How Is The Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market Segmented?
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:
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 Units
2) 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)
What Is Driving The Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market? 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.
What Is Driving The Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market? 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.
Who Are The Major Players In The Global Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market?
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.
What Are The Key Trends Of The Global Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market? 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.
What Are The Key Trends Of The Global Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market? 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%.
Regional Outlook For The Global Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market
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
What Defines the Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market?
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.
How is Market Value Defined and Measured?
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.
What is the Market Assessment and Strategic Outlook for the Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Industry?
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.
