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Increasing advancements in green and smart technology. Such factors are expected to drive market expansion soon at a CAGR of 7.2% during the forecast period 2024 to 2032

Market Research Future (MRFR) has published on the “Global Commercial HVAC Market”.


The global Commercial HVAC market is estimated to register a CAGR of 7.2% during the forecast period of 2024 to 2032.


MRFR recognizes the following companies as the key players in the global Commercial HVAC market— Panasonic, Mitsubishi Corporation, Samsung Electronics Co. Ltd., Daikin Industries Ltd., Haier Electronics Group Co. Ltd., Ingersoll Rand, Johnson Controls, AAON, Rheem Manufacturing Company, Lennox International Inc, Trane, GREE, Carrier, LG Electronics, and Midea group.


Market Highlights


The global Commercial HVAC market is estimated to register a CAGR of 7.2% during the forecast period and is estimated to reach USD  1,07,055.2 Million by 2032.


The HVAC industry is likely to experience growth in systems that consume alternative heating fuels such as electricity and hydrogen due to the rise in demand for environmentally friendly products. This trend is driven by increasing environmental awareness among consumers looking for products with green labels. Manufacturers such as Daikin and Carrier are working towards providing cleaner solutions to cater to these environmentally conscious consumers. Carrier, for example, has developed the Hybrid Heat System, which combines a heat pump with smart infinity control technology. The heat pump can switch between cost-efficient energy sources based on outdoor conditions. As the adoption of eco-friendly products increases, the HVAC control systems market is expected to continue growing. Additionally, commercial areas are increasingly shifting towards adopting smart technology due to rising consumer spending power. The growing connectivity of commercial devices, such as refrigerators and dishwashers, is driving the adoption of HVAC systems. Integrating HVAC systems with mobile is also gaining consumer acceptance, providing enhanced control, and monitoring capabilities. Cloud computing helps in putting away information, completing cycles, and running organizations utilizing web workers situated in a far-off area. It has advanced to turn into a motor of big business innovation development. In HVAC frameworks, workers for hire store different information, for example, data identified with HVAC loads, gear executed in a structure, recommendations, upkeep exercises, and others, which are made in an assortment of frameworks that are separated from one another. Procuring such information physically is lined up with the danger of information misfortune and may likewise prompt disarray. To take care of this issue, a typical stage, i.e., distributed computing, can be utilized, furnishing admittance to everybody managing the undertaking. Refreshed data in regard to the venture, customer prerequisite, and gear and controls determination should be possible effectively with a cloud stage. Similar information can be utilized for future references. Distributed computing helps in sticking to guidelines, choosing energy-proficient HVAC frameworks and controls, invest’ with information for specialists.


Segment Analysis


The global Commercial HVAC market has been segmented based on filter equipment, sales channel, components, application, and region.


Based on equipment, the global Commercial HVAC market has been segmented into Cooling Equipment, Heating Equipment, and Ventilation Equipment. The Cooling Equipment segment is estimated to grow at CAGR 7.6% during the forecast period, while in 2022, while it accounted for 53.8% share of the global Commercial HVAC market.


Based on Component, the global Commercial HVAC market has been segmented into sensors, compressors, control systems, expansion valves, evaporator coils, ventilation fan and blower units, filters, dampers, tubing/piping systems, and others. The Control Systems segment is expected to grow at CAGR 7.5% during the forecast period. In 2022, the segment held a 16.8% share of the global Commercial HVAC market.


Based on sales channels, the global Commercial HVAC market has been segmented into OEM and Aftermarket. The OEM segment is expected to grow at CAGR 7.0% during the forecast period. In 2022, the segment held a 77.2% share of the global Commercial HVAC market..


Based on applications, the global Commercial HVAC market has been segmented into Office, School & Colleges, Restaurants, Hotels, Shops, Apartment, Hospitals & Clinics, Sport Centers, Data Center/ Server Hub, Warehouses, Factories. The Shops segment is expected to grow at CAGR 6.4% during the forecast period. In 2022, the segment held a 26.0% share of the global Commercial HVAC market.


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Regional Analysis


The global Commercial HVAC market, based on region, has been divided into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America consists of US, Canada, and Mexico. The Europe global Commercial HVAC market comprises of Germany, France,  UK, Spain, and Rest of Europe. The global Commercial HVAC market in Asia-Pacific has been segmented into China, India, Japan, South Korea, and the rest of Asia-Pacific. The Middle East & Africa global Commercial HVAC market consists of Saudi Arabia, South Africa, UAE, and Rest of Middle East & Africa. The global Commercial HVAC market in South America has been segmented into Brazil, Argentina, and Rest of South America.


