Commercial HVAC Market Overview
Commercial HVAC Market is projected to be worth USD 142.97 billion by 2027, registering a CAGR of 6.86% during the forecast period (2021 - 2027),
To control the interior temperature of a building, employ a commercial HVAC system. Additionally, it helps to filter and clean indoor air so that humidity levels are kept at a certain level. Commercial HVAC systems are bigger than household HVAC systems. A commercial HVAC system includes thermostats, dampers, condenser fans, compressors, evaporators, and blowers.
Three varieties of commercial HVAC systems exist: single split, multi-split, and VRF and VRV systems. A single split system is an affordable and suitable option for structures containing small offices, server rooms, stores, and restaurants.
Every industry was affected by the outbreak, and the HVAC sector was no different. According to data from Associated Builders and Contractors, the nonresidential building sector saw the most difficulties at the start of the year 2020. (ABC). The epidemic caused the US economy to contract by 4.8% in the first quarter of 2020. The Air Conditioning Contractors of America (ACCA) surveyed HVAC experts in March 2020 to learn more about their perceptions about the market's future in light of the pandemic.
Regional Analysis
The HVAC systems market was dominated by Asia Pacific in 2021, with a revenue share of more than 40.0%. Urbanisation, population growth, and rising consumer disposable income have all contributed to the region's rapid growth in recent years. Commercial activity has expanded recently, opening up new growth opportunities for the region.
In 2021, North America ranked second among HVAC system customers, closely followed by Europe. The market for HVAC systems as a whole has matured, but replacement sales prompted by aged infrastructure or retrofit projects are generating new sources of income for OEMs. Over the forecast period, the area is anticipated to experience a CAGR greater than 5.5%.
Industry News
For new commercial HVAC construction and retrofits, Air Rover is now offering building-block air purification modules. Depending on the needs of the client and the design of the structure, the modules may be utilised singly or in combination.
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According to the India Brand Equity Foundation (IBEF), India intends to invest USD 777.73 billion in infrastructure development by 2022, which is expected to increase the global market throughout the forecast period.
Market Segment
- By Heating Type
Heat pumps, furnaces, boilers, and unitary heaters are the several types of heating equipment that are sold on the international market. The global market sector for heat pumps is anticipated to grow at the fastest rate. A heat pump aids in the movement of heat from one location to another.
- By Ventilation Type
The global commercial HVAC market is divided into humidifiers, dehumidifiers, air purifiers, air filters, ventilation fans, and air handling units based on ventilation equipment.
- By Cooling Equipment
On the basis of cooling equipment the market is segmented into unitary air conditioners, chillers, coolers, cooling towers, and VRF systems and room air conditioners.
- By Implementation Type
On the basis of implementation the market is segmented into new construction and retrofit.
- By Application
The global market is divided into large and small workplaces, hospitals, shopping centres, restaurants, and other applications.
Key Players
The notable players profiled in the global commercial HVAC market report include Danfoss (Denmark), Hitachi, Ltd. (Japan), Panasonic (Japan), AAON (US), Rheem Manufacturing Company (US), Lennox International Inc. (US), Edison Heating and Cooling (US), Farina Corporation (US), Johnson Controls (US), Ingersoll Rand (Ireland), Haier Electronics Group Co. Ltd (China), Daikin Industries Ltd (Japan), Samsung Electronics Co., Ltd (South Korea), Mitsubishi Corporation (Japan), and United Technologies Corporation (US), among others.