Global Commercial HVAC Market

Commercial HVAC Market Size, Share, Growth Analysis, By Type(Heating, Ventilation, and Air Conditioning), By Component(Compressors, Condensers, Evaporators, Controls), By System(VRF (Variable Refrigerant Flow), AHU (Air Handling Units), and HVAC Controls ), By Region - Industry Forecast 2024-2031


Report ID: SQMIG20D2234 | Region: Global | Published Date: March, 2024
Pages: 157 |Tables: 94 |Figures: 76

Commercial HVAC Market Insights

Global Commercial HVAC Market size was valued at USD 50.27 billion in 2022 and is poised to grow from USD 51.7 billion in 2023 to USD 66.52 billion by 2031, growing at a CAGR of 2.84% in the forecast period (2024-2032).

The global commercial HVAC (Heating, Ventilation, and Air Conditioning) market is experiencing notable growth driven by various factors. Increasing urbanization, coupled with the expanding commercial sector, fuels the demand for HVAC systems in commercial buildings, offices, and retail spaces. The growing awareness of energy efficiency and sustainability promotes the adoption of advanced HVAC technologies. Additionally, stringent regulations regarding indoor air quality and environmental impact contribute to market expansion. Smart HVAC solutions, incorporating automation and IoT technologies, are gaining popularity. Regionally, North America and Asia-Pacific are significant markets due to robust infrastructure development. The commercial HVAC market is characterized by innovation, sustainability, and a focus on enhancing occupant comfort.

Moreover, the rapid urbanization and industrialization observed in rising economies are fuelling the development of industrial infrastructure, thereby using the demand for HVAC structures. As corporations make bigger and modernize their centres, there is a growing want for efficient heating and cooling answers to hold comfortable indoor environments and ensure occupant productiveness and well-being.

 

Technological advancements, such as the combination of smart and linked HVAC systems, are also reshaping the market landscape. These revolutionary answers offer remote monitoring, predictive protection, and optimization abilities, allowing constructing proprietors and facility managers to enhance operational performance and reduce power consumption.

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Commercial HVAC Market Segmental Analysis

The global Commercial HVAC market is segmented into four major segments i.e. Type, Component, System, and region. Based on Type, it is divided into Heating, Ventilation, Air Conditioning. Based on Application, it is bifurcated as Compressors, Condensers, Evaporators, Controls, Heat Exchangers, Fans, Pumps. Based on End-User Industry it is segregated into, VRF (Variable Refrigerant Flow), AHU (Air Handling Units), HVAC Controls. Based on region, the market is segmented into United States, Canada, and Mexico.

Analysis by Type

Air Conditioning is expected to dominate the commercial HVAC market. The increasing demand for controlled indoor environments in commercial spaces, including offices, retail outlets, and hospitality establishments, propels the adoption of air conditioning systems. The comfort and temperature regulation provided by air conditioning make it a crucial component in commercial HVAC solutions.

Variable Refrigerant Flow (VRF) systems are anticipated to be the fastest-growing type. VRF systems offer energy efficiency, flexibility in zoning, and precise temperature control, making them increasingly popular in commercial applications. The ability to heat and cool different zones simultaneously, coupled with advancements in VRF technology, positions it as a preferred choice for commercial HVAC, especially in large and complex structures.

Analysis by Application 

Air Handling Units (AHUs) are expected to dominate the commercial HVAC market. AHUs play a central role in the HVAC system, responsible for circulating and regulating air within commercial buildings. Their versatility in accommodating various heating and cooling elements, filters, and controls positions them as a fundamental and widely adopted component in commercial HVAC systems.

HVAC Controls are anticipated to be the fastest-growing component. With the rise of smart buildings and the integration of IoT technologies, there is an increasing demand for sophisticated HVAC control systems. These systems offer automation, remote monitoring, and energy efficiency, aligning with the growing emphasis on smart and sustainable building solutions. The evolution toward intelligent HVAC controls makes it a rapidly advancing and crucial component in the commercial HVAC market.

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Commercial HVAC Market Regional Insights

North America is expected to dominate the commercial HVAC market. The region's dominance can be attributed to factors such as a mature construction industry, stringent energy efficiency regulations, and a high demand for advanced HVAC technologies in commercial spaces. The United States is a significant contributor to market growth due to extensive infrastructure development and a focus on sustainable building practices.

