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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.

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 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.

The ventilation, heating, air-conditioning, and commercial refrigeration equipment market size has grown steadily in recent years. It will grow from $570.08 billion in 2024 to $597.12 billion in 2025 at a compound annual growth rate (CAGR) of 4.7%. 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 $742.1 billion in 2029 at a compound annual growth rate (CAGR) of 5.6%. 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 forecast of 5.6% 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 chain disruptions for copper heat exchangers and scroll compressors, sourced from key regions such as Brazil and Thailand, which could lead to higher building maintenance costs and reduced energy efficiency in commercial facilities. 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 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 $1,938.4 billion in June 2023, representing a 3.5% increase from the estimated $1,873.2 billion 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.

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.

Ventilation, Heating, Air-Conditioning, And Commercial 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 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.

Reasons to Purchase

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, including technological disruption, regulatory shifts, and changing consumer preferences? The ventilation, heating, air-conditioning, and commercial 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. Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market Characteristics

3. Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market Trends And Strategies

4. Ventilation, Heating, Air-Conditioning, And Commercial 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 Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Growth Analysis And Strategic Analysis Framework

6. Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market Segmentation

7. Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market Regional And Country Analysis

8. Asia-Pacific Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market

9. China Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market

10. India Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market

11. Japan Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market

12. Australia Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market

13. Indonesia Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market

14. South Korea Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market

15. Bangladesh Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market

16. Thailand Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market

17. Vietnam Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market

18. Malaysia Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market

19. Singapore Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market

20. Philippines Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market

21. Hong Kong Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market

22. New Zealand Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market

23. Western Europe Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market

24. UK Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market

25. Germany Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market

26. France Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market

27. Italy Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market

28. Spain Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market

29. Spain Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market

30. Austria Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market

31. Belgium Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market

32. Denmark Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market

33. Finland Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market

34. Ireland Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market

35. Netherlands Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market

36. Norway Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market

37. Portugal Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market

38. Sweden Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market

39. Switzerland Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market

41. Russia Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market

42. Czech Republic Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market

43. Poland Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market

44. Romania Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market

45. Ukraine Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market

46. North America Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market

47. USA Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market

48. Canada Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market

50. South America Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market

51. Brazil Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market

52. Chile Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market

53. Argentina Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market

54. Colombia Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market

55. Peru Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market

56. Middle East Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market

57. Saudi Arabia Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market

58. Israel Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market

59. Iran Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market

60. Turkey Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market

61. United Arab Emirates Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market

62. Africa Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market

63. Egypt Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market

64. Nigeria Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market

65. South Africa Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market

66. Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market Competitive Landscape And Company Profiles

67. Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market Other Major And Innovative Companies

68. Global Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market Competitive Benchmarking And Dashboard

69. Key Mergers And Acquisitions In The Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market

70. Recent Developments In The Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market

71. Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment Market High Potential Countries, Segments and Strategies

72. Appendix

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