NEW YORK, Nov. 24, 2022 /PRNewswire/ — The commercial HVAC market size is projected to grow by USD 22.09 billion, accelerating at a CAGR of 4.2% between 2021 and 2026. The market will observe strong growth in APAC during the forecast period. The report provides a comprehensive analysis of the market size, current market scenario, regional growth opportunities, major revenue-generating segments, product launches, and successful growth strategies adopted by key vendors. Understand how the purchase of the report can have a direct impact on your revenue. Download a Free PDF Report Sample
Technavio has announced its latest market research report titled Global Commercial HVAC Market
Regional Analysis
APAC is currently the dominating region, occupying 42% of the global market share. The rising number of smart cities and the growth of the real estate industry are increasing the demand for commercial HVAC systems in the region. The market is also witnessing significant investments in the construction of airports, seaports, flood control, railways, and mass transits, which is creating the demand for energy-efficient systems and technologies to provide a sustainable living environment. Furthermore, the proliferation of commercial spaces such as shopping complexes, entertainment centers, and business parks in APAC will contribute to the growth of the regional market.
Major Revenue-generating Segment
Based on the application, the market is analyzed across equipment and services segments. The market growth will be significant in the equipment segment during the forecast period. The rising issues with regard to air quality, such as low IAQ levels, are projected to have a huge impact on the health, cognitive skills, and productivity of people. Growing concerns over such conditions are increasing the demand for ventilation equipment, especially in the residential sector. The segment growth will also be benefitted from stringent government regulations regarding carbon emissions and the maintenance of air quality in the commercial and residential sectors.
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Key Growth Driver
The market is driven by the rising number of data centers. The rising adoption of cloud computing has resulted in an increase in the construction of new data centers. Also, the rising adoption of smartphones, increasing use of smart devices, and the high penetration of IoT devices have prompted organizations to invest in data centers. The increasing number of data centers has augmented the need to manage the significant amount of heat dissipated by the equipment and machines in data center facilities. With the help of robust HVAC systems, servers and other critical components in data center facilities can be kept at the appropriate temperature and humidity levels. Thus, with the growing number of data centers, the demand for efficient commercial HVAC system will increase during the forecast period, thereby driving the growth of the market.
Major Trend Influencing Growth
As per Technavio, the emerging smart and connected HVAC will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2022-2026.
Commercial HVAC Market: Emerging smart and connected HVAC
Vendors in the market are focusing on the development of smart and connected HVAC systems. With advances in portable devices and remote monitoring systems, vendors are able to provide functionalities to help end-users to better manage their HVAC systems. Some vendors are offering smart thermostats equipped with Wi-Fi that can adjust the room temperature automatically from a remote location. Similarly, to address some of the operational issues, vendors are using preventive maintenance solutions to track any breakdown in advance. For instance, Voltas leveraged TCS IoT framework to develop a centralized system that could remotely monitor Voltas chillers across different geographies. Many such developments among vendors will have a positive impact on the growth of the market during the forecast period. Know about the impact of drivers, trends, and challenges on the growth of the commercial HVAC market. Download a Free Sample Report
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Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
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Commercial HVAC Market Scope |
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Report Coverage |
Details |
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Page number |
150 |
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Base year |
2021 |
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Historic period |
2017-2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.2% |
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Market growth 2022-2026 |
USD 22.09 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
3.83 |
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Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 42% |
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Key countries |
US, China, Japan, India, and UK |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Carrier Global Corp., Daikin Industries Ltd., Emerson Electric Co., Haier Smart Home Co. Ltd., Hitachi Ltd., Honeywell International Inc., Ingersoll Rand Inc., Johnson Controls International Plc, Lennox International Inc., LG Electronics Inc., Mitsubishi Electric Corp., Paloma Co. Ltd., Panasonic Corp., Robert Bosch GmbH, and Samsung Electronics Co. Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and the market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Table of contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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Global Commercial HVAC Market
Cision
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