Asia-Pacific is anticipated to be the fastest-growing region in the commercial HVAC market. Rapid urbanization, expanding commercial sectors, and increasing awareness of energy efficiency drive the demand for HVAC solutions in countries like China and India. Government initiatives promoting sustainable building practices and the need for modern infrastructure contribute to the accelerated growth of the commercial HVAC market in the Asia-Pacific region.

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Commercial HVAC Market Dynamics

Drivers

Increasing Demand for Energy-Efficient and Sustainable HVAC Solutions

  • The escalating demand for energy-efficient and sustainable HVAC solutions is a major driver, spurred by environmental awareness and stringent regulations. The continual expansion of the commercial sector, including offices, retail spaces, and healthcare facilities, fuels the need for advanced heating, ventilation, and air conditioning systems. Technological innovations, particularly in smart HVAC systems with IoT integration, enhance energy management and occupant comfort, driving market adoption.

Restraints

High Initial Costs Associated with Advanced HVAC Technologies

  • One of the main market restraints is the high initial costs associated with advanced HVAC technologies pose a challenge, particularly for small and medium-sized businesses. Economic uncertainties and fluctuations in construction activities can hinder market growth. Additionally, retrofitting existing buildings with modern HVAC systems may present logistical and cost challenges. Stringent regulatory requirements and standards for energy efficiency, while driving innovation, can also increase compliance costs for manufacturers. 

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Commercial HVAC Market Competitive Landscape

The competitive environment of the Commercial HVAC market is dynamic and   is characterized by the presence of key players and a dynamic industry striving for innovation. Prominent companies such as Daikin Industries, Johnson Controls, Carrier Global Corporation, and Mitsubishi Electric Corporation dominate the market, leveraging their extensive product portfolios and global presence. These industry leaders often engage in strategic collaborations, mergers, and acquisitions to enhance their technological capabilities and expand their market reach. 

Top Player’s Company Profiles

  • Carrier
  • Trane
  • Lennox International Inc.
  • Daikin Industries, Ltd.
  • Johnson Controls International plc
  • Emerson Electric Co.
  • Mitsubishi Heavy Industries, Ltd.
  • Rheem Manufacturing Company
  • Goodman Global Services, Inc.
  • York International Corporation
  • Amana Corporation
  • Hitachi Appliances, Inc.
  • Samsung Electronics Co., Ltd.
  • LG Electronics Inc.
  • Electrolux AB
  • Johnson Controls International plc
  • Trane Technologies plc
  • Emerson Climate Technologies Inc.
  • Carrier Global Corporation
  • Lennox International Inc.

Recent Developments

  • September 2023: Kellogg Company (NYSE: K) has taken a significant step by officially gaining approval from its Board of Directors for the planned separation into two distinct publicly traded companies, Kellanova and WK Kellogg Co.
  • October 2023: Mott's Fruit Flavored Snacks has joined forces with Eva Longoria to introduce "Snacks & Stories," an initiative in partnership with Penguin Random House. This program is designed to offer free books and promote multicultural stories to families across the nation.
  • October 2023: Ferrara Candy Company has made another move in the mergers and acquisitions (M&A) landscape by acquiring Jelly Belly Candy Company, a fellow confectioner based in the United States. The deal, which remains undisclosed in terms of financial details, was jointly announced by both privately-owned companies.

Commercial HVAC Key Market Trends

  • Rising Emphasis on Smart and Connected Hvac Solutions: The growing emphasis on smart and connected HVAC solutions, incorporating IoT and automation for enhanced control and energy efficiency. The trend towards sustainable and green building practices is driving the adoption of eco-friendly HVAC technologies, with a focus on reducing environmental impact. Additionally, the market is witnessing an increased demand for decentralized HVAC systems, providing more flexibility and localized control. Indoor air quality considerations are influencing the integration of advanced filtration and purification technologies. 

Commercial HVAC Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research. 

Global Commercial HVAC market analysis reveals a dynamic marketplace with several standout trends and difficulties. The market is propelled by the rising demand for energy-efficient and sustainable solutions, driven by stringent regulations and environmental awareness. High initial costs and economic uncertainties pose restraints, while innovations in smart HVAC systems and green technologies contribute to market growth. Product types encompass advanced heating, ventilation, and air conditioning systems. North America dominates due to a mature construction sector, while the Asia-Pacific region experiences rapid growth with increasing urbanization. Key trends include the integration of IoT in HVAC systems, a focus on indoor air quality, and a shift towards modular and decentralized solutions, reflecting the market's dynamic and evolving nature.

