The global market for HVAC-R equipment has grown to $561.36 billion in 2022

The “Ventilation, Heating, Air-Conditioning, and Commercial Refrigeration Equipment Global Market Report 2022” has being recently published by ResearchAndMarkets.com’s offering. As per the report, 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 8 percent.

The Asia Pacific was the largest region in the ventilation, heating, air-conditioning, and commercial refrigeration equipment market in 2021. North America was the second-largest region in the ventilation, heating, air-conditioning, and commercial refrigeration equipment market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

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. The International Monetary Fund (IMF) predicts that the 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 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.

Geothermal heating and cooling technology are becoming popular because of the surge in demand for energy-efficient HVAC systems. Geothermal HVAC absorbs heat from the facility and transfers it underground and 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 pipes underground which requires very low maintenance and lasts 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.