HVAC and Commercial Refrigeration Equipment Global Market expected at $764.57 billion by 2026

The global ventilation, heating, air-conditioning, and commercial refrigeration equipment market is expected to grow from $514.86 billion in 2021 to $561.36 billion in 2022 at a compound annual growth rate (CAGR) of 9 percent.

The market is expected to grow to $764.57 billion in 2026 at a compound annual growth rate (CAGR) of 8percent according to Research And Market report. In 2021, the Asia Pacific was the largest region in the ventilation, heating, air-conditioning, and commercial refrigeration equipment markets. North America was the second-largest region in the ventilation, heating, air-conditioning, and commercial refrigeration equipment markets. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The growth of the ventilation, heating, air-conditioning, and commercial refrigeration equipment manufacturing markets is aided by the stable economic growth forecasted in many developed and developing countries. The International Monetary Fund (IMF) predicts that global GDP growth will be 3.3 percent in 2020 and 3.4 percent in 2021.

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 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.

Geothermal heating and cooling technology is becoming more popular because of the surge in demand for energy-efficient HVAC systems. Geothermal HVAC absorbs heat from the facility and transfers it underground. It uses cool water from the ground to create cool air conditioning in the facility. It consists of an indoor handling unit and a system of underground pipes that require very little maintenance and last longer than traditional HVAC systems. Geothermal heating and cooling systems are now installed in about 50,000 US houses each year, according to the US Department of Energy.

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 Covered: HVAC Equipment; Commercial And Industrial Refrigeration Equipment; Polystyrene Foam Products; Urethane And Other Foam Product; Air Purification Equipment; Attic And Exhaust fans; Other Commercial Fan And Air Purification Equipment; Heating Boilers; Heating Stoves; Floor And Wall Furnaces; Other Heating Equipment (except Warm Air Furnaces)