Commercial HVAC market size to grow by USD 24.63 million from 2022 to 2027; Growth of the construction industry identified as key driver - Technavio

NEW YORK, May 4, 2023 /PRNewswire/ -- The global commercial HVAC market size is estimated to increase by USD 24.63 million between 2022 and 2027. The market's growth momentum will progress at a CAGR of 4.43% during the forecast period. The market is driven by the growth of the construction industry. The global construction market is growing exponentially, especially across countries such as China, India, the US, and Indonesia. Developing countries are making significant investments in the energy sector, transport networks, sewage and waste disposal systems, and other large-scale projects. In addition, factors such as expanding population, rising disposable income, and increasing investments in infrastructure development are fostering the growth of the construction industry. This is expected to consequently increase the demand for HVAC systems in the coming years, thereby driving the growth of the market. Discover the key insights on the market size historic period (2017-2021) and forecast (2023-2027) before buying the full report - Request a sample report

Global Commercial HVAC market – Vendor Analysis

The global commercial HVAC market is fragmented due to the presence of numerous local, regional, and international players. Vendors are focused on expanding their customer bases across other geographical locations. Several international vendors are targeting the Asian market and are investing in new manufacturing facilities. Price wars among regional vendors in APAC countries such as China have intensified the competition in commercial HVAC system segments, such as wall-mounted HVAC systems. Some of the key vendors covered in the report include:

• Carrier Global Corp. - The company offers WeatherMaker single-packaged rooftop units, which are designed with the cooling operation to range up to 120 degrees Fahrenheit ambient and down to 35 degrees Fahrenheit ambient to meet various ranges of industrial applications.
• Daikin Industries Ltd. - The company offers the VRV air conditioning and heating system unit that distributes refrigerant from the outdoor unit to multiple indoor units to provide efficiency.
• Danfoss AS - The company offers Optyma slim outdoor condensing units, which are used for fermentation rooms, restaurants, and hospitals.
• Emerson Electric Co. - The company offers HVAC with 7AC technology, which is designed with superior energy efficiency to control the air temperature and humidity precisely while cooling.
• Fujitsu Ltd.
• Haier Smart Home Co. Ltd.
• Honeywell International Inc.
• Johnson Controls International Plc.
• Lennox International Inc.
• LG Electronics Inc.
• MIDEA Group
• Mitsubishi Electric Corp.
• Nortek Inc.
• Panasonic Holdings Corp.
• Rheem Manufacturing Co.

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Global Commercial HVAC Market - Segmentation Assessment

Segment Overview
Technavio has segmented the market based on application (equipment and services), type (heat pump, furnaces, boilers, and unitary heaters), and geography (APAC, North America, Europe, South America, and Middle East and Africa). 

• The market growth in the equipment segment will be significant over the forecast period. The growth of the segment is driven by the rise in construction activities, especially in the Middle East and Asian countries. The demand for HVAC equipment is also increasing in Europe and North America, as these regions have extremely low climatic temperatures. Underfloor heating (UFH) systems under the HVAC equipment are becoming popular, as they offer energy savings and occupy minimal space compared with other radiators. In addition, stringent environmental regulations on energy conversation will have a positive impact on segment growth over the forecast period.

Geography Overview
The report provides actionable insights and estimates the contribution of all regions to the growth of the global commercial HVAC market.

• APAC will account for 34% of the market growth during the forecast period. The growth of the regional market is primarily driven by increasing spending on commercial infrastructure projects. In addition, the rising number of smart city projects and the proliferation of shopping complexes, entertainment centers, and business parks are contributing to the growth of the commercial HVAC market in APAC.

For insights on global, regional, and country-level parameters with growth opportunities from 2017 to 2027 - Download a Sample Report

Global Commercial HVAC Market – Market Dynamics

Key Trends –

The growing adoption of advanced refrigerants in air conditioners is identified as the key trend in the market. Concerns regarding the use of refrigerants such as chlorofluorocarbons (CFCs), hydrochlorofluorocarbons (HCFCs), ammonia, and halon have led vendors to adopt newer, advanced refrigerants that have better efficiency and are more environmentally friendly. For instance, some vendors are using R32 refrigerant in air conditioners as a replacement for R410A, R22, and other refrigerants. The R32 refrigerant does not lead to the depletion of the earth's ozone layer. It also has high heat transfer efficiency and helps in lowering the energy consumption of the air conditioner per unit of cooling capacity. The use of such advanced refrigerants will positively influence the market growth over the forecast period.

