HVAC And Commercial And Industrial Refrigeration Equipment Global Market Report 2022

Major companies in the HVAC and commercial and industrial refrigeration equipment market include Johnson Controls International plc, Gree Electric Appliances Inc, Midea Group co ltd, Hitachi Ltd, Ingersoll-Rand Plc, Danfoss GmbH, Atlas Copco AB, Carrier Corporation, Mitsubishi Heavy Industries Ltd, and Robert Bosch GmbH.

The global hvac and commercial and industrial refrigeration equipment market is expected to grow from $409.48 billion in 2021 to $445.63 billion in 2022 at a compound annual growth rate (CAGR) of 8.8%. The market is expected to grow to $602.71 billion in 2026 at a compound annual growth rate (CAGR) of 7.8%.

The HVAC and commercial and industrial refrigeration equipment market consists of sales of HVAC and commercial and industrial refrigeration equipment by entities (organizations, sole traders, and partnerships) that produce HVAC and commercial and industrial refrigeration equipment.

The main types of HVAC and commercial and industrial refrigeration equipment are HVAC equipment, and commercial and industrial refrigeration equipment.Commercial and industrial refrigeration equipment refers to the machinery that deals with the commercial and industrial refrigeration sector.

The various cAsia Pacificities include small, medium, and large. The various applications involved are food processing, beverage production, chemicals and pharmaceuticals, petrochemicals, and energy.

The Asia Pacific was the largest region in the HVAC and commercial and industrial refrigeration equipment market in 2021.North America was the second largest region in the HVAC and commercial and industrial refrigeration equipment.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The HVAC and commercial and industrial refrigeration equipment 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% in 2020 and 3.4% 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.

The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the HVAC and commercial and industrial refrigeration equipment market in 2020 as supply chains were disrupted due to trade restrictions and manufacturing activity declined due to lockdowns imposed by governments globally.COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing.

The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China, and spread globally including Western Europe, North America, and Asia.Machinery manufacturers depend heavily on the supply of raw materials, parts, and components from different countries across the globe.

As many governments restricted the movement of goods across countries, manufacturers had to halt production due to a lack of raw materials and components.The outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021.

However, it is expected that the HVAC and commercial and industrial refrigeration equipment market will recover from the shock across the forecast period as it is a ’black swan event and not related to ongoing or fundamental weaknesses in the market or the global economy.

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.

The countries in the HVAC and commercial and industrial refrigeration equipment market include Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam.