Commercial HVAC Market Size is Projected to Reach USD 170.2 Billion, with a CAGR of 7.34% by 2030 – Report by Market Research Future (MRFR)
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Market Research Future
Commercial HVAC Market Growth Boost By Rising Number Of Data Centers, Energy-Efficient And Cost-Effective HVAC Solutions
New York, US, May 19, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Commercial HVAC Market Information by Heating Type, Ventilation Type, Cooling Equipment, Implementation Type, Application and Region - Forecast till 2030”, Commercial HVAC Market could thrive at a rate of 7.34% between 2021 and 2030. The market size will be reaching around USD 170.2 Billion by the end of the year 2030.
Commercial HVAC Market Overview
Commercial HVAC (Heating, Ventilation, and Air Conditioning) refers to the systems and equipment used for providing heating, cooling, and ventilation in commercial and industrial buildings such as office buildings, hospitals, malls, hotels, and manufacturing facilities. These systems are designed to control and maintain indoor air quality, temperature, humidity, and airflow to create a comfortable and healthy working environment for occupants and protect equipment and machinery from damage caused by extreme temperatures and humidity. Commercial HVAC systems typically include components such as boilers, chillers, air handlers, rooftop units, ductwork, and controls. They can be customized to meet the specific requirements of different commercial spaces and applications.
Market Competitive Landscape:
The affluent companies in the Commercial HVAC industry include
Johnson Controls announced the launch of its new YORK YZ Magnetic Bearing Centrifugal Chiller. This chiller offers up to 35% energy savings compared to traditional chillers, making it a highly efficient solution for commercial buildings. The YORK YZ chiller also utilizes a low-global warming potential refrigerant, making it an eco-friendly solution that aligns with the growing focus on sustainability in the commercial HVAC market.
Commercial HVAC Market COVID 19 Analysis
The COVID-19 pandemic has had a significant impact on the commercial HVAC market, with both positive and negative effects. On one hand, the pandemic has led to increased demand for HVAC systems in certain sectors, such as healthcare and commercial real estate, as businesses seek to improve indoor air quality and ventilation to reduce the spread of the virus. On the other hand, the pandemic has also resulted in a slowdown in new construction and renovation projects, which has led to a decline in demand for new commercial HVAC systems. Additionally, many businesses have been forced to reduce their operating hours or shut down temporarily, which has resulted in reduced energy consumption and lower demand for HVAC services.
Report Scope:
Report Metrics
Details
Market Size 2030
2030: USD 170.2 Billion
CAGR during 2022-2030
7.34 % CAGR
Base Year
2021
Forecast
2022-2030
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Heating Type, Ventilation Type, Implementation Type, Cooling Equipment, Application, and Region
Key Market Opportunities
Innovative technologies to supply low-cost energy Developing technologies to make energy more affordable
Key Market Dynamics
Increasing demand for an HVAC system to reduce energy consumption Government tax and rebate programs
Browse In-depth Market Research Report (111 Pages) onCommercial HVAC Market:
The commercial HVAC market is being driven by several factors, including The commercial HVAC market is closely linked to the construction industry. The increasing demand for commercial spaces such as office buildings, hospitals, malls, and hotels is driving the demand for commercial HVAC systems. The growing number of infrastructure development projects, especially in developing countries, is also expected to boost the demand for commercial HVAC systems.
Energy efficiency and environmental regulations are driving the demand for energy-efficient and eco-friendly HVAC systems. Governments worldwide are implementing regulations and policies to reduce greenhouse gas emissions and improve energy efficiency in buildings. This is driving the demand for commercial HVAC systems that consume less energy and use eco-friendly refrigerants.
Market Restraints:
However, there are also several restraints to the growth of the Commercial HVAC market, including the initial cost of purchasing and installing commercial HVAC systems can be high, especially for large commercial buildings. This can be a significant barrier to adoption for smaller businesses and those operating on tight budgets. And Commercial HVAC systems require regular maintenance and repair to ensure they operate efficiently and effectively. These maintenance and repair costs can be high and add to the overall cost of ownership of these systems.
The Heating Type in the market includes Heat pumps, Furnaces, Boilers, and Unitary Heaters.
By Ventilation Type
The Ventilation Type in the market includes Humidifiers, Dehumidifiers, Air Purifiers, Ventilation Fans, and Air Handling Units.
By Cooling Equipment
The Cooling Equipment in the market includes Room Air Conditioners, Unitary Air Conditioners, Chiller, Coolers, Cooling Towers, and VRF Systems.
By Implementation Type
The Implementation Type in the market includes New Construction and Retrofit.
By Application
The Application in the market includes Large And Small Offices, Hospitals, Shopping Malls, Restaurants, and Others.
Commercial HVAC Market Regional Insights
North America is the largest market for commercial HVAC systems, with the United States being the biggest contributor to the market. This can be attributed to factors such as a growing construction industry, strict energy efficiency regulations, and an increasing focus on indoor air quality.
Europe is also a significant market for commercial HVAC systems, driven by factors such as increasing demand for energy-efficient buildings and the implementation of strict environmental regulations. The region is also witnessing an increasing trend toward smart building solutions, which is expected to drive the demand for advanced HVAC systems.
The Asia Pacific region is expected to witness the highest growth rate for commercial HVAC systems, driven by factors such as rapid urbanization, increasing disposable income, and the growing construction industry in countries like China and India. The region is also witnessing an increasing demand for energy-efficient building solutions, which is expected to drive the adoption of advanced HVAC systems.
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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