Major challenges –

Stringent government regulations will challenge the growth of the market. Vendors must comply with various regulations to ensure that commercial HVAC systems release low amounts of carbon and are energy efficient. Also, refrigeration equipment technicians will need to pass a certification exam to sell or purchase refrigerants, such as chlorofluorocarbons and hydrochlorofluorocarbons. Any failure to adhere to regulatory standards or the introduction of new regulations compels vendors to replace their already manufactured commercial HVACs. Such challenges will hinder the growth of the market.

Market drivers, upcoming trends, and challenges can impact businesses. Find more such key insights in the sample PDF report!

What are the key data covered in this commercial HVAC market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the commercial HVAC market between 2023 and 2027
• Precise estimation of the size of the commercial HVAC market and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the commercial HVAC market across APAC, North America, Europe, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of commercial HVAC market vendors

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Related Reports:

The industrial HVAC market is estimated to decline at a CAGR of 6.5% between 2022 and 2027. The size of the market is forecasted to increase by USD 4,714.13 million. The market is segmented by end-user (process industry and discrete industry), type (HVAC equipment and HVAC services), and geography (APAC, Europe, North America, South America, and Middle East and Africa).

The HVAC equipment market is estimated to grow at a CAGR of 6.22% between 2022 and 2027. The size of the market is forecasted to increase by USD 48.34 billion. The market is segmented by end-user (non-residential and residential), product (air conditioning equipment, heating equipment, and ventilation equipment), and geography (APAC, Europe, North America, Middle East and Africa, and South America).

Browse through Technavio's Industrials Market Reports

Table of contents:

1 Executive Summary

• 1.1 Market overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Type
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global commercial HVAC market 2017 - 2021 
• Exhibit 18: Historic Market Size – Data Table on Global commercial HVAC market 2017 - 2021 ($ million)

• 4.2 Application Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – Application Segment 2017 - 2021 ($ million)

• 4.3 Type Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – Type Segment 2017 - 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Application

• 6.1 Market segments
• Exhibit 30: Chart on Application - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Application - Market share 2022-2027 (%)

• 6.2 Comparison by Application 
• Exhibit 32: Chart on Comparison by Application
• Exhibit 33: Data Table on Comparison by Application

• 6.3 Equipment - Market size and forecast 2022-2027 
• Exhibit 34: Chart on Equipment - Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on Equipment - Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on Equipment - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Equipment - Year-over-year growth 2022-2027 (%)

• 6.4 Services - Market size and forecast 2022-2027 
• Exhibit 38: Chart on Services - Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on Services - Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on Services - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Services - Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by Application 
• Exhibit 42: Market opportunity by Application ($ million)
• Exhibit 43: Data Table on Market opportunity by Application ($ million)

7 Market Segmentation by Type

• 7.1 Market segments
• Exhibit 44: Chart on Type - Market share 2022-2027 (%)
• Exhibit 45: Data Table on Type - Market share 2022-2027 (%)

• 7.2 Comparison by Type
• Exhibit 46: Chart on Comparison by Type
• Exhibit 47: Data Table on Comparison by Type

• 7.3 Heat pump - Market size and forecast 2022-2027 
• Exhibit 48: Chart on Heat pump - Market size and forecast 2022-2027 ($ million)
• Exhibit 49: Data Table on Heat pump - Market size and forecast 2022-2027 ($ million)
• Exhibit 50: Chart on Heat pump - Year-over-year growth 2022-2027 (%)
• Exhibit 51: Data Table on Heat pump - Year-over-year growth 2022-2027 (%)

• 7.4 Furnaces - Market size and forecast 2022-2027 
• Exhibit 52: Chart on Furnaces - Market size and forecast 2022-2027 ($ million)
• Exhibit 53: Data Table on Furnaces - Market size and forecast 2022-2027 ($ million)
• Exhibit 54: Chart on Furnaces - Year-over-year growth 2022-2027 (%)
• Exhibit 55: Data Table on Furnaces - Year-over-year growth 2022-2027 (%)

