Global Commercial HVAC Market
According to the latest report by Market Research Future (MRFR), the global Commercial HVAC market is slated to surpass a substantial market valuation USD 130.25 Billion by 2024 at a steady CAGR of 6.86 % over the review period (2019 to 2024).
The major factors contributing towards the growth of the global commercial HVAC market include the rising number of data centers, increasing demand for the HVAC system to reduce energy consumption, and government tax and rebate programs. Moreover, factors such as a rising population in urban areas and increasing disposable per capita income are propelling the growth of the global commercial HVAC equipment market.
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The global market for commercial HVAC has been segmented based on ventilation equipment, heating equipment, implementation type, cooling equipment, application, and region.
Based on the heating equipment, the global market is segmented into furnaces, heat pumps, boilers, and unitary heaters. Heat pump segment is likely to be the fastest-growing segment in the global market. The market for heat pumps in HVAC systems is growing due to the effective heating and cooling functions, coupled with the ability to heat water.
Based on the ventilation equipment, the global commercial HVAC market is divided into dehumidifiers, humidifiers, air purifiers, ventilation fans, air filters, and air handling units.
Based on application, the global market for commercial HVACs is segmented into hospitals, large and small offices, restaurants, shopping malls, and others. Among these, The large and small offices segment is estimated to record the highest growth rate during the review period.
Asia-Pacific held the leading share in the commercial HVAC market, mainly due to the growth of the construction industry, rapid industrialization, and the need for energy-efficient HVAC systems. The APAC region is also anticipated to be the fastest-growing market during the forecast period. furthermore, factors such as the augmented power consumption, government mandates on energy efficiency, growing influx of renewable resources in the energy mix, and requirements for better power for rural areas in Asia-Pacific are fueling the market growth. Within Asia-Pacific, China is anticipated to hold the largest share during the forecast period due to rising government measures to ensure the installation of energy-efficient HVAC systems in new buildings and the increasing adoption of inverter-based air conditioner systems. likewise, countries such as India, Japan, and Australia are experiencing growth owing to the demand for infrastructural development and rapid urbanization.
The commercial HVAC market in North America is anticipated to be the second-largest owing to the growing demand for energy and modernization of infrastructure. The US, the most developed country in the region, is likely to dominate North America during the forecast period. Europe is also estimated to grow at a considerable rate owing to many advanced technologies being introduced by the key players, such as Ingersoll Rand, Danfoss, Johnson Controls, Mitsubishi Electric Corporation, which are driving the market in Europe. The UK is likely to dominate the market in Europe owing to the new commercial energy-effective HVAC projects, which are specially planned for commercial spaces. Similarly, developing countries such as Saudi Arabia and Brazil are the two major economies, which are projected to lead the market in the Middle East and South America respectively over the review period.
The key players operating in the global market for commercial HVAC are United Technologies Corporation (US), Mitsubishi Corporation (Japan), Samsung Electronics Co., Ltd (South Korea), Haier Electronics Group Co. Ltd (China), Daikin Industries Ltd (Japan),Ingersoll Rand (Ireland), Farina Corporation (US), Johnson Controls (US), Edison Heating and Cooling (US), Rheem Manufacturing Company (US), Lennox International Inc. (US), AAON (US), Hitachi, Ltd. (Japan), Panasonic (Japan), and Danfoss (Denmark).
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