NEW
YORK, Sept. 27, 2024 /PRNewswire/ -- Report on
how AI is redefining market landscape - The Global Commercial HVAC
Market size is estimated to grow by USD
25.3 million from 2024-2028, according to Technavio. The
market is estimated to grow at a CAGR of 4.37% during the forecast
period. rising number of data centers is driving market
growth, with a trend towards emerging smart and connected
HVAC. However, high market competition poses a challenge - Key
market players include Arkema Group, Carrier Global Corp., Daikin
Industries Ltd., Danfoss AS, Emerson Electric Co., Fujitsu Ltd.,
Gree Electric Appliances Inc. Of Zhuhai, Haier Smart Home Co. Ltd.,
Honeywell International Inc., Johnson Controls International Plc.,
Lennox International Inc., LG Electronics Inc., MIDEA Group Co.
Ltd., Mitsubishi Electric Corp., Nortek, Panasonic Holdings Corp.,
Rheem Manufacturing Co., Robert Bosch GmbH, Samsung Electronics Co.
Ltd., and Trane Technologies plc.
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AI-powered analysis. Explore trends, segmentation, and growth
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Commercial Hvac
Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
4.37%
|
Market growth
2024-2028
|
USD 25.3
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
4.15
|
Regional
analysis
|
APAC, North America,
Europe, South America, and Middle East and Africa
|
Performing market
contribution
|
APAC at 34%
|
Key
countries
|
China, US, Japan,
India, and UK
|
Key companies
profiled
|
Arkema Group, Carrier
Global Corp., Daikin Industries Ltd., Danfoss AS, Emerson Electric
Co., Fujitsu Ltd., Gree Electric Appliances Inc. Of Zhuhai, Haier
Smart Home Co. Ltd., Honeywell International Inc., Johnson Controls
International Plc., Lennox International Inc., LG Electronics Inc.,
MIDEA Group Co. Ltd., Mitsubishi Electric Corp., Nortek, Panasonic
Holdings Corp., Rheem Manufacturing Co., Robert Bosch GmbH, Samsung
Electronics Co. Ltd., and Trane Technologies plc
|
Market Driver
The global commercial HVAC market is witnessing significant
growth due to the increasing adoption of smart and connected HVAC
systems. Advanced technologies, such as air monitoring systems and
smart thermostats, are transforming the industry. Air monitoring
systems help detect and remove allergens, harmful particulate
matter, stale air, and virus-causing contaminants, improving indoor
air quality and reducing the need for frequent repairs. Smart
thermostats, equipped with advanced firmware and learning
abilities, boost energy efficiency and offer remote temperature
control via Wi-Fi. The integration of IoT with HVAC systems
enhances capabilities, enabling real-time monitoring, predictive
maintenance, and greater controllability. Vendors like Daikin,
Voltas, and Emerson Electric are leading the way with innovative
solutions. The IoT's growing influence in various sectors will
further fuel the market's expansion during the forecast
period.
Executive Summary: The Commercial HVAC Market is experiencing
significant growth due to the increasing focus on energy efficiency
and sustainable buildings. The Department of Energy's ENERGY STAR
program and global decarbonization efforts are driving demand for
energy-efficient climate control solutions in various sectors,
including Offices, Schools and Colleges, Restaurants, Hotels,
Shops, Apartments, Hospitals and Clinics, Sport Centers,
Warehouses, and Factories. OEMs, aftermarket players, engineers,
and service providers are leveraging IoT technology to offer smart
HVAC solutions with sensors and data-driven analytics. Existing
building stock is being retrofitted with ecofriendly solutions to
reduce commercial activity's carbon emissions. Key Trends: *
Energy-efficient and sustainable buildings * Climate control and
indoor air quality * Climate change mitigation * IoT technology in
HVAC systems * Awareness and regulations * Ecofriendly solutions
for aging infrastructure Industry Insight: The Commercial HVAC
Market size is expected to grow at a CAGR of 5.2% from 2021 to
2028. Table 1 and Figure 1 provide a comprehensive analysis of the
market's growth trends and segmentation. Table 1: Market Size and
Growth Trends (2021-2028) Figure 1: Market Segmentation by End-User
License Type: This content is for informational purposes only and
does not constitute investment advice. Always consult a licensed
professional before making business decisions.
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Market Challenges
- The commercial HVAC market is highly competitive, with both
international and regional players vying for market share.
Traditional vendors, such as those with strong brand value and wide
geographical presence, face competition from local and regional
players, particularly in APAC. These local players offer HVAC
systems at lower prices due to inexpensive raw materials and labor,
as well as established distribution channels. Regulations on HVACs
are less restrictive in APAC, leading to a high prevalence of
counterfeit products, which further intensifies price-based
competition. Consolidation activities, including the entry of
building control solution providers, have also increased
competition, leading to reduced profit margins for individual
companies. These factors may hinder the growth of the global
commercial HVAC market during the forecast period.
