What Are The Major Challenges That Commercial HVAC Market Will Face By 2030?
Commercial HVAC Market Analysis
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). A commercial HVAC system has been designed to control the cooling and heating in commercial buildings. It also helps in filtering and cleaning indoor air for maintaining humidity levels.
Various factors are fuelling the global commercial HVAC market share. As per the recent MRFR market estimates, such factors include the growing number of data centers, growing need for HVAC system to reduce energy consumption, government rebate and tax programs, growing population in urban areas, rising disposable per capita income, and increasing spending in the construction sector. The additional factors adding market growth include adoption of precision air conditioners over conventional cooling techniques, rapid industrialization and urbanization, and rise in commercial construction activities in developing countries.
On the contrary, high maintenance and installation cost, high energy consumption and other operational challenges may limit the global commercial HVAC market growth in the forecast period.
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Report Attribute | Details |
Forecast Period | 2022 - 2030 |
Market Growth value | 6.86 % CAGR |
Revenue forecast in 2022-2030 | USD 142.97 billion |
Base year for estimation | 2021 |
Historical data | 2019 – 2020 |
Unit | USD Billion, CAGR (2022 – 2030) |
Segmentation | By Application, By End-Use, and By Region |
COVID-19 Analysis
The commercial HVAC market has been negatively impacted by the pandemic. Governments of different countries have implemented lockdown that has resulted in the shutdown of factories in different provinces and cities in the world thus resulting in predictions of sharp slowdown in the output from commercial to industrial sector. The construction industry worldwide once thriving with growing investments has been impacted adversely by the suspension of construction activities owing to the ongoing pandemic. Besides, shortage of labors and prospective supply chain bottlenecks of equipment and materials is likely to cause project delays in the ongoing funded projects that may cause reduced spending in the years ahead.
Market Segmentation
The MRFR report throws light on an inclusive segmental analysis of the global commercial HVAC market based on application, implementation type, cooling equipment, ventilation equipment, and heating equipment.
By heating equipment, the global commercial HVAC market is segmented into unitary heaters, boilers, furnaces, and heat pumps. Of these, heat pumps will lead the market over the forecast period for its efficient cooling and heating functions and the capability to heat water.
By ventilation equipment, the global commercial HVAC market is segmented into air handling units, ventilation fans, air filters, air purifiers, dehumidifiers, and humidifiers. Of these, the air handing segment will dominate the market over the forecast period.
By implementation type, the global commercial HVAC market is segmented into retrofit and new construction. Of these, the new construction segment will spearhead the market over the forecast period.
By cooling equipment, the global commercial HVAC market is segmented into VRF system, cooling towers, coolers, chiller, unitary air conditioners, and room air conditioners.
By application, the global commercial HVAC market is segmented into restaurants, shopping malls, hospitals, large and small offices, and others. Of these, the large and small offices will spearhead the market over the forecast period.
Access Report Details @ https://www.marketresearchfuture.com/reports/commercial-hvac-market-7969
Regional Analysis
By region, the global commercial HVAC market covers the recent trends and growth opportunity across Europe, the Asia Pacific (APAC), North America, and Rest of the World (RoW). Of these, the APAC region will spearhead the market over the forecast period. Increase in urbanization, government initiatives to ensure that energy-efficient HVAC systems are installed in newly constructed office buildings, growing industrialization, and commercial construction in countries like Indonesia, Australia, and India are adding to the global commercial HVAC market growth over the forecast period.
In North America, the global commercial HVAC market is predicted to hold the second-largest share over the forecast period due to use of energy-efficient cooling systems and rising average construction spending are adding to the global commercial HVAC market growth in the region. The US holds the utmost market share.
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.
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