In Q3’25, the HVAC and commercial refrigeration market saw mixed pricing trends, shaped by both global and regional factors. Demand remained strong, especially in Asia and Europe, where heatwaves and stricter energy rules pushed buyers toward efficient cooling solutions. China’s commercial refrigeration market stayed mostly flat in volume but showed signs of recovery in value, driven by higher import prices and ongoing shifts in product mix. However, average export prices fell, likely due to competitive global pressure and currency movements.
In the HVAC sector, major players like Carrier and Bosch gained momentum. Carrier benefitted from rising heat pump demand in Europe and service-based revenues in the U.S., helping stabilize prices despite macro uncertainties. Bosch’s expansion especially after acquiring Johnson Controls’ HVAC assets added scale and strengthened pricing power across key regions. Meanwhile, new energy-efficient technologies, such as CO2-based systems with expanders and booster devices, started gaining interest, although their impact on market prices was still limited due to development and adoption costs.
In hot regions like India and southern Europe, energy-saving upgrades in refrigeration were explored, but high upfront costs delayed large-scale implementation. Even so, these innovations hinted at future cost benefits, which could influence longer-term pricing. Supply chains held up well, and raw material costs stabilized, preventing any sharp cost spikes. The shift toward smarter, greener systems continued to support steady pricing, especially for mid- to high-end products.
