Air conditioning systems on roof top
The HVAC And Commercial And Industrial Refrigeration Equipment Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s HVAC And Commercial And Industrial Refrigeration Equipment Global Market Report 2024, The hvac and commercial and industrial refrigeration equipment market size has grown strongly in recent years. It will grow from $423.36 billion in 2023 to $448.62 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth in the historic period can be attributed to urbanization and construction boom, globalization and international trade, demand for air quality solutions, rise in commercial real estate, health and safety regulations.
The hvac and commercial and industrial refrigeration equipment market size is expected to see strong growth in the next few years. It will grow to $554.06 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to transition to sustainable cooling, rising demand for cold chain logistics, global climate change concerns, energy efficiency and green building standards, economic growth in emerging markets. Major trends in the forecast period include smart and connected hvac systems, advanced refrigeration technologies, decentralized refrigeration systems, adoption of heat pumps, hvac retrofits and upgrades.
The expansion of the construction industry globally is expected to propel the growth of the HVAC and commercial and industrial 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% increase from the estimated expenditure of $1,873.2 billion in June 2022. Therefore, expanding the construction industry will drive the growth of the HVAC and commercial and industrial refrigeration equipment markets going forward.
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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 Covered: Air-Conditioning Equipment, Warm Air Heating Equipment, Commercial Refrigeration Equipment, Industrial Refrigeration Equipment
Companies in the HVAC and commercial and industrial refrigeration equipment markets are actively working towards transitioning to sustainable refrigerants such as Solstice N71 (R-471A), ensuring compliance with international regulations, and promoting sustainable practices in the market. Solstice N71 (R-471A) represents the supermarket industry’s inaugural non-flammable and energy-efficient solution, boasting a low global warming potential (GWP) of less than 150. For instance, in January 2022, Honeywell International Inc., a US-based technology and manufacturing company, introduced a new low-global-warming-potential refrigerant, Solstice N71 (R-471A), specifically designed for commercial and industrial refrigeration, catering to the requirements of supermarkets and retailers preparing for anticipated regulatory changes. As part of Honeywell’s Solstice line of low-GWP (global warming potential) solutions, Solstice N71 stands out as the industry’s first non-flammable and energy-efficient option, with a GWP below 150.
The hvac and commercial and industrial refrigeration equipment market report table of contents includes:
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