Commercial HVAC Market Size, Share Report 2020-2024 | Top Manufacturers are Mitsubishi Corporation, United Technologies, Johnson Controls, Danfoss, Edison Heating and Cooling, Samsung Electronics Co., Ltd, Daikin Industries Ltd Etc.

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. 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.

Commercial HVAC is an essential part of large office buildings, such as large commercial complexes, hospitals, shopping malls, and restaurants. It helps provide acceptable indoor air quality in commercial environments. Several new technologies, including variable refrigerant flow (VRF), is ganing immense demand as it is more energy efficient. Moreover, government measures to reduce electricity cost and consumption is leading to increase in the adoption of new HVAC systems in newly constructed buildings.

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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).

Global Commercial HVAC Market Segmental Analysis

The global commercial HVAC market has been segmented based on heating equipment, ventilation equipment, cooling equipment, implementation type, application, and region.

On the basis of heating equipment, the global market has been segmented into heat pump, furnaces, boilers, and unitary heaters. The heat pump segment is the largest segment in the market due to its ability to perform both, space cooling and heating functions, while also being able to heat water.

On the basis of implementation type, the global commercial HVAC market is divided into new construction and retrofit. The new construction segment is expected to dominate the commercial HVAC market, owing to the increase in urbanization, which has led to the demand for smart buildings that require efficient HVAC equipment.

On the basis of application, the global market is segmented into large & small offices, hospitals, shopping malls, restaurants, and others. The large & small offices segment is expected to dominate the commercial HVAC market during the forecast period.

Regional Analysis

On the basis of region, the global commercial HVAC market has been segmented into Asia-Pacific, North America, Europe, and the rest of the world.

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.

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.

The growth of the commercial HVAC market in Asia-Pacific is driven by many factors including the increasing investments in the construction industry, resulting in the development of power infrastructure in emerging countries, such as Australia, China, Thailand, and India. Moreover, market players such as Samsung Electronics Co., Ltd, Daikin Industries Ltd, and Mitsubishi Corporation have signed contracts with industries to provide HVAC equipment and necessary solutions.

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