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HVAC And Commercial And Industrial Refrigeration Equipment Global Market Report 2025
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HVAC and commercial/industrial refrigeration equipment encompass machinery utilized within the refrigeration sector, managing heat transfer for products or building environments.

These types consist of HVAC equipment and commercial/industrial refrigeration equipment, specifically designed for the commercial and industrial refrigeration sectors. They come in varying capacities such as small, medium, and large, and find applications in sectors such as food processing, beverage production, chemicals/pharmaceuticals, petrochemicals, and energy industries.

Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report's Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.

The rapid escalation of U.S. tariffs and rising trade tensions in spring 2025 are having a substantial impact on the machinery sector, driving up the costs of essential components such as steel, hydraulic systems, and precision bearings many of which are sourced from regions affected by the tariffs. Manufacturers of construction, agricultural, and industrial machinery are now facing tighter profit margins, as existing long-term contracts limit their ability to raise prices immediately. This climate of uncertainty has also led to postponed investments in automation and smart machinery, slowing potential productivity improvements. In response, companies are focusing on developing local suppliers, redesigning products to incorporate alternative materials, and adopting predictive maintenance strategies to extend equipment life and reduce the need for costly replacements.

The HVAC and commercial and industrial refrigeration equipment market research report is one of a series of new reports from The Business Research Company that provides HVAC and commercial and industrial refrigeration equipment market statistics, including HVAC and commercial and industrial refrigeration equipment industry global market size, regional shares, competitors with an HVAC and commercial and industrial refrigeration equipment market share, detailed HVAC and commercial and industrial refrigeration equipment market segments, market trends and opportunities, and any further data you may need to thrive in the HVAC and commercial and industrial refrigeration equipment industry. This HVAC and commercial and industrial 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 hvac and commercial and industrial refrigeration equipment market size has grown steadily in recent years. It will grow from $432.79 billion in 2024 to $450.34 billion in 2025 at a compound annual growth rate (CAGR) of 4.1%. 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 steady growth in the next few years. It will grow to $547.03 billion in 2029 at a compound annual growth rate (CAGR) of 5.0%. 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, and decentralized refrigeration systems, adoption of heat pumps, hvac retrofits and upgrades.

The forecast of 5.0% growth over the next five years reflects a modest reduction of 0.4% from the previous estimate for this market. This reduction is primarily due to the impact of tariffs between the US and other countries. This is likely to directly affect the US through supply shortages of scroll compressors and condenser coils, sourced from Mexico and Thailand, increasing lead times for large-scale cooling systems. The effect will also be felt more widely due to reciprocal tariffs and the negative effect on the global economy and trade due to increased trade tensions and restrictions.

The global expansion of the construction industry is anticipated to drive the growth of the HVAC and commercial and industrial refrigeration equipment markets during the forecast period. The construction industry encompasses the industrial sector involved in building, repairing, renovating, and maintaining infrastructure. The development of new commercial spaces requires HVAC systems to ensure indoor comfort, while the residential construction sector boosts the demand for efficient heating and cooling systems, which are preferred by homebuyers and renters for comfort and energy efficiency. For instance, in August 2023, a report from the U.S. Census Bureau, a US-based Federal Statistical System, indicated that construction expenditure reached $1,938.4 billion in June 2023, reflecting a 3.5% increase from the estimated $1,873.2 billion in June 2022. Thus, the growing construction industry is set to propel the HVAC and commercial and industrial refrigeration equipment markets moving forward.

The growth of the HVAC and commercial and industrial refrigeration equipment market is supported by stable economic growth projected in various developed and developing countries throughout the forecast period. Economic growth refers to the increase in goods and services production within an economy over a specified time, typically assessed as the percentage change in real Gross Domestic Product (GDP). Such growth often results in higher disposable incomes for consumers, which can lead to increased spending on comfort systems for homes and offices, including advanced HVAC solutions and energy-efficient refrigeration units. For example, in Germany, the year-on-year GDP growth improved from -0.3% in 2023 to 0.1% in 2024 and is expected to reach 1.0% in 2025. Therefore, robust economic growth is fueling the HVAC and commercial and industrial refrigeration equipment market.

Companies operating in the HVAC and commercial and industrial refrigeration equipment markets are proactively embracing sustainability by transitioning to eco-friendly refrigerants such as Solstice N71 (R-471A), ensuring adherence to international regulations, and promoting environmentally conscious practices within the industry. Solstice N71 (R-471A) represents a significant advancement for the supermarket industry, being the inaugural non-flammable and energy-efficient solution with a low global warming potential (GWP) of less than 150. An illustrative example is Honeywell International Inc., a US-based technology and manufacturing company, which introduced Solstice N71 (R-471A) in January 2022. This new refrigerant, part of Honeywell's Solstice line of low-GWP solutions, caters to the needs of the commercial and industrial refrigeration sector, particularly supermarkets and retailers preparing for impending regulatory changes. Solstice N71 stands out as the industry's first non-flammable and energy-efficient option, aligning with sustainability goals and global environmental considerations.