Report Metric Details
Market size value in 2022 USD 50.27 billion
Market size value in 2031 USD 66.52 billion
Growth Rate 2.84%
Base year 2023
Forecast period 2024-2032
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Heating, Ventilation, and Air Conditioning
  • Component
    • Compressors, Condensers, Evaporators, Controls, Heat Exchangers, Fans, and Pumps
  • System
    • VRF (Variable Refrigerant Flow), AHU (Air Handling Units), and HVAC Controls
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Carrier
  • Trane
  • Lennox International Inc.
  • Daikin Industries, Ltd.
  • Johnson Controls International plc
  • Emerson Electric Co.
  • Mitsubishi Heavy Industries, Ltd.
  • Rheem Manufacturing Company
  • Goodman Global Services, Inc.
  • York International Corporation
  • Amana Corporation
  • Hitachi Appliances, Inc.
  • Samsung Electronics Co., Ltd.
  • LG Electronics Inc.
  • Electrolux AB
  • Johnson Controls International plc
  • Trane Technologies plc
  • Emerson Climate Technologies Inc.
  • Carrier Global Corporation
  • Lennox International Inc.
Customization scope

Free report customization with purchase. Customization includes:-

  • Segments by type, application, etc
  • Company profile
  • Market dynamics & outlook
  • Region

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Commercial HVAC Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Commercial HVAC Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Commercial HVAC Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Commercial HVAC Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Commercial HVAC Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Commercial HVAC Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Commercial HVAC Market size was valued at USD 50.27 billion in 2022 and is poised to grow from USD 51.7 billion in 2023 to USD 66.52 billion by 2031, growing at a CAGR of 2.84% in the forecast period (2024-2032).

The competitive environment of the Commercial HVAC market is dynamic and   is characterized by the presence of key players and a dynamic industry striving for innovation. Prominent companies such as Daikin Industries, Johnson Controls, Carrier Corporation, and Mitsubishi Electric Corporation dominate the market, leveraging their extensive product portfolios and presence. These industry leaders often engage in strategic collaborations, mergers, and acquisitions to enhance their technological capabilities and expand their market reach.  'Carrier', 'Trane', 'Lennox International Inc.', 'Daikin Industries, Ltd.', 'Johnson Controls International plc', 'Emerson Electric Co.', 'Mitsubishi Heavy Industries, Ltd.', 'Rheem Manufacturing Company', 'Goodman Services, Inc.', 'York International Corporation', 'Amana Corporation', 'Hitachi Appliances, Inc.', 'Samsung Electronics Co., Ltd.', 'LG Electronics Inc.', 'Electrolux AB', 'Johnson Controls International plc', 'Trane Technologies plc', 'Emerson Climate Technologies Inc.', 'Carrier Corporation', 'Lennox International Inc.'

The escalating demand for energy-efficient and sustainable HVAC solutions is a major driver, spurred by environmental awareness and stringent regulations. The continual expansion of the commercial sector, including offices, retail spaces, and healthcare facilities, fuels the need for advanced heating, ventilation, and air conditioning systems. Technological innovations, particularly in smart HVAC systems with IoT integration, enhance energy management and occupant comfort, driving market adoption.

Rising Emphasis on Smart and Connected Hvac Solutions: The growing emphasis on smart and connected HVAC solutions, incorporating IoT and automation for enhanced control and energy efficiency. The trend towards sustainable and green building practices is driving the adoption of eco-friendly HVAC technologies, with a focus on reducing environmental impact. Additionally, the market is witnessing an increased demand for decentralized HVAC systems, providing more flexibility and localized control. Indoor air quality considerations are influencing the integration of advanced filtration and purification technologies. 

North America is expected to dominate the commercial HVAC market. The region's dominance can be attributed to factors such as a mature construction industry, stringent energy efficiency regulations, and a high demand for advanced HVAC technologies in commercial spaces. The United States is a significant contributor to market growth due to extensive infrastructure development and a focus on sustainable building practices.

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Global Commercial HVAC Market

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