Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market Definition And Segments
The ventilation, heating, air-conditioning, and commercial refrigeration equipment refers to equipment used for ventilating, heating, and cooling of commercial buildings. This equipment includes both a central heating unit and a central cooling system. This equipment is used to operate complex environmental systems efficiently.
The main types of ventilation, heating, air-conditioning, and commercial refrigeration equipment are HVAC and commercial and industrial refrigeration equipment, commercial fan, and air purification equipment, and heating equipment (except warm air furnaces). The commercial fan and air purification equipment refer to the equipment that is used for the purification of air. The various capacities include small, medium, and large. The various end-users are residential, commercial, and industrial.
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 Covered: HVAC Equipment, Commercial And Industrial Refrigeration Equipment, Polystyrene Foam Products, Urethane And Other Foam Product, Air Purification Equipment, Attic And Exhaust fans, Other Commercial Fan And Air Purification Equipment, Heating Boilers, Heating Stoves, Floor And Wall Furnaces, Other Heating Equipment (except Warm Air Furnaces)
The ventilation, heating, air-conditioning, and commercial refrigeration equipment market size has grown strongly in recent years. It will grow from $551.18 billion in 2023 to $587.36 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to energy efficiency regulations, urbanization, replacement cycles, global climate change.
The ventilation, heating, air-conditioning, and commercial refrigeration equipment market size is expected to see strong growth in the next few years. It will grow to $741.84 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to renewable energy integration, indoor air quality concerns, smart building integration, rising global temperatures, sustainable refrigerants. Major trends in the forecast period include green building certification, remote monitoring and control, heat pumps for heating and cooling, electrification, customization and personalization.
The Role Of Stable Economic Conditions In The Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Manufacturing Market
The ventilation, heating, air-conditioning, and commercial refrigeration equipment manufacturing market growth is aided by stable economic growth forecasted in many developed and developing countries. For instance, according to the International Monetary Fund (IMF), a US-based financial agency, China’s gross domestic product (GDP) grew from $17.75 trillion in 2021 to $18.1 trillion in 2022. In addition, the emerging markets and developing economies registered a growth of 3.9% in 2020, which increased to 6.1% in 2022. Recovering commodity prices, after a significant decline in the historic period is further expected to aid the market growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. Stable economic growth is expected to increase investments in the end-user markets, thereby driving the market during the forecast period.
Global Construction Industry Expansion Fueling Growth In Hvac And Commercial Refrigeration Equipment Market
The expansion of the construction industry globally is expected to propel the growth of the ventilation, heating, air-conditioning, and commercial refrigeration equipment markets in the forecast period. The construction industry refers to the industrial branch of manufacturing and trade related to building, repairing, renovating, and maintaining infrastructure. The construction of new commercial spaces necessitates HVAC systems to maintain indoor comfort, while the residential construction sector drives demand for efficient heating and cooling systems favored by homebuyers and renters for comfort and energy efficiency. For instance, in August 2023, according to a report published by the U.S. Census Bureau, a US-based Federal Statistical System, construction expenditure accounted for $1,938.4 billion in June 2023, indicating a 3.5% percent increase from the estimated expenditure of $1,873.2 billion in June 2022. Therefore, expanding the construction industry will drive the growth of the ventilation, heating, air-conditioning, and commercial refrigeration equipment markets going forward.
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.
The Impact Of The COVID-19 Pandemic On The Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Manufacturing Market And Its Prospects For Recovery
The outbreak of COVID-19 disease (COVID-19) has acted as a massive restraint on the ventilation, heating, air-conditioning, and commercial refrigeration equipment manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and manufacturing activity declined due to lockdowns imposed by governments globally. COVID-19 is an infectious disease with flu-such as symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China, and spread globally including Western Europe, North America, and Asia. Machinery manufacturers depend heavily on the supply of raw materials, parts, and components from different countries across the globe. As many governments restricted the movement of goods across countries, manufacturers had to halt production due to a lack of raw materials and components. The outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the ventilation, heating, air-conditioning, and commercial refrigeration equipment manufacturing market will recover from the shock across the forecast period as it is a 'black swan event and not related to ongoing or fundamental weaknesses in the market or the global economy.
The Rising Popularity Of Geothermal Heating And Cooling Technology In Energy-Efficient Hvac Systems
Growth in the construction industry is expected to propel the growth of the ventilation, heating, air-conditioning, and commercial refrigeration equipment market going forward. The implementation of new infrastructure development projects has been expected to further increase the demand for energy-efficient HVAC solutions. The demand for HVAC systems has been increasing in both residential and industrial sectors. For instance, according to the Ministry of Statistics and Programme Implementation, an India-based Government ministry, The construction sector is expected to increase by 10.7% in 2022 in a rebound from a decrease of 8.6% last year.
Wind-Free Technology Revolutionizes Air Conditioning For Enhanced Comfort And Energy Efficiency
Major manufacturers operating in the market focus on incorporating wind-free technology into air conditioners to strengthen and enhance their product offerings. Wind-Free technology is an innovative feature in air conditioning systems that aims to provide a more comfortable cooling experience while minimizing direct airflow and enabling market players to provide consumers with a quieter, more comfortable, and more energy-efficient cooling experience. For instance, in February 2023, Samsung Electronics Co. Ltd., a South Korea-based electronics manufacturer specializing in consumer electronics, telecommunications, and home appliances, launched its latest generation of Wind-Free air conditioners in the Indian market. The new lineup includes Wi-Fi-enabled models featuring advanced functionalities such as AI auto-cooling, welcome cooling, motion detection sensors, and voice control. Notably, the wind-free technology incorporated in the air conditioners can deliver energy savings of up to 77%. In comparison, the convertible 5-in-1 ACs equipped with digital inverter technology can help achieve energy savings of up to 41%.
The 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.
The countries covered in the ventilation, heating, air-conditioning, and commercial refrigeration equipment market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa
The ventilation, heating, air-conditioning, and commercial refrigeration equipment market consists of sales of ventilation, heating, air-conditioning, and commercial refrigeration equipment, including heating equipment (except warm air furnaces), air-conditioning, and warm air heating equipment. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The ventilation, heating, air-conditioning, and commercial refrigeration equipment market research report is one of a series of new reports from The Business Research Company that provides ventilation, heating, air-conditioning, and commercial refrigeration equipment market statistics, including ventilation, heating, air-conditioning, and commercial refrigeration equipment industry global market size, regional shares, competitors with ventilation, heating, air-conditioning, and commercial refrigeration equipment market share, detailed ventilation, heating, air-conditioning, and commercial refrigeration equipment market segments, market trends and opportunities, and any further data you may need to thrive in the ventilation, heating, air-conditioning, and commercial refrigeration equipment industry. This ventilation, heating, air-conditioning, and commercial refrigeration equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.