Top Growth Trends in the HVAC And Commercial And Industrial Refrigeration Equipment Market: Insights into Market Size and Opportunities for 2025-2034
2025 Market Reports Update: Market Size Forecasts to 2034, Key Trends, Leading Players, and Top Regions – Get Ahead of the Competition Today!
What External and Internal Drivers Are Contributing to the Growth of theHVAC And Commercial And Industrial Refrigeration Equipment Market?
The growth of the global construction industry is projected to stimulate the expansion of the HVAC and commercial and industrial refrigeration equipment markets during the forecast period. The construction industry encompasses sectors involving building, repair, renovation, and maintenance of infrastructure. The erection of new commercial spaces calls for HVAC systems to preserve indoor ease, while the residential construction sector fuels the call for effective heating and cooling systems that are desired by homeowners and renters due to their comfort and energy efficiency. For instance, a report published by the U.S. Census Bureau, a US-based Federal Statistical System, in August 2023 stated that construction expenditure added up to $1,938.4 billion in June 2023, which is a 3.5% increase from the estimated expenditure of $1,873.2 billion in June 2022. Consequently, the expansion of the construction industry will propel the growth of HVAC and commercial and industrial refrigeration equipment markets in the future.
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How Has the HVAC And Commercial And Industrial Refrigeration Equipment Market Evolved in Recent Years, and What are the Growth Projections for the Forecast Period?
In recent times, the market size for HVAC and commercial and industrial refrigeration equipment has seen robust growth. This market is projected to expand from $432.53 billion in 2024 to $458.91 billion in 2025, at a compound annual growth rate (CAGR) of 6.1%. The notable growth during the historic period is linked to factors such as rapid urbanization and a construction boom, increased globalization and international trade, need for air quality solutions, a surge in commercial real estate, and evolving health and safety regulations.
Anticipated to experience robust growth in the coming years, the HVAC and commercial and industrial refrigeration equipment market is projected to reach $566.75 billion by 2029 with a compound annual growth rate (CAGR) of 5.4%. The predicted expansion in this period could be credited to several factors such as the shift towards eco-friendly cooling solutions, increased demand for cold chain logistics, profound concerns about global climate change, green building standards, energy efficiency, as well as advancing economies in emerging markets. The major trends expected during these years involve the implementation of smart and interconnected HVAC systems, state-of-the-art refrigeration technologies, decentralized refrigeration systems, the adoption of heat pumps, and upgrades and retrofits of HVAC systems.
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Which Upcoming Market Trends and Innovations Are Set to Influence theHVAC And Commercial And Industrial Refrigeration Equipment Market’s Path Forward?
Firms operating in the HVAC and commercial and industrial refrigeration equipment industries are proactively shifting towards green refrigerants like Solstice N71 (R-471A), aligning their operations with global regulations and endorsing eco-friendly practices within the market. Solstice N71 (R-471A), being the pioneering non-flammable and energy-conserving alternative in the supermarket industry, highlights a minimal global warming potential (GWP) of less than 150. For instance, in January 2022, Honeywell International Inc., a tech and manufacturing company based in the United States, launched Solstice N71 (R-471A), a novel low-GWP refrigerant tailored for commercial and industrial refrigeration, to meet the needs of supermarkets and retailers bracing for expected regulatory overhauls. Being part of Honeywell’s Solstice portfolio of low-GWP solutions, Solstice N71 solidifies its position as the first non-flammable and energy-saving choice in the industry with a GWP under 150.
Who Are the Dominant Market Players Pushing the Boundaries of theHVAC 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
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What Are the Core Segments of the HVAC And Commercial And Industrial Refrigeration Equipment Market, and How Do They Contribute to Growth?
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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What Regions Are Dominating the HVAC And Commercial And Industrial Refrigeration Equipment Market Growth?
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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