Commercial HVAC Market to record USD 22.09 Bn incremental growth; APAC to occupy 42% market share - Technavio

NEW YORK, Nov. 24, 2022 /PRNewswire/ -- The commercial HVAC market size is projected to grow by USD 22.09 billion, accelerating at a CAGR of 4.2% between 2021 and 2026. The market will observe strong growth in APAC during the forecast period. The report provides a comprehensive analysis of the market size, current market scenario, regional growth opportunities, major revenue-generating segments, product launches, and successful growth strategies adopted by key vendors. Understand how the purchase of the report can have a direct impact on your revenue. Download a Free PDF Report Sample

Regional Analysis

APAC is currently the dominating region, occupying 42% of the global market share. The rising number of smart cities and the growth of the real estate industry are increasing the demand for commercial HVAC systems in the region. The market is also witnessing significant investments in the construction of airports, seaports, flood control, railways, and mass transits, which is creating the demand for energy-efficient systems and technologies to provide a sustainable living environment. Furthermore, the proliferation of commercial spaces such as shopping complexes, entertainment centers, and business parks in APAC will contribute to the growth of the regional market.

Major Revenue-generating Segment

Based on the application, the market is analyzed across equipment and services segments. The market growth will be significant in the equipment segment during the forecast period. The rising issues with regard to air quality, such as low IAQ levels, are projected to have a huge impact on the health, cognitive skills, and productivity of people. Growing concerns over such conditions are increasing the demand for ventilation equipment, especially in the residential sector. The segment growth will also be benefitted from stringent government regulations regarding carbon emissions and the maintenance of air quality in the commercial and residential sectors.

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Key Growth Driver

The market is driven by the rising number of data centers. The rising adoption of cloud computing has resulted in an increase in the construction of new data centers. Also, the rising adoption of smartphones, increasing use of smart devices, and the high penetration of IoT devices have prompted organizations to invest in data centers. The increasing number of data centers has augmented the need to manage the significant amount of heat dissipated by the equipment and machines in data center facilities. With the help of robust HVAC systems, servers and other critical components in data center facilities can be kept at the appropriate temperature and humidity levels. Thus, with the growing number of data centers, the demand for efficient commercial HVAC system will increase during the forecast period, thereby driving the growth of the market.

Major Trend Influencing Growth

As per Technavio, the emerging smart and connected HVAC will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2022-2026.

Commercial HVAC Market: Emerging smart and connected HVAC

Vendors in the market are focusing on the development of smart and connected HVAC systems. With advances in portable devices and remote monitoring systems, vendors are able to provide functionalities to help end-users to better manage their HVAC systems. Some vendors are offering smart thermostats equipped with Wi-Fi that can adjust the room temperature automatically from a remote location. Similarly, to address some of the operational issues, vendors are using preventive maintenance solutions to track any breakdown in advance. For instance, Voltas leveraged TCS IoT framework to develop a centralized system that could remotely monitor Voltas chillers across different geographies. Many such developments among vendors will have a positive impact on the growth of the market during the forecast period. Know about the impact of drivers, trends, and challenges on the growth of the commercial HVAC market. Download a Free Sample Report

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Some of the key topics covered in the report include:

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

• Vendors covered
• Vendor classification
• Market positioning of vendors
• Competitive scenario

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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 Incremental Growth
• Exhibit 07: Executive Summary – Data Table on Incremental Growth
• Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 09: Parent market
• Exhibit 10: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 11: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 12: Market segments

• 3.3 Market size 2021

• 3.4 Market outlook: Forecast for 2021-2026 
• Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ billion)
• Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ billion)
• Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
• Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

4 Five Forces Analysis

• 4.1 Five forces summary 
• Exhibit 17: Five forces analysis - Comparison between2021 and 2026

• 4.2 Bargaining power of buyers 
• Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026

• 4.3 Bargaining power of suppliers 
• Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026

• 4.4 Threat of new entrants 
• Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026

• 4.5 Threat of substitutes 
• Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026

• 4.6 Threat of rivalry 
• Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026

• 4.7 Market condition 
• Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

5 Market Segmentation by Application

• 5.1 Market segments 
• Exhibit 24: Chart on Application - Market share 2021-2026 (%)
• Exhibit 25: Data Table on Application - Market share 2021-2026 (%)

• 5.2 Comparison by Application 
• Exhibit 26: Chart on Comparison by Application
• Exhibit 27: Data Table on Comparison by Application

• 5.3 Equipment - Market size and forecast 2021-2026
• Exhibit 28: Chart on Equipment - Market size and forecast 2021-2026 ($ billion)
• Exhibit 29: Data Table on Equipment - Market size and forecast 2021-2026 ($ billion)
• Exhibit 30: Chart on Equipment - Year-over-year growth 2021-2026 (%)
• Exhibit 31: Data Table on Equipment - Year-over-year growth 2021-2026 (%)

