Commercial HVAC Market Scenario
Commercial HVAC Market is expected to be worth USD 142.97 billion in 2027, growing at a CAGR of 6.86% over the forecast period (2021 – 2027). The market was valued at USD 97.31 billion in 2020.
Based on this database, studied forecasts are made for the future growth of the market over the forecast period. The main drivers and constraints influencing the market are detailed in the report. The major players operating in the global HVAC market are also described in detail in the report. The report also looks at the impact of the COVID-19 pandemic on the global commercial HVAC market.
Commercial HVAC units are used to manage the air conditioning needs of commercial spaces. These units are usually larger than residential HVAC units because they have to handle a greater volume of HVAC operations than in residential applications. A commercial HVAC system includes components such as thermostats, compressors, dampers, evaporators, condenser fans, and blowers. There are three main categories of commercial HVAC systems: single-split systems, multi-split systems, and VRF and VRV systems. Smaller commercial spaces are usually served by single split systems as they are affordable and suitable for small spaces. Larger commercial spaces can use multi-split or VRF and VRV systems to accommodate the increased volume of air conditioning required in larger commercial spaces.
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The growing construction of office spaces and other commercial construction projects in emerging regions such as Asia-Pacific and the Middle East is the main driver for the global commercial HVAC market over the forecast period. As urbanization continues in developing countries such as China, India, South Korea, the UAE and Mexico, the number of office spaces in urban conglomerates has grown rapidly in recent years. Increasing urbanization in these and other developing countries is likely to create a need for more office space in the coming years as more and more urban jobs are created to accommodate the growing urban population. This is likely to be a major driver for the global commercial HVAC market during the forecast period. The growing food service industry is also a major driver for the global commercial HVAC market as it is likely to manifest itself in an increasing number of restaurants in developing areas during the forecast period. This is likely to lead to a growing demand for effective commercial HVAC units over the forecast period, providing stable growth for the market.
- Hitachi Ltd.
- Rheem Manufacturing Company
- Lennox International Inc.
- Edison heating and cooling
- Farina Corporation
- Johnson Controls
- Ingersoll Rand
- Haier Electronics Group Co. Ltd.
- Daikin Industries Ltd.
- Samsung Electronics Co. Ltd.
- Mitsubishi Corporation
- United Technologies Corporation.
The Commercial HVAC Market Size is segmented on the basis of heating equipment, ventilation equipment, cooling equipment, execution type, application and region.
- By heating equipment, The global commercial HVAC market is segmented into heat pumps, furnaces, boilers, and unit heaters.
- through ventilation equipment, The global commercial HVAC market is segmented into humidifiers, dehumidifiers, air purifiers, air filters, fans, and air handling units.
- by refrigeration equipment, The global commercial HVAC market is segmented into room air conditioners, unit air conditioners, chillers, chillers, cooling towers, and VRF systems.
- By execution type, the global commercial HVAC market is segmented into new construction and renovation.
- By application, the global commercial HVAC market is segmented into large and small offices, hospitals, shopping malls, restaurants, and others.
Asia-Pacific has the largest share of the global commercial HVAC market due to growing commercial construction in emerging APAC countries such as China, India, South Korea, Indonesia, and Thailand, among others.
Table of contents
2 Market launch
2.1 Market definition
2.2 Scope of the study
2.3 Market structure
3 Research methodology
3.1 Primary research
3.2 Secondary examination
3.3 Estimation of the market size
3.4 Forecast model
3.5 List of assumptions
3.6 Limitations of the study
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