This Ventilation, Heating, Air-Conditioning, and Commercial Refrigeration Equipment market report provides a comprehensive analysis of the market’s characteristics, size, and growth, including segmentation, regional and country-level breakdowns, competitive landscape, market shares, trends, and strategies. It also tracks historical and forecasted market growth across various geographies.
The ventilation, heating, air-conditioning, and commercial refrigeration equipment market size has grown strongly in recent years. It will grow from $568.24 billion in 2024 to $605.8 billion in 2025 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 $762.04 billion in 2029 at a compound annual growth rate (CAGR) of 5.9%. 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 growth of the ventilation, heating, air-conditioning, and commercial refrigeration equipment manufacturing market is bolstered by the projected stable economic growth in various developed and developing countries. For instance, China's gross domestic product (GDP) increased from $17.75 trillion in 2021 to $18.1 trillion in 2022, according to the International Monetary Fund (IMF). Moreover, emerging markets and developing economies demonstrated a growth rate of 3.9% in 2020, which escalated to 6.1% in 2022. This growth, along with recovering commodity prices, is expected to facilitate market expansion. Developed economies are also poised for stable growth during the forecast period, with emerging markets continuing to outpace developed ones. This sustained economic growth is likely to drive investments in end-user markets, contributing to market growth in the forecast period.
The global construction industry's expansion is set to drive growth in the ventilation, heating, air-conditioning, and commercial refrigeration equipment markets. The construction industry encompasses the building, repair, renovation, and maintenance of infrastructure. The construction of new commercial spaces necessitates HVAC systems to maintain indoor comfort, while the residential construction sector fuels demand for efficient heating and cooling systems, sought after for their comfort and energy efficiency. For instance, the U.S. Census Bureau reported construction expenditure of $1.93 trillion in June 2023, representing a 3.5% increase from the estimated $1.87 trillion in June 2022. Consequently, the burgeoning construction industry is expected to propel the growth of the ventilation, heating, air-conditioning, and commercial refrigeration equipment markets in the future.
The growth in the construction industry is expected to fuel the growth of the ventilation, heating, air-conditioning, and commercial refrigeration equipment market in the coming years. The development of new infrastructure projects is poised to boost the demand for energy-efficient HVAC solutions, reflecting the increasing adoption of HVAC systems in both residential and industrial sectors. For example, as per the Ministry of Statistics and Programme Implementation, the construction sector is anticipated to grow by 10.7% in 2022, rebounding from a 8.6% decline observed in the previous year.
Major manufacturers in the market are focusing on integrating wind-free technology into air conditioning units to enhance their product offerings. Wind-Free technology represents an innovative feature in air conditioning systems, aiming to provide a more comfortable cooling experience by reducing direct airflow. This enables market players to offer quieter, more comfortable, and energy-efficient cooling. Samsung Electronics Co. Ltd. introduced its latest generation of Wind-Free air conditioners in the Indian market in February 2023. These models include Wi-Fi-enabled features, such as AI auto-cooling, welcome cooling, motion detection sensors, and voice control. Notably, the wind-free technology incorporated in these air conditioners can result in energy savings of up to 77%, while the convertible 5-in-1 ACs equipped with digital inverter technology offer energy savings of up to 41%.
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.
Ventilation, heating, air-conditioning, and commercial refrigeration equipment encompass the apparatus employed for the ventilation, heating, and cooling of commercial structures. This category comprises both central heating units and central cooling systems, serving the purpose of efficiently managing intricate environmental control systems.
The primary categories of ventilation, heating, air-conditioning, and commercial refrigeration equipment consist of HVAC systems, commercial and industrial refrigeration equipment, commercial fans, air purification equipment, and heating equipment (excluding warm air furnaces). Commercial fan and air purification equipment are designed for the purification of air, and they come in various capacities, including small, medium, and large. The equipment caters to a range of end-users, including residential, commercial, and industrial settings.
The ventilation, heating, air-conditioning, and commercial refrigeration equipment market research report is one of a series of new reports 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.
The 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. 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.
This product will be delivered within 3-5 business days.