• 5.4 Services - Market size and forecast 2021-2026
• Exhibit 32: Chart on Services - Market size and forecast 2021-2026 ($ billion)
• Exhibit 33: Data Table on Services - Market size and forecast 2021-2026 ($ billion)
• Exhibit 34: Chart on Services - Year-over-year growth 2021-2026 (%)
• Exhibit 35: Data Table on Services - Year-over-year growth 2021-2026 (%)

• 5.5 Market opportunity by Application 
• Exhibit 36: Market opportunity by Application ($ billion)

6 Customer Landscape

• 6.1 Customer landscape overview 
• Exhibit 37: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

7 Geographic Landscape

• 7.1 Geographic segmentation 
• Exhibit 38: Chart on Market share by geography 2021-2026 (%)
• Exhibit 39: Data Table on Market share by geography 2021-2026 (%)

• 7.2 Geographic comparison 
• Exhibit 40: Chart on Geographic comparison
• Exhibit 41: Data Table on Geographic comparison

• 7.3 APAC - Market size and forecast 2021-2026
• Exhibit 42: Chart on APAC - Market size and forecast 2021-2026 ($ billion)
• Exhibit 43: Data Table on APAC - Market size and forecast 2021-2026 ($ billion)
• Exhibit 44: Chart on APAC - Year-over-year growth 2021-2026 (%)
• Exhibit 45: Data Table on APAC - Year-over-year growth 2021-2026 (%)

• 7.4 North America - Market size and forecast 2021-2026
• Exhibit 46: Chart on North America - Market size and forecast 2021-2026 ($ billion)
• Exhibit 47: Data Table on North America - Market size and forecast 2021-2026 ($ billion)
• Exhibit 48: Chart on North America - Year-over-year growth 2021-2026 (%)
• Exhibit 49: Data Table on North America - Year-over-year growth 2021-2026 (%)

• 7.5 Europe - Market size and forecast 2021-2026
• Exhibit 50: Chart on Europe - Market size and forecast 2021-2026 ($ billion)
• Exhibit 51: Data Table on Europe - Market size and forecast 2021-2026 ($ billion)
• Exhibit 52: Chart on Europe - Year-over-year growth 2021-2026 (%)
• Exhibit 53: Data Table on Europe - Year-over-year growth 2021-2026 (%)

• 7.6 South America - Market size and forecast 2021-2026
• Exhibit 54: Chart on South America - Market size and forecast 2021-2026 ($ billion)
• Exhibit 55: Data Table on South America - Market size and forecast 2021-2026 ($ billion)
• Exhibit 56: Chart on South America - Year-over-year growth 2021-2026 (%)
• Exhibit 57: Data Table on South America - Year-over-year growth 2021-2026 (%)

• 7.7 Middle East and Africa - Market size and forecast 2021-2026 
• Exhibit 58: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ billion)
• Exhibit 59: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ billion)
• Exhibit 60: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
• Exhibit 61: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)

• 7.8 China - Market size and forecast 2021-2026
• Exhibit 62: Chart on China - Market size and forecast 2021-2026 ($ billion)
• Exhibit 63: Data Table on China - Market size and forecast 2021-2026 ($ billion)
• Exhibit 64: Chart on China - Year-over-year growth 2021-2026 (%)
• Exhibit 65: Data Table on China - Year-over-year growth 2021-2026 (%)

• 7.9 US - Market size and forecast 2021-2026
• Exhibit 66: Chart on US - Market size and forecast 2021-2026 ($ billion)
• Exhibit 67: Data Table on US - Market size and forecast 2021-2026 ($ billion)
• Exhibit 68: Chart on US - Year-over-year growth 2021-2026 (%)
• Exhibit 69: Data Table on US - Year-over-year growth 2021-2026 (%)

• 7.10 Japan - Market size and forecast 2021-2026
• Exhibit 70: Chart on Japan - Market size and forecast 2021-2026 ($ billion)
• Exhibit 71: Data Table on Japan - Market size and forecast 2021-2026 ($ billion)
• Exhibit 72: Chart on Japan - Year-over-year growth 2021-2026 (%)
• Exhibit 73: Data Table on Japan - Year-over-year growth 2021-2026 (%)

• 7.11 India - Market size and forecast 2021-2026
• Exhibit 74: Chart on India - Market size and forecast 2021-2026 ($ billion)
• Exhibit 75: Data Table on India - Market size and forecast 2021-2026 ($ billion)
• Exhibit 76: Chart on India - Year-over-year growth 2021-2026 (%)
• Exhibit 77: Data Table on India - Year-over-year growth 2021-2026 (%)

• 7.12 UK - Market size and forecast 2021-2026
• Exhibit 78: Chart on UK - Market size and forecast 2021-2026 ($ billion)
• Exhibit 79: Data Table on UK - Market size and forecast 2021-2026 ($ billion)
• Exhibit 80: Chart on UK - Year-over-year growth 2021-2026 (%)
• Exhibit 81: Data Table on UK - Year-over-year growth 2021-2026 (%)