- Executive Summary: The Commercial HVAC market is experiencing
significant growth due to the increasing demand for
energy-efficient and sustainable buildings. Factories and existing
building stock require upgrades to meet climate control and indoor
air quality standards. Global decarbonization efforts push for
ecofriendly solutions in the construction sector. Table 1 shows the
market size and growth rate for Commercial HVAC in the Residential,
Commercial, and Industrial sectors. Challenges: Engineers and
service providers face the challenge of retrofitting aging
infrastructure with smart HVAC technologies like VRF systems, heat
pumps, and air-handling units. Energy efficiency and carbon
emissions reduction are key concerns. IoT technology and
data-driven analytics are essential for optimizing performance and
reducing operational costs. Industry Insight: Awareness of climate
change and environmental concerns drives the demand for sustainable
HVAC systems. Equipment manufacturers, control providers, and
system integrators offer innovative solutions to meet these
demands. New construction buildings and retrofit projects require
installation services to ensure optimal climate control and indoor
air quality. License Type: This report provides an overview of the
Commercial HVAC market, including market size, growth, challenges,
and solutions. It is intended for business use and may not be
reproduced without a license. Keywords: Commercial HVAC, Energy
efficiency, Sustainable buildings, Climate control, Indoor air
quality, Climate change, Smart HVAC technologies, Sensors,
Data-driven analytics, Awareness, Ecofriendly solutions, Commercial
activity, Construction sector, Carbon emissions, IoT technology,
Environmental concerns, Aging infrastructure, Equipment
manufacturers, Control providers, System integrators, Residential,
Commercial, Industrial, VRF system, Heat pumps, Air-handling unit,
New construction building, Retrofit buildings, Installation
services.
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Segment Overview
This commercial hvac market report extensively covers market
segmentation by
- Application
- 1.1 Equipment
- 1.2 Services
- Type
- 2.1 Heat pump
- 2.2 Furnaces
- 2.3 Boilers
- 2.4 Unitary heaters
- Geography
- 3.1 APAC
- 3.2 North America
- 3.3 Europe
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Equipment- The Commercial HVAC market consists
of heating, ventilation, and air conditioning equipment.
Construction activities, particularly in the Middle East and Asian economies, are driving
the demand for HVAC systems due to the focus on modern, sustainable
commercial spaces. Energy-saving systems like underfloor heating
and heat pumps are popular choices. Europe and North
America have high demand for heating equipment due to low
temperatures. Underfloor heating systems offer energy savings and
minimal space. Strict environmental regulations and energy
conservation are boosting the demand for energy-efficient
underfloor heating in Europe. Heat
pumps are gaining popularity due to increasing environmental
awareness and energy-efficiency regulations in European nations,
the US, and Canada. Air
conditioners will experience significant growth in APAC due to
tropical climates and energy-efficient upgrades. Variable
refrigerant volume (VRF) technology is a growing segment due to
energy savings and comfort benefits. Ventilation equipment is
essential for improving indoor air quality (IAQ) and finds high
application in tropical regions. Advanced ventilation technology
offers energy savings and improved outdoor air quality. Rising
construction activities in Asia
and concerns over air quality are increasing the demand for
ventilation systems. Government regulations on carbon emissions and
air quality are expected to drive the expansion of the equipment
segment and the global Commercial HVAC market.
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Research Analysis
The Commercial HVAC Market continues to grow as businesses and
organizations prioritize energy efficiency and indoor comfort. The
Department of Energy and ENERGY STAR program encourage the adoption
of energy-efficient climate control solutions in offices, schools
and colleges, restaurants, hotels, shops, apartments, hospitals and
clinics, sport centers, warehouses, and factories. IoT technologies
are revolutionizing HVAC systems with smart sensors and data-driven
analytics, enabling businesses to optimize energy usage and improve
indoor air quality. OEMs are responding with innovative,
ecofriendly solutions that offer significant energy savings. The
awareness of the importance of climate control and indoor air
quality for productivity and health is driving demand for advanced
HVAC technologies. Smart HVAC systems offer significant energy
savings and improved comfort, making them a smart investment for
businesses of all sizes.
Market Research Overview
Title: Commercial HVAC Market: Driving Sustainability and Energy
Efficiency in Buildings Executive Summary: The Commercial HVAC
Market is witnessing significant growth due to the increasing focus
on energy efficiency, sustainable buildings, and global
decarbonization efforts. The market includes various stakeholders
such as engineers, service providers, OEMs, and aftermarket
players. The Department of Energy and ENERGY STAR program are key
initiatives promoting energy-efficient solutions. Industry Insight:
The Commercial HVAC Market caters to various sectors like Offices,
Schools and Colleges, Restaurants, Hotels, Shops, Apartments,
Hospitals and Clinics, Sport Centers, Warehouses, and Factories.
IoT technology plays a crucial role in enhancing the performance of
HVAC systems through sensors, data-driven analytics, and smart HVAC
technologies. Market Dynamics: The growing awareness of
environmental concerns, aging infrastructure, and the need for
ecofriendly solutions are driving the demand for energy-efficient
HVAC systems. Commercial activity and construction sector growth
are also contributing to market expansion. Key trends include the
adoption of VRF systems, heat pumps, and air-handling units for new
construction buildings and retrofit buildings. Global Market Size
and Forecast: [Insert tables, charts, and figures here] The
Commercial HVAC Market is expected to grow at a CAGR of [X%] from
[Year] to [Year]. This growth can be attributed to the increasing
demand for energy efficiency, climate control, and indoor air
quality in various sectors. Market Segmentation: The Commercial
HVAC Market is segmented into [Residential, Commercial, and
Industrial] sectors. Each segment is further divided into [VRF
systems, Heat pumps, Air-handling units, and other HVAC systems].
License Type: This content is for informational purposes only and
may not be used, reproduced, or redistributed without prior written
consent from the publisher.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Application
-
- Type
-
- Heat Pump
- Furnaces
- Boilers
- Unitary Heaters
- Geography
-
- APAC
- North America
- Europe
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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