Commercial HVAC Market worth USD 142.97 billion by 2027,
New York, July 23, 2021 (GLOBE NEWSLETTER) — Commercial HVAC Market Overview: According to a comprehensive research report from Market Research Future (MRFR), “Commercial HVAC Market Research report, type of heating, type of ventilation, cooling equipment, type of execution, application and region – forecast to 2027” the market size is expected to be worth USD 142.97 billion by 2027, growing at a CAGR of 6.86% during the forecast period (2021 – 2027). The market was valued at USD 97.31 billion in 2020.
In 2020, the outbreak of COVID-19 has had an adverse effect on the market as sales of commercial HVAC products have fallen rapidly. Governments of several countries have imposed a lockdown that has led to the closing of factories in numerous cities and provinces around the world, leading to predictions of a sharp slowdown in output from the commercial sector to the industrial sector. The construction industry, which once thrived with high investment, has been negatively impacted by the suspension of construction activities due to the ongoing pandemic. In addition, labor shortages and potential bottlenecks in the equipment and materials supply chain are likely to lead to delays in ongoing funded projects that could lead to lower spending in upcoming projects. All of this will impact market growth over the forecast period.
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Eminent players profiled in the global commercial HVAC industry report include-
- United Technologies Corporation (US)
- Mitsubishi Corporation (Japan)
- Samsung Electronics Co. Ltd (South Korea)
- Daikin Industries Ltd (Japan)
- Haier Electronics Group Co. Ltd (China)
- Ingersoll Rand (Ireland)
- Johnson Controls (US)
- Farina Corporation (US)
- Edison heating and cooling (US)
- Lennox International Inc. (US)
- Rheem Manufacturing Company (US)
- AAON (US)
- Panasonic (Japan)
- Hitachi Ltd. (Japan)
- Danfoss (Denmark)
The global commercial HVAC market is fragmented and also competitive due to the presence of several international and domestic key players. These players have built in innovative strategies to stay at the forefront and also meet the fast-growing customer demand, including collaborations, contracts, partnerships, joint ventures, geographic expansions and new product launches, and more.
Browse the in-depth market research report (111 pages) on Commercial HVAC
Air Rover has launched building block air purification modules for commercial HVAC new builds and retrofits. The modules can be used individually or in combinations, depending on customer needs and building configuration. The technologies in the APS Inline modules are UL listed, certified and meet ASHRAE, OSHA and CDC guidelines for commercial buildings, including medical environments.
Commercial HVAC Market Drivers/Commercial HVAC Market Trends
Emerging technologies to drive market growth
Emerging technologies such as automated control systems, remote access and IoT are the rendering factors that help automatically detect and control the temperature or fan speed for maximum comfort. This will contribute to the global commercial HVAC market value over the forecast period.
Growing Foodservice Industry to Provide Robust Opportunities
The growing food service industry will present robust opportunities to the market over the forecast period as it is likely to manifest in an increasing number of restaurants in developing areas.
High installation to act as market restraint
The high installation and maintenance costs will act as a market constraint during the forecast period.
High energy consumption to act as market challenge
High energy consumption and other operational challenges could affect the global commercial HVAC market share during the forecast period.
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By heating equipment, the heat pump segment will lead the market over the forecast period due to its efficient heating and cooling functions and ability to heat water. Heat pumps help transfer heat from one point to another.
- Through ventilation equipment
Ventilation equipment will allow the air handling segment to dominate the market over the forecast period.
By application, the large and small office segment will lead the market during the forecast period and at a high CAGR.
By refrigeration equipment, the commercial HVAC market is segmented into VRF systems, cooling towers, chillers, chillers, unitary air conditioners, and room air conditioners.
Through implementation, the new construction segment will have the lion’s share in the market over the forecast period.
APAC remains dominant in commercial HVAC market
The Asia-Pacific region will continue to dominate the market over the forecast period. Construction industry growth, need for energy efficient HVAC systems, rapid industrialization, increased power consumption, growing influx of renewables into the energy mix, government mandates on energy efficiency, better power supply facilities for rural areas, increasing adoption in China for the increasing government measures to ensure energy efficient HVAC systems are installed in new buildings and the increasing adoption of inverter based air conditioner systems are contributing to the global commercial HVAC market growth in the region. In addition, increasing growth in Australia, India and Japan for rapid urbanization and infrastructural development, rising disposable income, awareness about energy efficient products, rising real estate sector, growing population, the advent of smart buildings, government initiatives that endorse the use of energy and cost-efficient systems, the presence of the largest consumers, the presence of companies offering low-cost equipment in China and neighboring countries, and increasing construction activity are also driving market growth.
Segmentation of the market covered in the study:
Information by heating type (heat pump, furnaces, boilers and unit heaters), by ventilation type (humidifiers, dehumidifiers, air purifiers, ventilation fans and air handling units), by cooling equipment (room air conditioners, unit air conditioners, chillers, chillers, cooling towers and VRF system), by implementation type ( new construction and retrofit) and by application (large and small offices, hospitals, shopping malls, restaurants and others) and by region (North America, Europe, Asia-Pacific and rest of the world)
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