• 7.13 Market opportunity by geography 
• Exhibit 82: Market opportunity by geography ($ billion)

8 Drivers, Challenges, and Trends

• 8.1 Market drivers

• 8.2 Market challenges

• 8.3 Impact of drivers and challenges 
• Exhibit 83: Impact of drivers and challenges in 2021 and 2026

• 8.4 Market trends

9 Vendor Landscape

• 9.1 Overview

• 9.2 Vendor landscape 
• Exhibit 84: Overview on Criticality of inputs and Factors of differentiation

• 9.3 Landscape disruption 
• Exhibit 85: Overview on factors of disruption

• 9.4 Industry risks 
• Exhibit 86: Impact of key risks on business

10 Vendor Analysis

• 10.1 Vendors covered 
• Exhibit 87: Vendors covered

• 10.2 Market positioning of vendors 
• Exhibit 88: Matrix on vendor position and classification

• 10.3 Carrier Global Corp. 
• Exhibit 89: Carrier Global Corp. - Overview
• Exhibit 90: Carrier Global Corp. - Business segments
• Exhibit 91: Carrier Global Corp. - Key news
• Exhibit 92: Carrier Global Corp. - Key offerings
• Exhibit 93: Carrier Global Corp. - Segment focus

• 10.4 Daikin Industries Ltd. 
• Exhibit 94: Daikin Industries Ltd. - Overview
• Exhibit 95: Daikin Industries Ltd. - Business segments
• Exhibit 96: Daikin Industries Ltd. - Key offerings
• Exhibit 97: Daikin Industries Ltd. - Segment focus

• 10.5 Hitachi Ltd. 
• Exhibit 98: Hitachi Ltd. - Overview
• Exhibit 99: Hitachi Ltd. - Business segments
• Exhibit 100: Hitachi Ltd. - Key news
• Exhibit 101: Hitachi Ltd. - Key offerings
• Exhibit 102: Hitachi Ltd. - Segment focus

• 10.6 Ingersoll Rand Inc. 
• Exhibit 103: Ingersoll Rand Inc. - Overview
• Exhibit 104: Ingersoll Rand Inc. - Business segments
• Exhibit 105: Ingersoll Rand Inc. - Key offerings
• Exhibit 106: Ingersoll Rand Inc. - Segment focus

• 10.7 Johnson Controls International Plc 
• Exhibit 107: Johnson Controls International Plc - Overview
• Exhibit 108: Johnson Controls International Plc - Business segments
• Exhibit 109: Johnson Controls International Plc - Key news
• Exhibit 110: Johnson Controls International Plc - Key offerings
• Exhibit 111: Johnson Controls International Plc - Segment focus

• 10.8 Lennox International Inc. 
• Exhibit 112: Lennox International Inc. - Overview
• Exhibit 113: Lennox International Inc. - Business segments
• Exhibit 114: Lennox International Inc. - Key offerings
• Exhibit 115: Lennox International Inc. - Segment focus

• 10.9 LG Electronics Inc. 
• Exhibit 116: LG Electronics Inc. - Overview
• Exhibit 117: LG Electronics Inc. - Business segments
• Exhibit 118: LG Electronics Inc. - Key news
• Exhibit 119: LG Electronics Inc. - Key offerings
• Exhibit 120: LG Electronics Inc. - Segment focus

• 10.10 Mitsubishi Electric Corp. 
• Exhibit 121: Mitsubishi Electric Corp. - Overview
• Exhibit 122: Mitsubishi Electric Corp. - Business segments
• Exhibit 123: Mitsubishi Electric Corp. - Key news
• Exhibit 124: Mitsubishi Electric Corp. - Key offerings
• Exhibit 125: Mitsubishi Electric Corp. - Segment focus

• 10.11 Panasonic Corp. 
• Exhibit 126: Panasonic Corp. - Overview
• Exhibit 127: Panasonic Corp. - Business segments
• Exhibit 128: Panasonic Corp. - Key offerings
• Exhibit 129: Panasonic Corp. - Segment focus

• 10.12 The Climate Control Group Inc. 
• Exhibit 130: The Climate Control Group Inc. - Overview
• Exhibit 131: The Climate Control Group Inc. - Key offerings

11 Appendix

• 11.1 Scope of the report

• 11.2 Inclusions and exclusions checklist 
• Exhibit 132: Inclusions checklist
• Exhibit 133: Exclusions checklist

• 11.3 Currency conversion rates for US$ 
• Exhibit 134: Currency conversion rates for US$

• 11.4 Research methodology 
• Exhibit 135: Research methodology
• Exhibit 136: Validation techniques employed for market sizing
• Exhibit 137: Information sources

• 11.5 List of abbreviations 
• Exhibit 138: List of abbreviations

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SOURCE Technavio