Global Commercial HVAC Market Expected to Reach USD 1,98,063.0 Million by 2031

According to a recent market study published by Growth Market Reports, titled, “Global Commercial HVAC Market”, by Type (Packaged HVAC System, Split HVAC System), by Function (Heating, Cooling and Ventilation), by Equipment (Heat Pumps, Furnaces, Air Purifiers, Air Handling Units, Unitary Air Conditioners, Variable Refrigerant Flow System, and Others), by End-use (Hospitals, Shopping Malls, Restaurants & Hotels, Offices, Others), by Installation (New Construction and Retrofit), and Region (North America, Asia Pacific, Europe, Latin America, and Middle East & Africa): Size, Share, Trends and Opportunity Analysis, 2016-2031”, the market was valued at USD 1,20,445.0 Million in 2022 and is projected to expand at a growth rate of 5.8% by 2031.

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As per Growth Market Reports industry analyst, the global commercial HVAC market is anticipated to register significant growth during the forecast period, 2022-2030. The commercial construction sector is rapidly expanding, due to the rising industrialization and urbanization. Demand for HVAC systems in commercial buildings is driven primarily by the surge in commercial construction activities. This market has registered significant growth in recent years, due to rapid urbanization, population growth, and industrialization in developing economies such as China, India, and Saudi Arabia.

Increasing number of passengers, opening of lockdowns, and societies returning to normal after the COVID-19 pandemic are propelling the tourism sector. This is boosting the global commercial HVAC market.

Commercial HVAC refers to anything that involves heating, cooling, and ventilating large commercial properties, such as office buildings, shopping malls, retails spaces, hospitals, and schools & universities. Commercial HVAC systems differ from its residential counterpart in terms of size, capacity, and operational complexity. A commercial HVAC system is a complex combination of heating, ventilation, and air conditioning systems. These systems provide and control the temperature, humidity, and air quality of commercial spaces. These systems are generally powered by electricity, natural gas, or other fuels. It aims to maintain a comfortable and healthy indoor environment for commercial buildings.

Commercial HVAC systems are gradually becoming affordable, owing to technological advancements and integration of smart manufacturing techniques. Rising demand for technologically advanced systems provide growth opportunities in the commercial HVAC market.

Primary as well as secondary research methodology is used for keen observation and study of the commercial HVAC market. The primary research methodology involves commercial agreements made with the primary respondents as well as consulting partners to extract critical information pertaining to the syndicated as well as consulting projects. Primary interviews were conducted with the stakeholders across industry verticals at regular intervals in line with the ongoing studies to be updated with the latest market trends & developments. Validation of the estimated market size and current and future trends is done by the key opinion leaders (KOLs). These KOLs are the CXO level people from key companies in the industry and possess experience of around 10-20 years in the industry. The secondary research methodology involves exhaustive desk research undertaken to understand the prevailing market trends & dynamics, market competition, customer insights, and other KPIs. Company websites, their SEC filings, annual reports, broker & financial reports, and investor presentations are scanned for understanding the competitive scenario, details and developments, and the overall competitive landscape. Regional government and statistical databases are analyzed for macro & micro analysis. Research publications and paid data are referred to obtain and validate the market estimations, budget, expenditure, and other statistical insights.

The COVID-19 pandemic has highlighted economic disparities in the global demand in the crises of global interdependence and governance challenges. Pandemics are isolated concerns for businesses and prospects for emerging patterns and vulnerabilities. Strict measures are required for monitoring the situation, which, in turn, affects businesses, causing unanticipated short and long-term effects. Consequently, epidemics and pandemics are problems for the individual market and an enhancement of existing dynamics and limitations. In the long-term, COVID-19 serves as an opportunity for manufacturers to reconsider their commitment to the supply chain in regions prone to outbreaks and to reconfigure themselves regionally. The pandemic restricted the supply of commercial HVAC systems, owing to severe disruptions in businesses and the supply chain. This declined the global economy and hampered the potential effects of the prolonged conflict between Russia and Ukraine and uncertainty in the countries in Eastern Europe.

Key Takeaways from the Study:

• Key market players include Carrier, DAIKIN INDUSTRIES, Ltd., Danfoss, Haier A/C., Honeywell International Inc., Johnson Controls, Lennox International Inc., LG Electronics U.S.A., Inc., Trane, Samsung, and others.

• Based on type, the global commercial HVAC market is bifurcated into packaged HVAC system and split HVAC system. The split HVAC system is further bifurcated into ducted split system and ductless split system. The packaged HVAC system segment is dominating the market, owing to its versatile properties and ease of maintenence. It is extensively used in big commercial spaces, such as retail centers or shopping malls, office buildings, and others. Packaged units are generally assembled in commercial buildings, due to its high efficiency. These systems are easy to install and maintain than split systems.

• Based on function, the global commercial HVAC market is segmented into heating, cooling, and ventilation. Space cooling is a significant factor in commercial spaces, especially in regions or countries with high temperatures. In moderately hot outdoor temperatures, air conditioners systems provide energy-efficient cooling, using only electricity. Air conditioners circulate and filter air, removing pollutants and mold from the air.

• On the basis of equipment, the global commercial HVAC market is categorized as heat pumps, furnaces, air purifiers, air handling units, unitary air conditioners, variable refrigerant flow system, and others. The unitary air conditioner segment is dominating the market. Demand for commercial HVAC systems is growing significantly, due to the rising commercial construction sector. Rising population in developing economies leads to the rise in employment and spaces for offices and other retail centers. This factor contributes to the growth of this segment.

• Based on end-use, the global commercial HVAC market is differentiated into hospitals, shopping malls, restaurants & hotels, offices, and others. Commercial buildings like offices and retail shopping centers largely consumes HVAC system to maintain the climate clean and healthy environment condition for customers and employees. Packaged HVAC systems are largely employed in these buildings as they are easy to install and maintain.

• Based on installation, the global commercial HVAC market is differentiated into new construction and retrofit. Commercial buildings or spaces prefer the replacement of inside equipment and components rather than changing the whole packaged system. It is cheaper to install and also easy to maintain which avoid labor work as well.

Report Scope:

Target Audience:

• Supply Side: Raw material suppliers and Manufacturers

• Demand Side: Office building owners, retail shopping centers, and schools & universities.

• Regulatory Side: Concerned government authorities and other regulatory bodies.