The ventilation, heating, air-conditioning, and commercial refrigeration equipment market size has grown strongly in recent years. It will grow from $568.24 billion in 2024 to $605.8 billion in 2025 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 $762.04 billion in 2029 at a compound annual growth rate (CAGR) of 5.9%. 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 growth of the ventilation, heating, air-conditioning, and commercial refrigeration equipment manufacturing market is bolstered by the projected stable economic growth in various developed and developing countries. For instance, China's gross domestic product (GDP) increased from $17.75 trillion in 2021 to $18.1 trillion in 2022, according to the International Monetary Fund (IMF). Moreover, emerging markets and developing economies demonstrated a growth rate of 3.9% in 2020, which escalated to 6.1% in 2022. This growth, along with recovering commodity prices, is expected to facilitate market expansion. Developed economies are also poised for stable growth during the forecast period, with emerging markets continuing to outpace developed ones. This sustained economic growth is likely to drive investments in end-user markets, contributing to market growth in the forecast period.
The global construction industry's expansion is set to drive growth in the ventilation, heating, air-conditioning, and commercial refrigeration equipment markets. The construction industry encompasses the building, repair, renovation, and maintenance of infrastructure. The construction of new commercial spaces necessitates HVAC systems to maintain indoor comfort, while the residential construction sector fuels demand for efficient heating and cooling systems, sought after for their comfort and energy efficiency. For instance, the U.S. Census Bureau reported construction expenditure of $1.93 trillion in June 2023, representing a 3.5% increase from the estimated $1.87 trillion in June 2022. Consequently, the burgeoning construction industry is expected to propel the growth of the ventilation, heating, air-conditioning, and commercial refrigeration equipment markets in the future.
The growth in the construction industry is expected to fuel the growth of the ventilation, heating, air-conditioning, and commercial refrigeration equipment market in the coming years. The development of new infrastructure projects is poised to boost the demand for energy-efficient HVAC solutions, reflecting the increasing adoption of HVAC systems in both residential and industrial sectors. For example, as per the Ministry of Statistics and Programme Implementation, the construction sector is anticipated to grow by 10.7% in 2022, rebounding from a 8.6% decline observed in the previous year.
Major manufacturers in the market are focusing on integrating wind-free technology into air conditioning units to enhance their product offerings. Wind-Free technology represents an innovative feature in air conditioning systems, aiming to provide a more comfortable cooling experience by reducing direct airflow. This enables market players to offer quieter, more comfortable, and energy-efficient cooling. Samsung Electronics Co. Ltd. introduced its latest generation of Wind-Free air conditioners in the Indian market in February 2023. These models include Wi-Fi-enabled features, such as AI auto-cooling, welcome cooling, motion detection sensors, and voice control. Notably, the wind-free technology incorporated in these air conditioners can result in energy savings of up to 77%, while the convertible 5-in-1 ACs equipped with digital inverter technology offer energy savings of up to 41%.
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.
Ventilation, heating, air-conditioning, and commercial refrigeration equipment encompass the apparatus employed for the ventilation, heating, and cooling of commercial structures. This category comprises both central heating units and central cooling systems, serving the purpose of efficiently managing intricate environmental control systems.
The primary categories of ventilation, heating, air-conditioning, and commercial refrigeration equipment consist of HVAC systems, commercial and industrial refrigeration equipment, commercial fans, air purification equipment, and heating equipment (excluding warm air furnaces). Commercial fan and air purification equipment are designed for the purification of air, and they come in various capacities, including small, medium, and large. The equipment caters to a range of end-users, including residential, commercial, and industrial settings.
The ventilation, heating, air-conditioning, and commercial refrigeration equipment market research report is one of a series of new reports 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.
The 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. 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.
This product will be delivered within 3-5 business days.
Executive Summary
Ventilation, Heating, Air-Conditioning, and Commercial Refrigeration Equipment Global Market Report 2025 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on ventilation, heating, air-conditioning, and commercial refrigeration equipment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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Description
Where is the largest and fastest growing market for ventilation, heating, air-conditioning, and commercial refrigeration equipment ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The ventilation, heating, air-conditioning, and commercial refrigeration equipment market global report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include: the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
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 Units2) 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)
Key Companies Mentioned: Johnson Controls International plc; Gree Electric Appliances Inc.; Midea Group co ltd; Hitachi Ltd.; Ingersoll-Rand Plc
Countries: 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
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery Format: PDF, Word and Excel Data Dashboard.
Companies Mentioned
The major companies featured in this Ventilation, Heating, Air-Conditioning, and Commercial Refrigeration Equipment market report 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
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 400 |
| Published | April 2025 |
| Forecast Period | 2025 - 2029 |
| Estimated Market Value ( USD | $ 605.8 Billion |
| Forecasted Market Value ( USD | $ 762.04 Billion |
| Compound Annual Growth Rate | 5.9% |
| Regions Covered | Global |
| No. of Companies Mentioned | 30 |
