Commercial HVAC Market Projected to Hit USD 142.97 Billion at a 6.86% CAGR by 2027 – Report by Market Research Future (MRFR)
Commercial HVAC Industry Growth Boost by Increase in Data Centers and Technology Advancements
New York, US, Dec. 12, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Commercial HVAC Market Research Report: Information by Heating Type, by Ventilation Type, by Cooling Equipment, by Implementation Type and by Application and by Region – Forecast till 2030”, the global commercial HVAC market will touch USD 142.97 billion at a 6.86% CAGR by 2027.
Commercial HVAC Market Growth Drivers
One of the eminent factors promoting the expansion of the commercial HVAC market is the increase in the number of data centers. Highly sensitive electronic components are found in data centers, where it is crucial that the temperature, humidity, airflow, and cleanliness are all consistently maintained to avoid the failure of vital machinery. A data center’s HVAC systems are a necessary component, and cooling systems contribute significantly to overall operating costs.
- Prominent players in the global commercial HVAC market report comprise,
- Daikin Industries Ltd (Japan)
- United Technologies Corporation (US)
- Lennox International Inc. (US)
- Mitsubishi Corporation (Japan)
- Haier Electronics Group Co. Ltd (China)
- Samsung Electronics Co. Ltd (South Korea)
- Rheem Manufacturing Company (US)
- Ingersoll Rand (Ireland)
- Hitachi Ltd. (Japan)
- Johnson Controls (US)
- Danfoss (Denmark)
- Farina Corporation (US)
- AAON (US)
- Edison Heating and Cooling (US)
- Panasonic (Japan)
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Need to Manage Heat Dissipations to offer Robust Opportunities
The demand for controlling large amounts of heat dissipation by machinery and equipment is boosting the commercial HVAC market.
Commercial HVAC Market Restraints
High Cost of Installation and Maintenance to act as Market Restraint
The high price of installation & maintenance of commercial HVAC will remain as a market restraint in the forecast period.
Commercial HVAC Market Challenges
High Energy Consumption to act as Market Challenge
The high energy consumption of commercial HVAC and also other operational challenges may act as market challenges over the forecast period.
|Industry Size by 2030
|2027: USD 142.97 billion
|CAGR during 2022-2030
|Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
|Key Market Opportunities
| Innovative technologies to supply low cost energy
Developing technologies to make energy more affordable
|Key Market Drivers
| Rising number of data centers
Increasing demand for HVAC system to reduce energy consumption
Government tax and rebate programs
Growing population in urban areas
Rising disposable per capita income
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Commercial HVAC Market Segmentation
The global commercial HVAC market has been bifurcated based on heating type, ventilation type, cooling equipment, implementation type, and application.
Based on heating type, heat pump will steer the market in the forecast period. A heat pump aids in the movement of heat from one location to another. Due to their effective heating, cooling, and water heating capabilities, heat pumps are becoming more and more popular in HVAC systems.
Based on ventilation type, air handling units will have the lions share in the market in the forecast period.
Based on cooling equipment, the commercial HVAC market is bifurcated into chiller, room air conditioners, coolers, unitary air conditioners, VRF system, and cooling towers.
Based on implementation type, new construction will lead the market in the forecast period.
Based on application, large & small offices will domineer the market in the forecast period because updated HVAC systems are required to meet energy-efficiency standards in the office spaces and guarantee a decrease in the consumption of water and electricity.
COVID-19 Impact on Commercial HVAC Market
The pandemic has possessed a negative effect on the commercial HVAC market. Governments from various nations have enacted lockdown, which has caused factories to close in various provinces and cities around the globe, leading to predictions of sharp slowdowns in the output from the commercial to industrial sector. The suspension of construction activities due to the ongoing pandemic has had a negative impact on the once-thriving construction industry globally with growing investments. Additionally, the ongoing funded projects are likely to experience project delays due to labor shortages and potential equipment and material supply chain bottlenecks, which could result in lower spending in the years to come.
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Commercial HVAC Market Regional Analysis
APAC to Sway Commercial HVAC Market
Due to rising urbanization and government initiatives to ensure that energy-efficient HVAC systems are installed in newly built office buildings, Asia-Pacific currently holds the largest market share. In a similar vein, the expansion of the Asia-Pacific market would be fueled by the growing industrialization and commercial construction in nations like Indonesia, Australia, and India. With a 42% share of the global market, APAC is currently in charge. The demand for commercial HVAC systems in the area is rising as a result of the expansion of smart cities and the real estate sector.
Significant investments are being made in the market for building airports, flood control, seaports, railroads, & mass transit systems, which is driving up demand for energy-efficient systems and technologies to create a sustainable living environment. Additionally, the expansion of commercial spaces like shopping malls, amusement parks, and business parks in APAC will support the expansion of the local market.
The Asia Pacific region is likely to expand quickly during the anticipated period. The market for commercial HVAC is expanding because of the region’s fast economic development and rising urban population. Another important factor influencing the sales of HVAC equipment is the rise in disposable incomes in emerging economies. Due in massive part to the expansion of the construction sector, rapid industrialization, and demand for energy-efficient HVAC systems, Asia-Pacific held the largest share of the commercial HVAC market. During the forecast period, the region is anticipated to have the fastest growing market.
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Additionally, factors like rising renewable resource influx in the energy mix, government mandates on energy efficiency, rising power consumption, and better power provisions for rural areas in Asia-Pacific are propelling market growth. Due to increasing government initiatives to ensure energy-efficient HVAC systems are installed in new buildings and the rising popularity of inverter-based air conditioner systems, China is predicted to hold the largest share of the Asia-Pacific market during the forecast period. The need for infrastructure development and rapid urbanization is also driving growth in nations like Japan, India, and Australia.
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