• 7.5 Boilers - Market size and forecast 2022-2027 
• Exhibit 56: Chart on Boilers - Market size and forecast 2022-2027 ($ million)
• Exhibit 57: Data Table on Boilers - Market size and forecast 2022-2027 ($ million)
• Exhibit 58: Chart on Boilers - Year-over-year growth 2022-2027 (%)
• Exhibit 59: Data Table on Boilers - Year-over-year growth 2022-2027 (%)

• 7.6 Unitary heaters - Market size and forecast 2022-2027 
• Exhibit 60: Chart on Unitary heaters - Market size and forecast 2022-2027 ($ million)
• Exhibit 61: Data Table on Unitary heaters - Market size and forecast 2022-2027 ($ million)
• Exhibit 62: Chart on Unitary heaters - Year-over-year growth 2022-2027 (%)
• Exhibit 63: Data Table on Unitary heaters - Year-over-year growth 2022-2027 (%)

• 7.7 Market opportunity by Type 
• Exhibit 64: Market opportunity by Type ($ million)
• Exhibit 65: Data Table on Market opportunity by Type ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 66: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 67: Chart on Market share by geography 2022-2027 (%)
• Exhibit 68: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 69: Chart on Geographic comparison
• Exhibit 70: Data Table on Geographic comparison

• 9.3 APAC - Market size and forecast 2022-2027 
• Exhibit 71: Chart on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 72: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 73: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 74: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.4 North America - Market size and forecast 2022-2027 
• Exhibit 75: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 76: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 77: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 78: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.5 Europe - Market size and forecast 2022-2027 
• Exhibit 79: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 80: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 81: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 82: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.6 South America - Market size and forecast 2022-2027 
• Exhibit 83: Chart on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 84: Data Table on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 85: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 86: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 87: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 88: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 89: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 90: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.8 China - Market size and forecast 2022-2027 
• Exhibit 91: Chart on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 92: Data Table on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 93: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 94: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.9 US - Market size and forecast 2022-2027 
• Exhibit 95: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 96: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 97: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 98: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.10 Japan - Market size and forecast 2022-2027 
• Exhibit 99: Chart on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 100: Data Table on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 101: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 102: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 9.11 India - Market size and forecast 2022-2027 
• Exhibit 103: Chart on India - Market size and forecast 2022-2027 ($ million)
• Exhibit 104: Data Table on India - Market size and forecast 2022-2027 ($ million)
• Exhibit 105: Chart on India - Year-over-year growth 2022-2027 (%)
• Exhibit 106: Data Table on India - Year-over-year growth 2022-2027 (%)

• 9.12 UK - Market size and forecast 2022-2027 
• Exhibit 107: Chart on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 108: Data Table on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 109: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 110: Data Table on UK - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 111: Market opportunity by geography ($ million)
• Exhibit 112: Data Tables on Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 113: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape
• Exhibit 114: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption
• Exhibit 115: Overview on factors of disruption

• 11.4 Industry risks
• Exhibit 116: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered
• Exhibit 117: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 118: Matrix on vendor position and classification

• 12.3 Arkema Group
• Exhibit 119: Arkema Group - Overview
• Exhibit 120: Arkema Group - Business segments
• Exhibit 121: Arkema Group - Key news
• Exhibit 122: Arkema Group - Key offerings
• Exhibit 123: Arkema Group - Segment focus

• 12.4 Carrier Global Corp.
• Exhibit 124: Carrier Global Corp. - Overview
• Exhibit 125: Carrier Global Corp. - Business segments
• Exhibit 126: Carrier Global Corp. - Key news
• Exhibit 127: Carrier Global Corp. - Key offerings
• Exhibit 128: Carrier Global Corp. - Segment focus

• 12.5 Daikin Industries Ltd. 
• Exhibit 129: Daikin Industries Ltd. - Overview
• Exhibit 130: Daikin Industries Ltd. - Business segments
• Exhibit 131: Daikin Industries Ltd. - Key news
• Exhibit 132: Daikin Industries Ltd. - Key offerings
• Exhibit 133: Daikin Industries Ltd. - Segment focus

• 12.6 Danfoss AS
• Exhibit 134: Danfoss AS - Overview
• Exhibit 135: Danfoss AS - Business segments
• Exhibit 136: Danfoss AS - Key news
• Exhibit 137: Danfoss AS - Key offerings
• Exhibit 138: Danfoss AS - Segment focus