Geothermal heating and cooling technology is gaining popularity due to the increasing demand for energy-efficient HVAC systems. This technology extracts heat from a building and transfers it underground, while utilizing cool water from the ground to provide air conditioning within the facility. It comprises an indoor handling unit and a network of underground pipes, which require minimal maintenance and typically have a longer lifespan than traditional HVAC systems. According to the U.S. Department of Energy, a government agency, approximately 50,000 geothermal heating and cooling systems are installed in U.S. homes each year.

In July 2024, Bosch, a Germany-based company specializing in vehicle technology and hardware and software solutions, acquired a residential and light commercial HVAC business from Johnson Controls and Hitachi for an undisclosed sum. This acquisition allows Bosch to broaden its HVAC portfolio by incorporating advanced technologies and innovations from Johnson Controls and Hitachi, thereby enhancing its offerings in residential and light commercial heating, ventilation, and air conditioning systems. Johnson Controls-Hitachi Air Conditioning is a Japan-based company that provides HVAC and commercial and industrial refrigeration solutions.

Major companies operating in the HVAC and commercial and industrial refrigeration equipment market include Midea Group, Hitachi Ltd., Panasonic Corporation, Haier Group, Specialty Refrigeration and Equipment, Daikin Global, Gree Electric Appliances Inc., Johnson Controls International plc, Carrier Corporation, Illinois Tool Works Inc., Snow River Chillers, Fukushima Galilei Co. Ltd, Lotte Engineering & Machinery Mfg. Co., Dover Corporation, Ingersoll-Rand Plc, GEA Group AG, Hoshizaki Corporation, Blue Star Limited, Standex International Corporation, Arneg S.p.A, Paul Mueller Company, Bitzer, Baltimore Aircoil Company, Structural Concepts Corporation, Zhongshan Aochi Refrigeration Equipment Co. Ltd, Mokon Chillers, Blue Air, Frigoglass SAIC, Cold Shot Chillers, RTF Manufacturing

Asia-Pacific was the largest region in The HVAC and commercial and industrial refrigeration equipment market in 2024. North America was the second largest region in the HVAC and commercial and industrial refrigeration equipment. The regions covered in the hvac and commercial and industrial refrigeration equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the hvac and commercial and industrial 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 HVAC and commercial and industrial refrigeration equipment market consists of sales of split systems, hybrid systems, duct-free systems, and packaged heating and air systems. 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.

HVAC And Commercial And Industrial Refrigeration Equipment Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on hvac and commercial and industrial 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.

Reasons to Purchase

Where is the largest and fastest growing market for hvac and commercial and industrial refrigeration equipment ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward, including technological disruption, regulatory shifts, and changing consumer preferences? The hvac and commercial and industrial refrigeration equipment market global report from the Business Research Company 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 forecasts are made after considering the major factors currently impacting the market. These include the technological advancements such as AI and automation, Russia-Ukraine war, trade tariffs (government-imposed import/export duties), elevated inflation and interest rates.

Scope

Table of Contents

1. Executive Summary

2. HVAC And Commercial And Industrial Refrigeration Equipment Market Characteristics

3. HVAC And Commercial And Industrial Refrigeration Equipment Market Trends And Strategies

4. HVAC And Commercial And Industrial Refrigeration Equipment Market - Macro Economic Scenario Including The Impact Of Interest Rates, Inflation, Geopolitics, Trade Wars and Tariffs, And Covid And Recovery On The Market

