Heating & Air-Conditioning Equipment Manufacturing in Canada - Industry Market Research Report

Ice cold: Slower housing market growth in the United States will likely temper industry export growth

The Heating and Air-Conditioning Equipment Manufacturing industry in Canada manufactures heating equipment, commercial refrigeration equipment, air conditioners, commercial and industrial fans, blowers, air purification equipment and electric and nonelectric heating and refrigeration equipment. Collectively, these goods are known as heating, ventilation, air-conditioning and refrigeration (HVACR) equipment. At the start of the five years 2023, downstream growth from the Canadian residential market, rising exports and new energy-efficient standards benefited industry operators. Following initial disruptions due to the COVID-19 (coronavirus) pandemic, exceptional growth in residential construction and remodeling markets drove further industry expansion and profit growth. Economic headwinds have since contributed to a fall in downstream demand. Industry revenue has been increasing at a CAGR of 1.5% over the past five years, reaching an estimated $5.6 billion in 2023, though revenue is projected to fall 6.7% in 2023 as economic conditions weaken.

The Heating and Air-Conditioning Equipment Manufacturing industry in Canada manufactures heating equipment, commercial refrigeration equipment, air conditioners, commercial and industrial fans, blowers, air purification equipment and electric and nonelectric heating and refrigeration equipment. Marine and motor vehicle systems are excluded, as are industrial process furnaces and small household appliances.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.