HVAC, commercial & industrial refrigeration equipment industry comprises of the sales of HVAC and commercial & industrial refrigeration equipment by entities (sole traders, organizations, and partnerships) that produce HVAC and commercial & industrial refrigeration equipment. Some examples of these products are refrigerated counter & display cases, air-conditioning equipment, attic & exhaust fans and snow making machinery.
Industrial refrigeration equipment is used in various end-use industries for instance processing of food & beverages, cold storage applications & chemical processing, where temperature control of the materials is essential. Such these types of equipment command a massive demand in beverage production, food processing, process cooling and HVAC applications.
As per analysis, “HVAC And Commercial And Industrial Refrigeration Equipment Global Market Report 2020-30: Covid 19 Impact and Recovery” the key companies operating in the global HVAC, commercial & industrial refrigeration equipment industry include AAON Inc; Daikin Industries; Carrier Corp.; Emerson Electric Company; Danfoss Group and among others. The leading companies in the global market have adopted a variety of strategies including business expansion, acquisition, partnership, product development and product launch, to provide better products/services to clients in the HVAC, commercial & industrial Refrigeration Equipment market. In addition, manufacturers of are concentrating on designing the environment friendly products that have a superior chilling efficiency. Apart from this, HVAC players are gradually more integrating Internet-of-Things (IoT) technology with HVAC equipment owing to growing demand for real-time insights from the HVAC equipment. IoT is the internetworking of physical devices embedded with sensors, software and network connectivity that enable these objects to collect & exchange data.
Based on type, HVAC and commercial & industrial refrigeration equipment market is segmented as commercial & industrial refrigeration equipment and HVAC equipment. Additionally, based on application, market can be bifurcated as small, medium and large.
The market is driven by upgrading cold storage infrastructure across emerging economies, followed by rise in consumption of FMCG products and growth in adoption of energy-efficient & eco-friendly refrigerants. Additionally, in the pharmaceutical industry, research & development (R&D) initiatives pertaining to the manufacturing of novel drugs require industrial refrigeration equipment to store samples. Apart from this, stringent regulations related to the usage of refrigerants along with high energy costs for operation & maintenance of industrial refrigeration units may impact the market. Moreover, rise in use of IoT-enabled refrigeration solutions for equipment monitoring is a leading opportunity for market.
By geographic analysis, the Asia-pacific region dominates the global HVAC and commercial & industrial refrigeration equipment market owing to rise in number of applications in the food & beverages industry, chemical industry and pharmaceuticals industry across the region. The North-America and Europe regions are estimated to witness higher growth rate due to rapidly expanding processed food industry & efforts towards attaining energy efficiency coupled with acceptance of natural refrigerants over the forecast period. It is predicted that future of the global HVAC and commercial & industrial refrigeration equipment market will be optimistic on account of huge demand for cold storage of various food & beverage product during the forecast period.
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Ankur Gupta, Head Marketing & Communications