The Business Research Company’s HVAC And Commercial And Industrial Refrigeration Equipment Global Market Report 2021 – COVID-19 Impact And Recovery
LONDON, GREATER LONDON, UK, September 27, 2021 /EINPresswire.com/ — 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 global HVAC and commercial and industrial refrigeration equipment market size is expected to grow from $398.41 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 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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TBRC’s global HVAC and commercial and industrial refrigeration equipment market report is segmented by type into HVAC equipment, commercial and industrial refrigeration equipment, and by capacity into small, medium, large.
Major players covered in the global HVAC and commercial and industrial refrigeration equipment industry are AAON Inc, Carrier Corp., Daikin Industries, Danfoss Group, Emerson Electric Company.
HVAC And Commercial And Industrial Refrigeration Equipment Global Market Report 2021 – By Type (HVAC Equipment, Commercial And Industrial Refrigeration Equipment), By Capacity (Small, Medium, Large), COVID-19 Impact And Recovery is one of a series of new reports from The Business Research Company that provides HVAC and commercial and industrial refrigeration equipment market overview, forecast HVAC and commercial and industrial refrigeration equipment market size and growth for the whole market, HVAC and commercial and industrial refrigeration equipment market segments, and geographies, HVAC and commercial and industrial refrigeration equipment market trends, HVAC and commercial and industrial refrigeration equipment market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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Source: EIN Presswire