As per a recent report offered by ResearchAndMarkets.com, the global ventilation, heating, air-conditioning, and commercial refrigeration equipment market is expected to grow from $507.62 billion in 2020 to $525.45 billion in 2021 at a compound annual growth rate (CAGR) of 3.5%.
The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working and the closure of commercial activities that resulted in operational challenges.
The market is expected to reach $703.82 billion in 2025 at a CAGR of 8%. Major companies in the ventilation, heating, air-conditioning and commercial refrigeration equipment market include United Technologies Corporation; Daikin Industries Ltd; Johnson Controls Inc; Ingersoll Rand and Bosch Group.
Asia Pacific was the largest region in the global ventilation, heating, air-conditioning, and commercial refrigeration equipment market, accounting for 58% of the market in 2020. North America was the second largest region accounting for 20% of the global ventilation, heating, air-conditioning and commercial refrigeration equipment market. Africa was the smallest region in the global ventilation, heating, air-conditioning and commercial refrigeration equipment market.
