Commercial HVAC Market Synopsis
According
to the latest report by Market Research Future (MRFR), the global Commercial
HVAC market is slated to surpass a substantial market valuation USD 130.25
Billion by 2024 at a steady CAGR of 6.86 % over the review period (2019 to
2024). The major factors contributing towards the growth of the global
commercial HVAC market include the rising number of data centers, increasing
demand for the HVAC system to reduce energy consumption, and government tax and
rebate programs. Moreover, factors such as a rising population in urban areas
and increasing disposable per capita income are propelling the growth of the
global commercial HVAC equipment market.
Commercial
HVAC is an essential part of large office buildings, such as large commercial
complexes, hospitals, shopping malls, and restaurants. It helps provide
acceptable indoor air quality in commercial environments. Several new
technologies, including variable refrigerant flow (VRF), is gaining immense
demand as it is more energy efficient. Moreover, government measures to reduce
electricity cost and consumption is leading to increase in the adoption of new
HVAC systems in newly constructed buildings.
Segmental Analysis
The
global commercial HVAC market has been segmented based on heating equipment,
ventilation equipment, cooling equipment, implementation type, application, and
region.
On
the basis of heating equipment, the global market has been segmented into heat
pump, furnaces, boilers, and unitary heaters. The heat pump segment is the
largest segment in the market due to its ability to perform both, space cooling
and heating functions, while also being able to heat water.
On
the basis of implementation type, the global market is divided into new
construction and retrofit. The new construction segment is expected to dominate
the commercial HVAC market, owing to the increase in urbanization, which has
led to the demand for smart buildings that require efficient HVAC equipment.
On
the basis of application, the global market is segmented into large & small
offices, hospitals, shopping malls, restaurants, and others. The large &
small offices segment is expected to dominate the commercial HVAC market during
the forecast period.
Regional Analysis
Asia-Pacific
held the leading share in the commercial HVAC market, mainly due to the growth
of the construction industry, rapid industrialization, and the need for
energy-efficient HVAC systems. The APAC region is also anticipated to be the fastest-growing
market during the forecast period. furthermore, factors such as the augmented
power consumption, government mandates on energy efficiency, growing influx of
renewable resources in the energy mix, and requirements for better power for
rural areas in Asia-Pacific are fuelling the market growth.
The
commercial HVAC market in North America is anticipated to be the second-largest
owing to the growing demand for energy and modernization of infrastructure. The
US, the most developed country in the region, is likely to dominate North
America during the forecast period. Europe is also estimated to grow at a
considerable rate owing to many advanced technologies being introduced by the
key players, such as Ingersoll Rand, Danfoss, Johnson Controls, Mitsubishi
Electric Corporation, which are driving the market in Europe.
Key Players
The
key players operating in the global market for
commercial HVAC are United
Technologies Corporation (US), Mitsubishi Corporation (Japan), Samsung
Electronics Co., Ltd (South Korea), Haier Electronics Group Co. Ltd (China),
Daikin Industries Ltd (Japan),Ingersoll Rand (Ireland), Farina Corporation
(US), Johnson Controls (US), Edison Heating and Cooling (US), Rheem
Manufacturing Company (US), Lennox International Inc. (US), AAON (US), Hitachi,
Ltd. (Japan), Panasonic (Japan), and Danfoss (Denmark).
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Research Future
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