Global Commercial HVAC Market Scenario:
The global Commercial HVAC Market is expected to exhibit a strong 6.86% CAGR over the forecast period from 2019 to 2024, according to the latest research report from Market Research Future (MRFR). The global commercial HVAC market is expected to reach a valuation of USD 130.25 billion by 2024, rising upon the market’s 2018 valuation of USD 93.5 billion.
The report presents a comprehensive overview of the global commercial HVAC market’s historical growth trajectory and current statistics. Based on this databank, studied projections are made for the market’s future growth over the forecast period. The major drivers and restraints affecting the market are profiled in detail in the report.
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The major players operating in the global commercial HVAC market are also profiled in detail in the report. The report also looks at the impact of the COVID-19 pandemic on the global commercial HVAC market. Commercial HVAC units are used to manage the air conditioning needs of commercial spaces. These units are usually larger than residential HVAC units, as they need to handle a larger volume of HVAC operations than in residential applications. A commercial HVAC system comprises components such as thermostats, compressors, dampers, evaporators, condenser fans, and blowers. There are three major categories of commercial HVAC systems: Single split systems, multi split systems, and VRF and VRV systems. Smaller commercial spaces are usually serviced by single split systems, as they are affordable and appropriate for small spaces. Larger commercial spaces may employ multi split or VRF and VRV systems in order to accommodate the larger volume of air conditioning required in larger commercial spaces.
Growing construction of office spaces and other commercial construction projects in emerging regions such as Asia Pacific and the Middle East is the major driver for the global commercial HVAC market over the forecast period. As urbanization has continued in developing countries such as China, India, South Korea, the UAE, and Mexico, the number of office spaces in urban conglomerations has grown rapidly over the last few years. Growing urbanization in these and other developing countries is likely to create a need for more office spaces in the coming years, as more and more urban jobs are created to accommodate the growing urban population. This is likely to be a major driver for the global commercial HVAC market over the forecast period. The growing food service industry is also a major driver for the global commercial HVAC market, as this is likely to manifest in increasing numbers of restaurants in developing areas over the forecast period. This is likely to lead to a growing demand for effective commercial HVAC units over the forecast period, driving the market at a stable growth rate.
Leading players in the global commercial HVAC market include Danfoss, Hitachi Ltd., Panasonic, AAON, Rheem Manufacturing Company, Lennox International Inc., Edison Heating and Cooling, Farina Corporation, Johnson Controls, Ingersoll Rand, Haier Electronics Group Co. Ltd., Daikin Industries Ltd., Samsung Electronics Co. Ltd., Mitsubishi Corporation, and United Technologies Corporation.
The global commercial HVAC market is segmented on the basis of heating equipment, ventilation equipment, cooling equipment, implementation type, application, and region.
By heating equipment, the global Commercial HVAC Industry is segmented into heat pump, furnaces, boilers, and unitary heaters.
By ventilation equipment, the global commercial HVAC market is segmented into humidifiers, dehumidifiers, air purifiers, air filters, ventilation fans, and air handling units.
By cooling equipment, the global commercial HVAC market is segmented into room air conditioners, unitary air conditioners, chillers, coolers, cooling towers, and VRF systems.
By implementation type, the global commercial HVAC market is segmented into new construction and retrofit.
By application, the global commercial HVAC market is segmented into large and small offices, hospitals, shopping malls, restaurants, and others.
Asia Pacific holds the largest share in the global commercial HVAC market due to the growing commercial construction in developing APAC countries such as China, India, South Korea, Indonesia, and Thailand, among others.
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