The Commercial HVAC market in the APAC region is experiencing substantial growth and development, with key countries such as China, Japan, South Korea, India, and the rest of APAC actively contributing to this transformation. Governments and businesses across APAC are recognizing the importance of advanced HVAC systems in enhancing indoor comfort, energy efficiency, and environmental sustainability in commercial buildings. Several factors are driving the expansion of the Commercial HVAC market in the APAC region. China, Japan, South Korea, and India are at the forefront of adopting innovative HVAC technologies. In China, cities like Shanghai and Shenzhen are incorporating IoT sensors, AI analytics, and smart grids into HVAC systems to improve energy efficiency and enhance urban living standards. Japan places a strong focus on energy efficiency and disaster management, integrating renewable energy sources, smart grids, and real-time monitoring to create resilient and sustainable cities. South Korea leverages its advanced broadband infrastructure, emphasizing connectivity and data-driven decision-making in areas like transportation and public services. India's "Smart Cities Mission" is driving the transformation of cities through sustainable development, efficient urban planning, and digital infrastructure, addressing the challenges of rapid urbanization, and enhancing citizen services. Throughout the APAC region, product launches and collaborations between technology companies, telecom operators, and governmental bodies are vital in shaping the commercial HVAC ecosystem. For instance, in September 2022, Samsung launched a new generation of commercial air conditioners that combine design innovation with best-in-class comfort cooling technology and enhanced energy efficiency. The new commercial air conditioner lineup includes the WindFreeTM 4 Way Cassette and the 360 Cassette. The WindFreeTM 4 Way Cassette is available in five different HP capacities ranging from 2HP to 6HP.


Moreover, in the North America, United States, federal, state, and local governments have introduced various incentive programs and regulations to encourage the adoption of energy-efficient HVAC systems in commercial buildings. These initiatives incentivize businesses to invest in modern HVAC technologies and implement sustainable practices. Fr instance, Federal Energy Management Program (FEMP) provides acquisition guidance for commercial central air conditioners with cooling capacities at or above a certain level. Moreover, real-time data monitoring and advanced analytics tools are becoming integral to commercial HVAC systems, allowing building owners and facility managers to make data-driven decisions. This data-driven approach leads to better HVAC system performance, optimized resource allocation, and improved cost-effectiveness. The commercial HVAC market in North America is not only evolving to meet energy efficiency standards but also adapting to changing environmental regulations and customer demands for improved indoor air quality and comfort in commercial spaces. Innovations such as variable refrigerant flow (VRF) systems, heat recovery systems, and air quality monitoring are gaining prominence in the region's commercial HVAC market, ensuring that buildings remain comfortable, efficient, and environmentally responsible.


Additionally, Smart HVAC solutions are becoming more popular in Europe. These systems use building automation and control systems to remotely monitor, predict maintenance needs, and optimize energy usage in commercial HVAC systems. This can lead to cost savings and improved indoor air quality. The European Commercial HVAC market is also shifting towards the use of environmentally friendly refrigerants to address climate change. Government incentives and regulations in Europe encourage businesses to invest in modern and sustainable HVAC technologies, reducing their long-term operational costs. For instance, The European Union (EU) has initiatives to improve energy efficiency in buildings, including commercial buildings. These initiatives include enhancing the insulation of homes and commercial buildings, ramping up electric heat-pump installation, and scaling the roll-out of rooftop solar PV. Some European countries have passed regulations to reduce energy consumption and greenhouse gas emissions. For instance, Germany has passed an Energy Saving Ordinance that requires retail stores to reduce electricity consumption for air conditioning and heating, and public buildings and monuments to go dark at 10 pm. Spain has also introduced energy-saving measures. These incentives and regulations promote the adoption of energy-efficient HVAC systems..


Furthermore, The Commercial HVAC market in the MEA region is experiencing notable growth, driven by factors such as urbanization and increasing technological advancements. As the MEA region continues to witness rapid urban development, there is a growing demand for advanced heating, ventilation, and air conditioning (HVAC) systems in commercial buildings. MEA countries are recognizing the importance of energy-efficient HVAC solutions in addressing the specific needs of commercial spaces, particularly in regions with extreme climates. The adoption of modern HVAC technologies, including high-efficiency HVAC systems, heat pumps, and advanced control systems, is becoming increasingly prevalent. These technologies not only improve indoor comfort but also contribute to energy savings and sustainability.


Additionally, In South America, businesses and organizations are recognizing the importance of energy-efficient and environmentally friendly HVAC systems. The adoption of advanced HVAC technologies, including heat pumps, variable refrigerant flow (VRF) systems, and building automation and control systems, is becoming increasingly common. These technologies not only enhance indoor comfort but also help reduce energy consumption and operational costs. One of the notable trends in the South American Commercial HVAC market is the integration of smart HVAC solutions. Building automation systems that enable remote monitoring, predictive maintenance, and energy optimization are gaining prominence, offering building owners and facility managers greater control over HVAC operations.


Key Findings of the Study



  • The global Commercial HVAC market is expected to reach USD 1,07,055.2 Million by 2032, at a CAGR of 7.2% during the forecast period.

  • The Asia-Pacific Commercial HVAC market in Asia Pacific is growing rapidly and is expected to reach USD 40,820.2 million by 2032.

  • Based on equipment type, cooling equipment segment attributed to holding the largest market in 2023.

  • Panasonic, Mitsubishi Corporation, Samsung Electronics Co. Ltd., Daikin Industries Ltd., Haier Electronics Group Co. Ltd. are key market player.

  • Based on application, the shop segment is dominating the market with a share of 25.8% in the year 2023.

  • Based on sales channel, OEM is dominating the market with a share of 76.9% in the year 2023.

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Report details
Base Year 2022
Companies Covered 15
Pages 345
Certified Global Research Member
Isomar fd.webp Wcrc 57.webp
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