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Commercial HVAC Market Research Report By Heating Type (Heat Pump, Furnaces, Boilers, and Unitary Heaters), By Ventilation Type (Humidifiers, Dehumidifiers, Air Purifiers, Ventilation Fans, and Air Handling Units), By Cooling Equipment (Room Air Conditioners, Unitary Air Conditioners, Chiller, Coolers, Cooling Towers and VRF System), By Implementation Type (New Construction and Retrofit) By Application (Large And Small Offices, Hospitals, Shopping Malls, Restaurants), And By Region – Forecast 2030


ID: MRFR/IA - E/6497-HCR | 111 Pages | Author: Chitranshi Jaiswal| April 2024

Commercial HVAC Market Overview


The Commercial HVAC Market Size was valued at USD 87.4 Billion in 2021. The Commercial HVAC market industry is projected to grow from USD 96.6 Billion in 2022 to USD 170.2 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 7.34% during the forecast period (2024 - 2030). A commercial HVAC system is used to regulate the temperature of a building's interior. It also aids in the filtration and cleaning of indoor air to maintain humidity levels. When compared to domestic HVAC systems, commercial HVAC systems are larger. The thermostats, dampers, condenser fans, compressors, evaporators, and blowers are all part of a commercial HVAC system. The rising number of data centers, the rising need for HVAC systems to reduce energy usage, and government tax and rebate programs are all propelling the market forward. Furthermore, factors such as urbanization and rising disposable per capita income are propelling the worldwide market forward.



Source Secondary Research, Primary Research, MRFR Database, and Analyst Review


Commercial HVAC Market Trends


The rising number of data centers boosts the market growth


The development of the commercial HVAC industry is the increase in the number of data centers. Highly sensitive electronic components are found in data centers, where the temperature, humidity, ventilation, and cleanliness must be regularly maintained to avoid the breakdown of vital machinery. A data center's HVAC systems are a necessary component, and cooling systems contribute significantly to overall operating expenses. The considerable quantity of heat generated by the machinery and equipment in data centers has also caused an increase in the number of data centers throughout the world. Additionally, data center administrators may guarantee that server rooms are maintained at the proper temperature and humidity with the use of powerful HVAC systems.


Commercial HVAC Market Segment Insights


Commercial HVAC Heating Type Insights


The market segmentation, based on Heating Type, includes Heat pumps, Furnaces, Boilers, and Unitary Heaters. The Heat Pump segment held the majority share in 2021. The growth of the segment is attributed to the rising demand for energy-efficient and environment-friendly HVAC systems. In addition, the growing construction industry is another major factor driving the growth of the heat pump segment.


Commercial HVAC Ventilation Type Insights


Based on Ventilation Type, the market segmentation includes Humidifiers, Dehumidifiers, Air Purifiers, Ventilation Fans, and Air Handling Units. The Air Handling Units segment is projected to be the faster-growing segment during the forecast period, 2022-2030. The growing demand for air handling units is being driven by the need for energy-efficient and cost-effective HVAC solutions. Air handling units offer many advantages over other types of HVAC systems, including better energy efficiency, lower operating costs, and improved indoor air quality.


Commercial HVAC Implementation Type Insights


Based on the Implementation Type, the market segmentation includes Room Air Conditioners, Unitary Air Conditioners, chillers, Coolers, Cooling Towers, and VRF systems. The Chiller segment dominated the Commercial HVAC market growth in 2021 and will continue to be the fastest-growing segment in the coming years. Increasing demand for new office buildings and data centers is further boosting the growth of this market.


Commercial HVAC Cooling Equipment Insights


Based on Cooling Equipment, the market segmentation includes New Construction and Retrofit. The New Construction segment dominated the market in 2021. The growing demand for energy efficient buildings and increasing adoption of integrated building management systems in new constructions are expected to boost the commercial HVAC market growth during the forecast period.


Commercial HVAC Application Insights


Based on Application, the market segmentation includes Large And Small Offices, Hospitals, Shopping Malls, Restaurants, and Others. The Shopping Malls segment dominated the market in 2021. With the increasing demand for improved shopping facilities. Furthermore, the rise in the retail sector is likely to benefit the market growth in the commercial HVAC market.


Figure 2: Commercial HVAC Market, by Application, 2023 & 2030 (USD Million)


Commercial HVAC Market, by Application, 2021 & 2030


Source Secondary Research, Primary Research, MRFR Database, and Analyst Review


Commercial HVAC Regional Insights


By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific holds the largest share of the market due to the increase in urbanization and government initiatives to ensure that energy-efficient HVAC systems are installed in newly constructed office buildings. Similarly, the growing industrialization and commercial construction in countries such as India, Australia, and Indonesia would drive the growth of the market in Asia-Pacific.


Figure 3: Commercial Hvac Market Share By Region 2021 (%)


Commercial Hvac Market Share By Region


Source Secondary Research, Primary Research, MRFR Database, and Analyst Review


North America is expected to be the second-largest market for the commercial HVAC industry. The US is expected to dominate the market in North America, owing to the rising average construction spending and use of energy-efficient cooling systems.


