Commercial HVAC Market is Predicted to Grow by more than 6.86% by 2027

Pune, India, June 2019 /MRFR Press Release/- Market Research Future Published a Half-Cooked Research Report on Global Commercial HVAC Market. The Commercial HVAC Market is Expected to Expand at 6.86% CAGR During the Period 2019 to 2024.

Market Highlights

The commercial HVAC market size is projected to reach USD 130.25 Billion by 2024 from an estimated USD 93.50 billion, at a CAGR of 6.86% from 2019–2024. A commercial HVAC system is a heating and/or cooling system for commercial spaces around the globe. It provides high efficiency heating and cooling solutions, using lesser energy with a lower environmental impact.

GLOBAL COMMERCIAL HVAC MARKET, 2019-2024
 

Asia-Pacific held the largest share of the global commercial HVAC market in 2018: MRFR

The commercial HVAC market has been segmented into four regions, which are Asia-Pacific, North America, Europe, and the rest of the world. In 2018, Asia-Pacific held the largest share in the commercial HVAC market, mainly due to the growth of the construction industry, rapid industrialization, and need for energy-efficient HVAC systems. The region is also expected to be the fastest growing market during the forecast period. Moreover, factors such as the increased power consumption, government mandates on energy efficiency, rising influx of renewable resources in the energy mix, and provisions for better power for rural areas in Asia-Pacific are driving the market growth. Within Asia-Pacific, China is likely to hold the largest share during the forecast period owing to increasing government measures to ensure energy-efficient HVAC systems are being installed in new buildings and the growing adoption of inverter-based air conditioner systems. Similarly, countries such as Japan, India, and Australia are experiencing growth due to the need for infrastructural development and rapid urbanization.

The market in North America is expected to be the second-largest owing to the increasing demand for energy and modernization of infrastructure. The US is expected to dominate North America during the forecast period. Europe is also expected to grow at a significant rate owing to many advanced technologies being introduced by the key players, such as Danfoss, Ingersoll Rand, Mitsubishi electric Corporation, Johnson Controls, with a presence in Europe. The UK is expected to dominate the market in Europe due to the new commercial energy-efficient HVAC projects, which are specially designed for commercial spaces. Similarly, countries such as Saudi Arabia and Brazil are the two economies, which are expected to dominate the market in the Middle East and South America.

On the basis of application, the global market is segmented as large & small offices, hospitals, shopping malls, restaurants, and others. The large and small offices segment is expected to dominate the market during the forecast period, owing to need for upgraded HVAC systems to meet energy-efficiency guidelines in the office spaces and ensure a reduction in the consumption of water and electricity. On the basis of ventilation equipment segment, the global market is segmented as humidifiers, dehumidifiers, air purifiers, air filters, ventilation fans, and air handling units. The air handling segment is expected to dominate the global market during the forecast period. On the basis of implementation type, the global market has been segmented into new construction and retrofit. The new construction segment is expected to dominate the market during the forecast period.

The global commercial HVAC market is expected to grow at ~4.50% CAGR during the forecast period.

Key Players

The key players operating in the global commercial HVAC market are Mitsubishi Corporation (Japan), United Technologies Corporation (US), Johnson Controls (US), Danfoss (Denmark), Edison Heating and Cooling (US), Samsung Electronics Co., Ltd (South Korea), Daikin Industries Ltd (Japan), Haier Electronics Group Co. Ltd (China), Ingersoll Rand (Ireland), Farina Corporation (US), Lennox International Inc. (US), Rheem Manufacturing Company (US), AAON (US), Panasonic (Japan), and Hitachi, Ltd. (Japan).

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Commercial HVAC Market Research Report

Drivers
 

Scope of the Report

Asia-Pacific accounted for the largest share in the commercial HVAC market: MRFR

This report provides an in-depth analysis of the global commercial HVAC market, tracking three market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size and share for North America, Asia-Pacific, Europe, and the rest of the world. The report also presents a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global commercial HVAC market by heating equipment, ventilation equipment, cooling equipment, implementation type, application, and region. 

• By Heating Equipment
  
  
  
  • Heat Pump
  
  
  • Furnaces
  
  
  • Boilers
  
  
  • Unitary Heaters
  
  
  
  

• By Ventilation Equipment
  
  
  
  • Humidifiers
  
  
  • Dehumidifiers
  
  
  • Air Purifiers
  
  
  • Air Filters
  
  
  • Ventilation Fans
  
  
  • Air Handling Units
  
  
  
  

• By Cooling Equipment
  
  
  
  • Room Air Conditioners
  
  
  • Unitary Air Conditioners
  
  
  • Chillers
  
  
  • Cooling Towers
  
  
  • VRF System
  
  
  
  

• By Implementation Type
  
  
  
  • New Construction
  
  
  • Retrofit
  
  
  
  

• By Application
  
  
  
  • Large and Small Offices
  
  
  • Hospitals
  
  
  • Shopping Malls
  
  
  • Restaurants
  
  
  • Others
  
  
  
  

• By Regions
  
  
  
  • North America 
  
  
  • Asia-Pacific 
  
  
  • Europe
  
  
  • Rest of the World