Major companies in the HVAC and commercial and industrial refrigeration equipment market include AAON Inc; Carrier Corp. ; Daikin Industries; Danfoss Group and Emerson Electric Company. The global hvac and commercial and industrial refrigeration equipment market is expected to grow from $398.
New York, Feb. 09, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "HVAC And Commercial And Industrial Refrigeration Equipment Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06018793/?utm_source=GNW
41 billion in 2020 to $412.04 billion in 2021 at a compound annual growth rate (CAGR) of 3.4%. 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 $545.69 billion in 2025 at a CAGR of 7%.
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. Examples of products in this market include air-conditioning equipment, refrigerated counter and display cases, snow making machinery, and attic and exhaust fans. The HVAC and commercial and industrial refrigeration equipment market is segmented into HVAC equipment; and commercial and industrial refrigeration equipment.
Asia Pacific was the largest region in the global hvac and commercial and industrial refrigeration equipment market, accounting for 62% of the market in 2020. North America was the second largest region accounting for 22% of the global hvac and commercial and industrial refrigeration equipment market. Africa was the smallest region in the global hvac and commercial and industrial refrigeration equipment market.
The geothermal heating and cooling technology is 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 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 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 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.
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 forecast period.
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