Commercial HVAC Market Analysis
Commercial HVAC Market is projected to be worth USD 170.2 Billion, registering a CAGR of 7.34% during the forecast period (2023 - 2030). A commercial HVAC system has been designed to control the cooling and heating in commercial buildings. It also helps in filtering and cleaning indoor air for maintaining humidity levels.
Our Market Overview and Regional Analysis provide an understanding of the industries, companies and products within the market. Our Trends section provides an analysis of how the market is currently performing and looks set to perform in the future. Our Growth Forecast section gives you an idea about how our Market Analysis works, by giving us further details on how we can build our Market Forecast model for a particular domain within this report. Lastly, in our Metrics section we outline important data points relating to each of these sections as well as our current forecasted price range.
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COVID-19 Analysis
The commercial HVAC market has been negatively impacted by the pandemic. Governments of different countries have implemented lockdown that has resulted in the shutdown of factories in different provinces and cities in the world thus resulting in predictions of sharp slowdown in the output from commercial to industrial sector. The construction industry worldwide once thriving with growing investments has been impacted adversely by the suspension of construction activities owing to the ongoing pandemic. Besides, shortage of labors and prospective supply chain bottlenecks of equipment and materials is likely to cause project delays in the ongoing funded projects that may cause reduced spending in the years ahead.
Market Segmentation
The MRFR report throws light on an inclusive segmental analysis of the global commercial HVAC market based on application, implementation type, cooling equipment, ventilation equipment, and heating equipment.
By heating equipment, the global commercial HVAC market is segmented into unitary heaters, boilers, furnaces, and heat pumps. Of these, heat pumps will lead the market over the forecast period for its efficient cooling and heating functions and the capability to heat water.
By ventilation equipment, the global commercial HVAC market is segmented into air handling units, ventilation fans, air filters, air purifiers, dehumidifiers, and humidifiers. Of these, the air handing segment will dominate the market over the forecast period.
By implementation type, the global commercial HVAC market is segmented into retrofit and new construction. Of these, the new construction segment will spearhead the market over the forecast period.
By cooling equipment, the global commercial HVAC market is segmented into VRF system, cooling towers, coolers, chiller, unitary air conditioners, and room air conditioners.
By application, the global commercial HVAC market is segmented into restaurants, shopping malls, hospitals, large and small offices, and others. Of these, the large and small offices will spearhead the market over the forecast period.
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Regional Analysis
By region, the global commercial HVAC market covers the recent trends and growth opportunity across Europe, the Asia Pacific (APAC), North America, and Rest of the World (RoW).
Key Players
The notable players profiled in the global commercial HVAC market report include Danfoss (Denmark), Hitachi, Ltd. (Japan), Panasonic (Japan), AAON (US), Rheem Manufacturing Company (US), Lennox International Inc. (US), Edison Heating and Cooling (US), Farina Corporation (US), Johnson Controls (US), Ingersoll Rand (Ireland), Haier Electronics Group Co. Ltd (China), Daikin Industries Ltd (Japan), Samsung Electronics Co., Ltd (South Korea), Mitsubishi Corporation (Japan), and United Technologies Corporation (US), among others.
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