The Chile, Bolivia, Paraguay HVAC market size reached around USD 737.54 Million in 2025. The market is projected to grow at a CAGR of 5.20% between 2026 and 2035 to reach nearly USD 1224.46 Million by 2035. This can be attributed to the expansion of hospitality construction pipeline and steady consumer footfall towards local retail stores. Moreover, rapid technological advancements and rising demand for commercial chillers is also expected to drive market expansion in the coming years.
Base Year
Historical Period
Forecast Period
As per industry reports, total sales of air conditioning units experienced an annual growth rate of 2%-19% in Latin American countries like Bolivia. This was attributed to the rising demand for high wall split AC units by the residential sector and reduction of inflation levels leading to the growth of consumer spending. This is favourably impacting the Chile, Bolivia, and Paraguay HVAC market revenue.
In 2023, Boliva imported nearly USD 11.5 billion worth of products from other nations. Based on Chile, Bolivia, and Paraguay HVAC market analysis, the country imported USD 64.5 million worth of filters, purifiers, and centrifuges, thereby recording a year-on-year growth of 20.1%. Overall imports of valves and other components also surged by 3% year-on-year. This indicates a sustained growth in demand for HVAC systems, that is creating a positive Chile, Bolivia, and Paraguay HVAC market outlook.
The shift towards renewable energy is expected to heavily influence the market dynamics, as companies focus on developing technologies that support renewable energy powered HVAC systems. The use of eco-friendly refrigerants in freezers and refrigerators, coupled with increasing government initiatives to optimise energy consumption by households is expected to sustain the market growth in the coming years.
Compound Annual Growth Rate
5.2%
Value in USD Million
2026-2035
*this image is indicative*
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Chile, Bolivia and Paraguay HVAC Market Report Summary |
Description |
Value |
|
Base Year |
USD Million |
2025 |
|
Historical Period |
USD Million |
2019-2025 |
|
Forecast Period |
USD Million |
2026-2035 |
|
Market Size 2025 |
USD Million |
737.54 |
|
Market Size 2035 |
USD Million |
1224.46 |
|
CAGR 2019-2025 |
Percentage |
XX% |
|
CAGR 2026-2035 |
Percentage |
5.20% |
|
CAGR 2026-2035 - Market by Country |
Bolivia |
6.1% |
|
CAGR 2026-2035 - Market by Implementation Type |
Retrofits |
5.7% |
|
CAGR 2026-2035 - Market by End Use |
Residential |
5.9% |
|
2025 Market Share by Country |
Paraguay |
9.8% |
Sustainability has emerged as one of the key trends shaping the market dynamics. For instance, Chilean households have over 6.8 million freezers and refrigerators, with over 1 million of them being over 15 years old. Chile’s Ministry of Energy suggests that refrigerators account for nearly 19% of overall electricity consumption by an average household, indicating substantial room for improvement in energy efficiency. This prompted the United Nations Environment Programme and the Global Environment Facility to partner with local HVAC companies like Whirlpool and Samsung to introduce power-efficient refrigerators to consumers under the United for Efficiency (U4E) initiative. This is contributing to Chile, Bolivia, and Paraguay HVAC market expansion.
Under the U4E program, several countries can exchange their old refrigerators at a discount of up to 35% on new models. During the first month of its implementation in Chile, over 1500 consumers exchanged their old refrigerator, which is expected to result in annual electricity savings of nearly USD 294 million. Based on Chile, Bolivia, and Paraguay HVAC market analysis, the program can potentially save up to 1.3 TWh of electricity in Chile and reduce annual carbon emissions by over 600,000 tons. The implementation of this program in these countries is likely to have a favourable impact on overall market growth in the coming years.
Rising adoption of modular HVAC systems, rising air quality concerns, rapid urbanisation and infrastructure development, adoption of smart HVAC technologies, and development of renewable energy powered HVAC systems are the major factors driving Chile, Bolivia, and Paraguay HVAC market growth.
As per the World Air Quality Report, only 7 countries worldwide breathe fresh air, including Iceland, Australia, and Finland. Bolivia has a PM 2.5 concentration of 10-15 µg/m3, which has prompted HVAC manufacturers to introduce advanced equipments that ensure proper air ventilation and humidity levels. A similar trend is being witnessed in Chile and Paraguay, which is leading to the growth of Chile, Bolivia, and Paraguay HVAC market revenue.
Major Latin American countries is witnessing growing adoption of modular HVAC systems, which offer flexibility and scalability for various applications. These systems are particularly popular in commercial and industrial sectors, allowing businesses to expand or upgrade climate control capabilities without major overhauls. Their cost-effectiveness, ease of installation, and energy efficiency make them an appealing choice for diverse projects. This is facilitating Chile, Bolivia, and Paraguay HVAC market expansion.
Smart HVAC systems with IoT capabilities are gaining traction in Bolivia, offering remote operation, energy monitoring, and automation. These technologies allow users to control temperature settings through smartphones, optimise energy usage, and lower operational costs. The growing preference for convenience and advanced features is propelling the adoption of smart HVAC solutions in the country. This is one of the key Chile, Bolivia, and Paraguay HVAC market trends.
