Global Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market 2023-2029

Heating, ventilation, air conditioning, and refrigeration (HVAC-R) are systems that provide thermal comfort and indoor air quality in residential, commercial, or industrial buildings. These systems work together to maintain a comfortable living or working environment by controlling the temperature, humidity, and air quality. Proper installation, maintenance, and operation of HVAC-R systems are essential to optimize energy efficiency, minimize environmental impact, and provide an indoor environment conducive to wellness and productivity. The global HVAC-R market is projected to rise by USD 72.7 billion by 2029, according to the latest market study results. It is anticipated to expand at a CAGR of 5.06 percent during the forecast period.

The report covers market size and growth, segmentation, regional breakdowns, competitive landscape, trends and strategies for global HVAC-R market. It presents a quantitative analysis of the market to enable stakeholders to capitalize on the prevailing market opportunities. The report also identifies top segments for opportunities and strategies based on market trends and leading competitors’ approaches.

This industry report offers market estimates and forecasts of the global market, followed by a detailed analysis of the product, application, and region. The global market for HVAC-R can be segmented by product: heating, ventilation, air conditioning, refrigeration. The air conditioning segment captured the largest share of the market in 2022. HVAC-R market is further segmented by application: residential, commercial, industrial, others. The commercial segment held the largest share of the global HVAC-R market in 2022 and is anticipated to hold its share during the forecast period. Based on region, the HVAC-R market is segmented into: North America, Europe, Asia-Pacific, MEA (Middle East and Africa), Latin America. In 2022, Asia-Pacific made up the largest share of revenue generated by the HVAC-R market.

The heating market is further segmented into heat pumps, furnaces, boilers, others. According to the research, the heat pumps segment had the largest share in the global HVAC-R market. Furthermore, the ventilation market has been categorized into air filters, humidifiers, air purifiers, AHU and FCU, others. The latest research indicates that the AHU and FCU segment occupied the largest share of this market in 2022 and is expected to draw the highest demand in coming years. The air conditioning market is further divided into window and portable air conditioning, mini-split air conditioning, packaged air conditioning, chillers, variable refrigerant flow (VRF) systems, others. Globally, the mini-split air conditioning segment made up the largest share of the HVAC-R market. The refrigeration market is further segmented into refrigerators, commercial refrigerators (excluding transportation), refrigerated transport. According to the research, the commercial refrigerators (excluding transportation) segment had the largest share in the global HVAC-R market.

Market Segmentation
By product: heating, ventilation, air conditioning, refrigeration
By application: residential, commercial, industrial, others
By region: North America, Europe, Asia-Pacific, MEA (Middle East and Africa), Latin America



The global HVAC-R market report offers detailed information on several market vendors, including BSH Home Appliances Corporation, Carrier Global Corporation, Daikin Industries, Ltd., Hitachi, Ltd., Johnson Controls, Inc., Lennox International Inc., LG Corporation, Robert Bosch GmbH, Samsung Electronics Co., Ltd., Trane Technologies plc, Whirlpool Corporation, among others. In this report, key players and their strategies are thoroughly analyzed to understand the competitive outlook of the market.
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Scope of the Report
• To analyze and forecast the market size of the global HVAC-R market.
• To classify and forecast the global HVAC-R market based on product, application, region.
• To identify drivers and challenges for the global HVAC-R market.
• To examine competitive developments such as mergers & acquisitions, agreements, collaborations and partnerships, etc., in the global HVAC-R market.
• To identify and analyze the profile of leading players operating in the global HVAC-R market.

Why Choose This Report
• Gain a reliable outlook of the global HVAC-R market forecasts from 2023 to 2029 across scenarios.
• Identify growth segments for investment.
• Stay ahead of competitors through company profiles and market data.
• The market estimate for ease of analysis across scenarios in Excel format.
• Strategy consulting and research support for three months.
• Print authentication provided for the single-user license.