Commercial HVAC Market Overview
The Commercial HVAC market size industry is projected to grow from USD 96.6 Billion in 2022 to USD 170.2 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 7.34% during the forecast period (2022 - 2030). The commercial HVAC market has experienced steady growth, driven by factors such as urbanization, industrialization, and increasing awareness of energy efficiency.
Commercial HVAC (Heating, Ventilation, and Air Conditioning) market has been a significant and dynamic industry. Keep in mind that the market conditions may have evolved since then, and it's advisable to check the latest sources for the most current information.
Various factors are fuelling the global commercial HVAC market share. As per the recent MRFR market estimates, such factors include the growing number of data centers, growing need for HVAC system to reduce energy consumption, government rebate and tax programs, growing population in urban areas, rising disposable per capita income, and increasing spending in the construction sector. The additional factors adding market growth include adoption of precision air conditioners over conventional cooling techniques, rapid industrialization and urbanization, and rise in commercial construction activities in developing countries.
Demand for HVAC systems is closely tied to the construction industry, as new commercial buildings and infrastructure projects drive the need for heating and cooling solutions. The integration of smart technologies has been a notable trend. Smart HVAC systems offer remote monitoring, control, and automation, contributing to energy savings and improved operational efficiency.
Challenges:
Challenges in the commercial HVAC market include the initial cost of high-efficiency systems, the complexity of system integration, and the need for skilled technicians for installation and maintenance.
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Commercial HVAC Key Market Players
Commercial HVAC Key Market companies includes-
· Panasonic
· Mitsubishi Corporation
· Samsung Electronics Co. Ltd
· Daikin Industries Ltd
· Haier Electronics Group Co. Ltd
· Ingersoll Rand
· Johnson Controls
· Farina Corporation
· Edison Heating and Cooling
· Lennox International Inc
Commercial HVAC Market Segmentation
Commercial HVAC Heating Type Outlook
· Heat Pump
· Furnaces
· Boilers
· Unitary Heaters
Commercial HVAC Ventilation Type Outlook
· Humidifiers
· Dehumidifiers
· Air Purifiers
· Ventilation Fans
· Air Handling Units
Commercial HVAC Implementation Type Outlook
· New Construction
· Retrofit
Commercial HVAC Cooling Equipment Outlook
· Room Air Conditioners
· Unitary Air Conditioners
· Chiller
· Coolers
· Cooling Towers
· VRF System
Commercial HVAC Application Outlook
· Large and Small Offices
· Hospitals
· Shopping Malls
· Restaurants
· Others
Commercial HVAC Regional Outlook
· North America
· Europe
· Asia-Pacific
· Rest of the World
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). Of these, the APAC region will spearhead the market over the forecast period. Increase in urbanization, government initiatives to ensure that energy-efficient HVAC systems are installed in newly constructed office buildings, growing industrialization, and commercial construction in countries like Indonesia, Australia, and India are adding to the global commercial HVAC market growth over the forecast period.
In North America, the global commercial HVAC market is predicted to hold the second-largest share over the forecast period due to use of energy-efficient cooling systems and rising average construction spending are adding to the global commercial HVAC market growth in the region. The US holds the utmost market share.
Commercial HVAC Industry Developments
May 2022 - Mitsubishi Electric Corporation:
Mitsubishi Electric Corporation announced a significant investment of 113 million USD in a new facility at Mitsubishi Electric Air Conditioning Systems Manufacturing Turkey Joint Stock Company (MACT). This investment is directed towards their Turkish air-conditioner production base.
The investment is specifically for a new facility at MACT, emphasizing the importance of the Turkish market for Mitsubishi Electric's air-conditioning systems. MACT serves as Mitsubishi Electric's air-conditioner production base in Turkey. This strategic move may be aimed at meeting the growing demand for HVAC systems in the region or optimizing production efficiency.
September 2022 - Samsung Electronics:
Samsung Electronics revealed plans to develop breakthrough technologies to cater to various corporate demands in the commercial HVAC sector. The announcement included the introduction of specific models designed for different commercial settings. Samsung Electronics expressed its commitment to creating breakthrough technologies, suggesting a focus on innovation within the HVAC sector to meet evolving corporate demands.
New HVAC Models: Samsung introduced new HVAC models, including the WindFreeTM 4-Way Cassette, 360 Cassette, and 1-Way Commercial Air conditioner. These models are designed for specific applications, such as hotels, apartment complexes, office spaces, and commercial buildings. The mention of various commercial applications indicates Samsung's intention to offer HVAC solutions that cater to a wide range of settings, emphasizing versatility and adaptability.
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