• 12.7 Emerson Electric Co.
• Exhibit 139: Emerson Electric Co. - Overview
• Exhibit 140: Emerson Electric Co. - Business segments
• Exhibit 141: Emerson Electric Co. - Key news
• Exhibit 142: Emerson Electric Co. - Key offerings
• Exhibit 143: Emerson Electric Co. - Segment focus

• 12.8 Fujitsu Ltd.
• Exhibit 144: Fujitsu Ltd. - Overview
• Exhibit 145: Fujitsu Ltd. - Business segments
• Exhibit 146: Fujitsu Ltd. - Key news
• Exhibit 147: Fujitsu Ltd. - Key offerings
• Exhibit 148: Fujitsu Ltd. - Segment focus

• 12.9 Haier Smart Home Co. Ltd. 
• Exhibit 149: Haier Smart Home Co. Ltd. - Overview
• Exhibit 150: Haier Smart Home Co. Ltd. - Business segments
• Exhibit 151: Haier Smart Home Co. Ltd. - Key offerings
• Exhibit 152: Haier Smart Home Co. Ltd. - Segment focus

• 12.10 Johnson Controls International Plc. 
• Exhibit 153: Johnson Controls International Plc. - Overview
• Exhibit 154: Johnson Controls International Plc. - Business segments
• Exhibit 155: Johnson Controls International Plc. - Key news
• Exhibit 156: Johnson Controls International Plc. - Key offerings
• Exhibit 157: Johnson Controls International Plc. - Segment focus

• 12.11 Lennox International Inc. 
• Exhibit 158: Lennox International Inc. - Overview
• Exhibit 159: Lennox International Inc. - Business segments
• Exhibit 160: Lennox International Inc. - Key news
• Exhibit 161: Lennox International Inc. - Key offerings
• Exhibit 162: Lennox International Inc. - Segment focus

• 12.12 LG Electronics Inc.
• Exhibit 163: LG Electronics Inc. - Overview
• Exhibit 164: LG Electronics Inc. - Product / Service
• Exhibit 165: LG Electronics Inc. - Key offerings

• 12.13 MIDEA Group
• Exhibit 166: MIDEA Group - Overview
• Exhibit 167: MIDEA Group - Business segments
• Exhibit 168: MIDEA Group - Key offerings
• Exhibit 169: MIDEA Group - Segment focus

• 12.14 Panasonic Holdings Corp. 
• Exhibit 170: Panasonic Holdings Corp. - Overview
• Exhibit 171: Panasonic Holdings Corp. - Business segments
• Exhibit 172: Panasonic Holdings Corp. - Key news
• Exhibit 173: Panasonic Holdings Corp. - Key offerings
• Exhibit 174: Panasonic Holdings Corp. - Segment focus

• 12.15 Robert Bosch GmbH
• Exhibit 175: Robert Bosch GmbH - Overview
• Exhibit 176: Robert Bosch GmbH - Business segments
• Exhibit 177: Robert Bosch GmbH - Key news
• Exhibit 178: Robert Bosch GmbH - Key offerings
• Exhibit 179: Robert Bosch GmbH - Segment focus

• 12.16 Samsung Electronics Co. Ltd. 
• Exhibit 180: Samsung Electronics Co. Ltd. - Overview
• Exhibit 181: Samsung Electronics Co. Ltd. - Business segments
• Exhibit 182: Samsung Electronics Co. Ltd. - Key news
• Exhibit 183: Samsung Electronics Co. Ltd. - Key offerings
• Exhibit 184: Samsung Electronics Co. Ltd. - Segment focus

• 12.17 Trane Technologies plc 
• Exhibit 185: Trane Technologies plc - Overview
• Exhibit 186: Trane Technologies plc - Business segments
• Exhibit 187: Trane Technologies plc - Key offerings
• Exhibit 188: Trane Technologies plc - Segment focus

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 189: Inclusions checklist
• Exhibit 190: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 191: Currency conversion rates for US$

• 13.4 Research methodology
• Exhibit 192: Research methodology
• Exhibit 193: Validation techniques employed for market sizing
• Exhibit 194: Information sources

• 13.5 List of abbreviations 
• Exhibit 195: List of abbreviations

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