5. Global HVAC And Commercial And Industrial Refrigeration Equipment Growth Analysis And Strategic Analysis Framework

6. HVAC And Commercial And Industrial Refrigeration Equipment Market Segmentation

7. HVAC And Commercial And Industrial Refrigeration Equipment Market Regional And Country Analysis

8. Asia-Pacific HVAC And Commercial And Industrial Refrigeration Equipment Market

9. China HVAC And Commercial And Industrial Refrigeration Equipment Market

10. India HVAC And Commercial And Industrial Refrigeration Equipment Market

11. Japan HVAC And Commercial And Industrial Refrigeration Equipment Market

12. Australia HVAC And Commercial And Industrial Refrigeration Equipment Market

13. Indonesia HVAC And Commercial And Industrial Refrigeration Equipment Market

14. South Korea HVAC And Commercial And Industrial Refrigeration Equipment Market

15. Bangladesh HVAC And Commercial And Industrial Refrigeration Equipment Market

16. Thailand HVAC And Commercial And Industrial Refrigeration Equipment Market

17. Vietnam HVAC And Commercial And Industrial Refrigeration Equipment Market

18. Malaysia HVAC And Commercial And Industrial Refrigeration Equipment Market

19. Singapore HVAC And Commercial And Industrial Refrigeration Equipment Market

20. Philippines HVAC And Commercial And Industrial Refrigeration Equipment Market

21. Hong Kong HVAC And Commercial And Industrial Refrigeration Equipment Market

22. New Zealand HVAC And Commercial And Industrial Refrigeration Equipment Market

23. Western Europe HVAC And Commercial And Industrial Refrigeration Equipment Market

24. UK HVAC And Commercial And Industrial Refrigeration Equipment Market

25. Germany HVAC And Commercial And Industrial Refrigeration Equipment Market

26. France HVAC And Commercial And Industrial Refrigeration Equipment Market

27. Italy HVAC And Commercial And Industrial Refrigeration Equipment Market

28. Spain HVAC And Commercial And Industrial Refrigeration Equipment Market

29. Spain HVAC And Commercial And Industrial Refrigeration Equipment Market

30. Austria HVAC And Commercial And Industrial Refrigeration Equipment Market

31. Belgium HVAC And Commercial And Industrial Refrigeration Equipment Market

32. Denmark HVAC And Commercial And Industrial Refrigeration Equipment Market

33. Finland HVAC And Commercial And Industrial Refrigeration Equipment Market

34. Ireland HVAC And Commercial And Industrial Refrigeration Equipment Market

35. Netherlands HVAC And Commercial And Industrial Refrigeration Equipment Market

36. Norway HVAC And Commercial And Industrial Refrigeration Equipment Market

37. Portugal HVAC And Commercial And Industrial Refrigeration Equipment Market

38. Sweden HVAC And Commercial And Industrial Refrigeration Equipment Market

39. Switzerland HVAC And Commercial And Industrial Refrigeration Equipment Market

41. Russia HVAC And Commercial And Industrial Refrigeration Equipment Market

42. Czech Republic HVAC And Commercial And Industrial Refrigeration Equipment Market

43. Poland HVAC And Commercial And Industrial Refrigeration Equipment Market

44. Romania HVAC And Commercial And Industrial Refrigeration Equipment Market

45. Ukraine HVAC And Commercial And Industrial Refrigeration Equipment Market

46. North America HVAC And Commercial And Industrial Refrigeration Equipment Market

47. USA HVAC And Commercial And Industrial Refrigeration Equipment Market

48. Canada HVAC And Commercial And Industrial Refrigeration Equipment Market

50. South America HVAC And Commercial And Industrial Refrigeration Equipment Market

51. Brazil HVAC And Commercial And Industrial Refrigeration Equipment Market

52. Chile HVAC And Commercial And Industrial Refrigeration Equipment Market

53. Argentina HVAC And Commercial And Industrial Refrigeration Equipment Market

54. Colombia HVAC And Commercial And Industrial Refrigeration Equipment Market

55. Peru HVAC And Commercial And Industrial Refrigeration Equipment Market

56. Middle East HVAC And Commercial And Industrial Refrigeration Equipment Market

57. Saudi Arabia HVAC And Commercial And Industrial Refrigeration Equipment Market

58. Israel HVAC And Commercial And Industrial Refrigeration Equipment Market

59. Iran HVAC And Commercial And Industrial Refrigeration Equipment Market

60. Turkey HVAC And Commercial And Industrial Refrigeration Equipment Market

61. United Arab Emirates HVAC And Commercial And Industrial Refrigeration Equipment Market

62. Africa HVAC And Commercial And Industrial Refrigeration Equipment Market

63. Egypt HVAC And Commercial And Industrial Refrigeration Equipment Market

64. Nigeria HVAC And Commercial And Industrial Refrigeration Equipment Market

65. South Africa HVAC And Commercial And Industrial Refrigeration Equipment Market

66. HVAC And Commercial And Industrial Refrigeration Equipment Market Competitive Landscape And Company Profiles

67. HVAC And Commercial And Industrial Refrigeration Equipment Market Other Major And Innovative Companies

68. Global HVAC And Commercial And Industrial Refrigeration Equipment Market Competitive Benchmarking And Dashboard

69. Key Mergers And Acquisitions In The HVAC And Commercial And Industrial Refrigeration Equipment Market

70. Recent Developments In The HVAC And Commercial And Industrial Refrigeration Equipment Market

71. HVAC And Commercial And Industrial Refrigeration Equipment Market High Potential Countries, Segments and Strategies

72. Appendix

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