The Business Research Company’s HVAC And Commercial And Industrial Refrigeration Equipment Global Market Report 2023 identifies stable economic growth forecasted in many developed and developing countries as the major driver for the HVAC and commercial and industrial refrigeration equipment market’s growth in the forecast period. The HVAC and commercial and industrial refrigeration equipment market is expected to grow to $568.62 billion in 2027 at a CAGR of 5.0%.
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.
The global HVAC and commercial and industrial refrigeration equipment market grew from $441.46 billion in 2022 to $467.36 billion in 2023 at a compound annual growth rate (CAGR) of 5.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe.
Major competitors in the HVAC and commercial and industrial refrigeration equipment market are Johnson Controls International plc, Gree Electric Appliances Inc., Midea Group co Ltd., Hitachi Ltd., Ingersoll-Rand Plc, Danfoss GmbH, Atlas Copco AB.
