indoor air quality, the inclusion of smart buildings, rising global temperatures, and the use of sustainable refrigerants. Notable trends to watch for during the forecast period are green building certifications, remote monitoring and control functionalities, the use of heat pumps for heating and cooling, electrification, and an increased focus on customization and personalization.
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Top Growth Drivers in the Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Industry: What's Accelerating the Market?
Economic stability projected in numerous developed and developing nations is propelling the growth of the ventilation, heating, air-conditioning, and commercial refrigeration equipment manufacturing market. For instance, China's gross domestic product (GDP) increased from $17.75 trillion in 2021 to $18.1 trillion in 2022, according to the US-based International Monetary Fund (IMF). Additionally, the IMF data shows that economies of emerging markets and developing nations recorded a growth of 3.9% in 2020, which rose to 6.1% in 2022. The market growth is anticipated to be bolstered further by recovering commodity prices following a substantial dip in the historic period. It's predicted that the advanced economies will also record stable growth throughout the forecast period. Furthermore, the growth rate in the emerging markets is expected to remain slightly higher than in the developed markets over the forecast period. As such, the stable economic growth is likely to boost investments in end-user markets, hence propelling the market growth during the forecast period.
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What Trends Will Shape the Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market Through 2029 and Beyond?
The expansion of the construction sector is anticipated to drive the growth of the ventilation, heating, air-conditioning, and commercial refrigeration equipment market. The execution of new infrastructure development projects is likely to stimulate a higher demand for energy-efficient HVAC systems. There has been an escalating demand for HVAC systems in both housing and industrial sectors. For example, the Ministry of Statistics and Programme Implementation, a government ministry in India, predicts a 10.7% growth in the construction sector in 2022, recovering from an 8.6% decline the previous year.
What Are the Main Segments in the Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market?
The ventilation, heating, air-conditioning, and commercial refrigeration equipmentmarket 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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Which Top Companies are Driving Growth in the Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market?
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 Regions Will Dominate the Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market Through 2029?
Asia-Pacific was the largest region in the ventilation, heating, air-conditioning, and commercial refrigeration equipment market in 2024. 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.
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