Commercial HVAC Market to Grow by USD 25.3 Million from 2024-2028, Driven by Increasing Data Centers; AI Impact on Market Trends - Technavio

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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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

1. Application 
• 1.1 Equipment
• 1.2 Services
2. Type 
• 2.1 Heat pump
• 2.2 Furnaces
• 2.3 Boilers
• 2.4 Unitary heaters
3. 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
• Equipment
• Services
• 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

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