Commercial HVAC Key Market Players & Competitive Insights


Major market players are spending a lot of money on R&D to increase their product lines, which will help the market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Commercial HVAC industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.


Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the Commercial HVAC industry to benefit customers and expand the market sector. The market has recently given medicine some of the most important advantages. Major market players, including Mitsubishi Corporation, Samsung Electronics Co. Ltd, Daikin Industries Ltd, Haier Electronics Group Co. Ltd, and others, are attempting to increase market demand by funding R&D initiatives.


Daikin Industries is a multinational air conditioning equipment company that also operates in the chemicals, oil hydraulics, defense, and electronics industries. Air conditioning systems for rooms, offices, buildings, and factories, as well as air purifiers, heat-pump hot-water supply, and room-heating systems, absorption refrigerators, air-processing units, freezers, and other goods, are developed, manufactured, and sold by the firm. Fluorocarbons, fluoroplastics, fluoro coating agents, semiconductor products, medicines, and dry air providers are among its chemical goods. Daikin also offers oil hydraulics goods such as pumps, valves, cooling equipment, lubrication units, and defense-related products.


Mitsubishi Corporation is a multi-industry trading business. It brings together eleven corporate groups that work in the natural gas, industrial materials, petroleum and chemicals, mineral resources, industrial infrastructure, automotive and mobility, food industry, consumer industry, power solution, and urban development sectors. The corporation conducts trade project development, production, and manufacturing activities.


List of the Key Companies in the Commercial HVAC Market Includes



  • Panasonic

  • Mitsubishi Corporation

  • Samsung Electronics Co. Ltd

  • Daikin Industries Ltd

  • Haier Electronics Group Co. Ltd

  • Ingersoll Rand

  • Johnson Controls

  • Farina Corporation

  • Edison Heating and Cooling

  • Lennox International Inc


Commercial HVAC Industry Developments


May 2022 Mitsubishi Electric Corporation announced a 113 million USD investment in a new facility at Mitsubishi Electric Air Conditioning Systems Manufacturing Turkey Joint Stock Company (MACT), the company's Turkish air-conditioner production base.


September 2022 Samsung Electronics announced plans to create breakthrough technologies to meet a variety of corporate demands. Models include the WindFreeTM 4-Way Cassette, 360 Cassette, and 1-Way Commercial Air conditioner, which are perfect for hotels, apartment complexes, office spaces, and commercial buildings.


Commercial HVAC Market Segmentation


Commercial HVAC Heating Type Outlook




  • Heat Pump




  • Furnaces




  • Boilers




  • Unitary Heaters




Commercial HVAC Ventilation Type Outlook




  • Humidifiers




  • Dehumidifiers




  • Air Purifiers




  • Ventilation Fans




  • Air Handling Units




Commercial HVAC Implementation Type Outlook




  • New Construction




  • Retrofit




Commercial HVAC Cooling Equipment Outlook




  • Room Air Conditioners




  • Unitary Air Conditioners




  • Chiller




  • Coolers




  • Cooling Towers




  • VRF System




Commercial HVAC Application Outlook




  • Large and Small Offices




  • Hospitals




  • Shopping Malls




  • Restaurants




  • Others




Commercial HVAC Regional Outlook




  • North America

    • US

    • Canada




  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe




  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific




  • Rest of the World

    • Middle East

    • Africa

    • Latin America



Report Attribute/Metric Details
Market Size 2021 USD 87.4 Billion
Market Size 2022 USD 96.6 Billion
Market Size 2030 USD 170.2 Billion
Compound Annual Growth Rate (CAGR) 7.34 % (2024-2030)
Base Year 2023
Market Forecast Period 2024-2030
Historical Data 2018 & 2023
Market Forecast Units Value (USD Million)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Heating Type, Ventilation Type, Implementation Type, Cooling Equipment, Application, and Region
Geographies Covered North America, Europe, Asia Pacific, and Rest of the World
Countries Covered The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled Panasonic, Mitsubishi Corporation, Samsung Electronics Co. Ltd, Daikin Industries Ltd, Haier Electronics Group Co. Ltd, Ingersoll Rand, Johnson Controls, Farina Corporation, Edison Heating and Cooling, Lennox International Inc.
Key Market Opportunities Innovative technologies to supply low-cost energy Developing technologies to make energy more affordable
Key Market Dynamics Increasing demand for an HVAC system to reduce energy consumption Government tax and rebate programs


Frequently Asked Questions (FAQ) :

The Commercial HVAC market size was valued at USD 87.4 Billion in 2021.

The market is projected to grow at a CAGR of 7.34% during the forecast period, 2024-2030.

North America had the largest share of the market.

The key players in the market are Panasonic, Mitsubishi Corporation, Samsung Electronics Co. Ltd, Daikin Industries Ltd, Haier Electronics Group Co. Ltd, Ingersoll Rand, Johnson Controls, Farina Corporation, Edison Heating and Cooling, Lennox International Inc.

The Heat Pump category dominated the market in 2021.

New Construction had the largest share in the market for Commercial HVAC.

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