The integration of renewable energy sources into HVAC systems, such as solar-powered air conditioning, is growing in Chile, Bolivia, and Paraguay. These systems offer a sustainable and cost-effective solution to the country’s energy challenges. Businesses and households are increasingly adopting renewable-powered HVAC solutions to reduce energy bills and contribute to environmental conservation.
Growth of retail industry
The expansion of Latin American retail industry is contributing to the demand for modern HVAC systems. Based on industry analysis, the demand for consumer goods has risen for 8 quarters continuously in countries like Bolivia, where traditional shopping channels like convenience stores (32%), and discounters (26%) have recorded significant growth and account for 50% of the market share. This is positively impacting Chile, Bolivia, and Paraguay HVAC market dynamics, as HVAC systems ensure a comfortable shopping experience for consumers and preserve shelf life of products for a longer duration.
Expansion of hospitality construction industry
The expansion of the existing hotel construction pipeline in Latin America by 11% in Q1 of FY 2024. The growing influx of North American travellers into countries like Bolivia is contributing to the growth of Chile, Bolivia, and Paraguay HVAC market size as the hospitality industry opens new hotels for travellers. Moreover, industry estimates suggest that cumulative carbon emissions pertaining to transport-related tourism are expected to reach 1,998 million tons of CO2 by 2030. This is expected to increase the demand for energy efficient HVAC systems in the hospitality industry to offset the environmental damage caused by Scope 3 emissions. This is expected to lead to Chile, Bolivia, and Paraguay HVAC market expansion.
The EMR’s report titled “Chile, Bolivia, and Paraguay HVAC Market Report and Forecast 2026-2035” offers a detailed analysis of the market based on the following segments:
Breakup by Equipment
Breakup by Implementation Type
Breakup by End Use
Based on region, the Chile, Bolivia, and Paraguay HVAC can be divided into Chile, Bolivia and Paraguay.
|
2025 Market Share by |
Country |
|
Paraguay |
9.8% |
|
Chile |
XX% |
|
Bolivia |
XX% |
Based on Chile, Bolivia, and Paraguay HVAC market analysis, major companies such as Trane and Carrier, are focusing on energy-efficient and smart systems to meet rising demand. They are introducing advanced air purification technologies, expanding renewable energy-integrated HVAC solutions, and enhancing distribution networks. Additionally, companies are targeting urban infrastructure projects and industrial facilities, offering customised, high-capacity climate control systems tailored to local needs.
Midea Group Co. Ltd. was founded in 1968 and is headquartered in Guangdong, China. It serves over 500 million customers globally through its high-tech HVAC systems and equipments, home appliances, and robotic solutions, among others.
Daikin Industries, Ltd. was founded in 1924 and is headquartered in Osaka, Japan. It specialises in manufacturing advanced air conditioning units and refrigeration systems, apart from fluorochemicals and filter products.
Carrier Global Corporation was founded in 1915 and is headquartered in Floria, United States. It specialises in designing building automation solutions, fire safety systems, HVAC equipments, and security products, among others.
Johnson Controls International PLC was founded in 1885 and is headquartered in Ireland. It specialises in making and distributing sustainable HVAC systems and industrial refrigeration solutions.
*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*
Other players included in Chile, Bolivia, and Paraguay HVAC market report are Robert Bosch GmbH, Trane Technologies Company, LLC, Fujitsu Ltd., Samsung Electronics Co., Ltd., LG Electronics Inc, InamarVapor, Anwo S.A., Airolite SA, Calderas Chile Ltda., Teplo Refrigeración, and Texpro srl, among others.
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2025, the market reached an approximate value of USD 737.54 Million.
The market is projected to grow at a CAGR of 5.20% between 2026 and 2035.
The market is estimated to witness healthy growth in the forecast period of 2026-2035 to reach a value of around USD 1224.46 Million by 2035.
The different equipments considered in the market report include heating, ventilation, and cooling.
The different segments considered in the report are new constructions and retrofits.
The different end uses of HVAC in the market include commercial, residential, and industrial.
The major market trends include rising adoption of modular HVAC systems, rising air quality concerns, rapid urbanisation and infrastructure development, adoption of smart HVAC technologies, and development of renewable energy powered HVAC systems.
Key players in the market are Robert Bosch GmbH, Trane Technologies Company, LLC, Johnson Controls International PLC, Fujitsu Ltd., Midea Group Co. Ltd., Samsung Electronics Co., Ltd., LG Electronics Inc, Daikin Industries, Ltd., Carrier Global Corporation, InamarVapor, Anwo S.A., Airolite SA, Calderas Chile Ltda., Teplo Refrigeración, and Texpro srl, among others.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2025 |
| Historical Period | 2019-2025 |
| Forecast Period | 2026-2035 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Equipment |
|
| Breakup by Implementation Type |
|
| Breakup by End Use |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
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