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Heating & Air-Conditioning Equipment Manufacturing in Canada Industry Data and Analysis
Over the past five years, the Canadian heating and air-conditioning equipment manufacturing industry has delivered steady but modest growth despite navigating significant headwinds. Lower policy rates since mid-2024 have helped boost demand for replacements and service packages, even as the new construction segment softened in response to higher borrowing costs. Manufacturers have shifted their focus to retrofit and efficiency-centric products, capitalizing on households’ and businesses’ need to upgrade aging systems while keeping costs in check. Steel and aluminum tariffs, along with evolving US-Canada trade policy, have raised landed costs and forced companies to fine-tune their supply chains and pricing strategies. Revenue has been expanding at a CAGR of 3.5% over the past five years and is expected to reach $7.6 billion in 2025, when revenue will rise by an estimated 0.5%.
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What's included in this industry analysis
IBISWorld's research coverage on the Heating & Air-Conditioning Equipment Manufacturing industry in Canada includes market sizing, forecasting, data and analysis from 2015-2030. The most recent publication was released October 2025.
About this industry
What's this industry report about?
The Heating & Air-Conditioning Equipment Manufacturing industry in Canada operates under the NAICS industry code 33341CA. The Heating and Air-Conditioning Equipment Manufacturing industry in Canada manufactures heating equipment, commercial refrigeration equipment, air conditioners, commercial and industrial fans, blowers, air purification equipment and electric and nonelectric heating and refrigeration equipment. Marine and motor vehicle systems are excluded, as are industrial process furnaces and small household appliances. Related terms covered in the Heating & Air-Conditioning Equipment Manufacturing industry in Canada include chlorofluorocarbons, hydrochlorofluorocarbons, refrigerant and hvacr.
What's included in this industry?
Products and services covered in Heating & Air-Conditioning Equipment Manufacturing industry in Canada include Air-conditioning, warm air heating and refrigeration equipment, Unitary air conditioners and Heating equipment.
What companies are included in this industry?
The Heating & Air-Conditioning Equipment Manufacturing industry in Canada is highly fragmented with no companies holding a market share greater than 5%.
Performance
What's included in the Performance chapter?
The Performance chapter covers detailed analysis, datasets, detailed current performance, sources of volatility and an outlook with forecasts for the Heating & Air-Conditioning Equipment Manufacturing industry in Canada.
Questions answered in this chapter include what's driving current industry performance, what influences industry volatility, how do successful businesses overcome volatility, what's driving the industry outlook. This analysis is supported with data and statistics on industry revenues, costs, profits, businesses and employees.
Products & Markets
What's included in the Products and Markets chapter?
The Products and Markets chapter covers detailed product and service segmentation, analysis of major markets and international trade data for the for the Heating & Air-Conditioning Equipment Manufacturing industry in Canada.
Questions answered in this chapter include how are the industry's products and services performing, what are innovations in industry products and services, what products or services do successful businesses offer and what's influencing demand from the industry's markets. This includes data and statistics on industry revenues by product and service segmentation and major markets.
Geographic Breakdown
What's included in the Geographic Breakdown chapter?
The Geographic Breakdown chapter covers detailed analysis and datasets on regional performance of the Heating & Air-Conditioning Equipment Manufacturing industry in Canada.
Questions answered in this chapter include where are industry businesses located and how do businesses use location to their advantage. This includes data and statistics on industry revenues by location.
Competitive Forces
What's included in the Competitive Forces chapter?
The Competitive Forces chapter covers the concentration, barriers to entry and supplier and buyer profiles in the Heating & Air-Conditioning Equipment Manufacturing industry in Canada. This includes data and statistics on industry market share concentration, barriers to entry, substitute products and buyer & supplier power.
Questions answered in this chapter include what impacts the industry's market share concentration, how do successful businesses handle concentration, what challenges do potential industry entrants face, how can potential entrants overcome barriers to entry, what are substitutes for industry services, how do successful businesses compete with substitutes and what power do buyers and suppliers have over the industry and how do successful businesses manage buyer & supplier power.
Companies
What's included in the Companies chapter?
The Companies chapter covers Key Takeaways, Market Share and Companies in the Heating & Air-Conditioning Equipment Manufacturing industry in Canada. This includes data and analysis on companies operating in the industry that hold a market share greater than 5%.
Questions answered in this chapter include what companies have a meaningful market share and how each company is performing.
External Environment
What's included in the External Environment chapter?
The External Environment chapter covers Key Takeaways, External Drivers, Regulation & Policy and Assistance in the Heating & Air-Conditioning Equipment Manufacturing industry in Canada. This includes data and statistics on factors impacting industry revenue such as economic indicators, regulation, policy and assistance programs.
Questions answered in this chapter include what demographic and macroeconomic factors impact the industry, what regulations impact the industry, what assistance is available to this industry.
Financial Benchmarks
What's included in the Financial Benchmarks chapter?
The Financial Benchmarks chapter covers Key Takeaways, Cost Structure, Financial Ratios, Valuation Multiples and Key Ratios in the Heating & Air-Conditioning Equipment Manufacturing industry in Canada. This includes financial data and statistics on industry performance including key cost inputs, profitability, key financial ratios and enterprise value multiples.
Questions answered in this chapter include what trends impact industry costs and how financial ratios have changed overtime.
Industry Data
What's included in the Industry Data chapter?
The Industry Data chapter includes 10 years of historical data with 5 years of forecast data covering statistics like revenue, industry value add, establishments, enterprises, employment and wages in the Heating & Air-Conditioning Equipment Manufacturing industry in Canada.
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Frequently Asked Questions
What is the market size of the Heating & Air-Conditioning Equipment Manufacturing industry in Canada in 2026?
The market size of the Heating & Air-Conditioning Equipment Manufacturing industry in Canada is $7.6bn in 2026.
How many businesses are there in the Heating & Air-Conditioning Equipment Manufacturing industry in Canada in 2025?
There are 748 businesses in the Heating & Air-Conditioning Equipment Manufacturing industry in Canada, which has grown at a CAGR of 1.3 % between 2020 and 2025.
How may import tariffs affect the Heating & Air-Conditioning Equipment Manufacturing industry in Canada?
The Heating & Air-Conditioning Equipment Manufacturing industry in Canada is likely to be significantly impacted by import tariffs with imports accounting for a high share of industry revenue.
How may export tariffs affect the Heating & Air-Conditioning Equipment Manufacturing industry in Canada?
The Heating & Air-Conditioning Equipment Manufacturing industry in Canada is likely to be significantly impacted by export tariffs with exports accounting for a high share of industry revenue.
Has the Heating & Air-Conditioning Equipment Manufacturing industry in Canada grown or declined over the past 5 years?
The market size of the Heating & Air-Conditioning Equipment Manufacturing industry in Canada has been growing at a CAGR of 3.6 % between 2020 and 2025.
What is the forecast growth of the Heating & Air-Conditioning Equipment Manufacturing industry in Canada over the next 5 years?
Over the next five years, the Heating & Air-Conditioning Equipment Manufacturing industry in Canada is expected to grow.
What does the Heating & Air-Conditioning Equipment Manufacturing industry in Canada include?
Manufacturing air-conditioning, warm-air heating and refrigeration equipment and Manufacturing heating equipment, except warm-air furnaces are part of the Heating & Air-Conditioning Equipment Manufacturing industry in Canada.
How competitive is the Heating & Air-Conditioning Equipment Manufacturing industry in Canada?
The level of competition is moderate and increasing in the Heating & Air-Conditioning Equipment Manufacturing industry in Canada.
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