Commercial HVAC Market 2019 Global Size, Share, Emerging Trends, Key Players Analysis, Sales Revenue, Opportunity Assessment and Global Forecast to 2024
Jul 11, 2019
Commercial HVAC Market Report by Heating Type (Heat Pump, Furnaces, Boilers and Unitary Heaters), Ventilation Type (Humidifiers, Dehumidifiers, Air Purifiers, Ventilation Fans and Air Handling Units), Cooling Equipment (Room Air Conditioners, Unitary Air Conditioners, Chiller, Coolers, Cooling Towers and VRF System) - Forecast till 2024
Pune, India - July 11, 2019 /MarketersMedia/ —
Commercial HVAC Market Highlights
The commercial HVAC market size is projected to reach USD 130.25 Billion by 2024 from an estimated USD 93.50 billion, at a CAGR of 6.86% from 2019–2024.
A commercial HVAC system is a heating and/or cooling system for commercial spaces around the globe. It provides high efficiency heating and cooling solutions, using lesser energy with a lower environmental impact. The major factors driving the growth of the global commercial HVAC market includes the rising number of data centers, increasing demand for HVAC system to reduce energy consumption, and government tax and rebate programs.
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Global Commercial HVAC Industry Segmentation
The global commercial HVAC market has been segmented based on heating equipment, ventilation equipment, cooling equipment, implementation type, application, and region.
On the basis of application, the global market is segmented as large & small offices, hospitals, shopping malls, restaurants, and others. The large and small offices segment is expected to dominate the market during the forecast period, owing to need for upgraded HVAC systems to meet energy-efficiency guidelines in the office spaces and ensure a reduction in the consumption of water and electricity.
On the basis of ventilation equipment segment, the global market is segmented as humidifiers, dehumidifiers, air purifiers, air filters, ventilation fans, and air handling units. The air handling segment is expected to dominate the global market during the forecast period.
On the basis of implementation type, the global market has been segmented into new construction and retrofit. The new construction segment is expected to dominate the market during the forecast period.
Competitive Dashboard:
The key players operating in the global commercial HVAC market are Mitsubishi Corporation (Japan), United Technologies Corporation (US), Johnson Controls (US), Danfoss (Denmark), Edison Heating and Cooling (US), Samsung Electronics Co., Ltd (South Korea), Daikin Industries Ltd (Japan), Haier Electronics Group Co. Ltd (China), Ingersoll Rand (Ireland), Farina Corporation (US), Lennox International Inc. (US), Rheem Manufacturing Company (US), AAON (US), Panasonic (Japan), and Hitachi, Ltd. (Japan).
Commercial HVAC Market Regional Analysis
The commercial HVAC market has been segmented into four regions, which are Asia-Pacific, North America, Europe, and the rest of the world.
In 2018, Asia-Pacific held the largest share in the commercial HVAC market, mainly due to the growth of the construction industry, rapid industrialization, and need for energy-efficient HVAC systems. The region is also expected to be the fastest growing market during the forecast period. Moreover, factors such as the increased power consumption, government mandates on energy efficiency, rising influx of renewable resources in the energy mix, and provisions for better power for rural areas in Asia-Pacific are driving the market growth. Within Asia-Pacific, China is likely to hold the largest share during the forecast period owing to increasing government measures to ensure energy-efficient HVAC systems are being installed in new buildings and the growing adoption of inverter-based air conditioner systems. Similarly, countries such as Japan, India, and Australia are experiencing growth due to the need for infrastructural development and rapid urbanization.
The market in North America is expected to be the second-largest owing to the increasing demand for energy and modernization of infrastructure. The US is expected to dominate North America during the forecast period. Europe is also expected to grow at a significant rate owing to many advanced technologies being introduced by the key players, such as Danfoss, Ingersoll Rand, Mitsubishi electric Corporation, Johnson Controls, with a presence in Europe. The UK is expected to dominate the market in Europe due to the new commercial energy-efficient HVAC projects, which are specially designed for commercial spaces. Similarly, countries such as Saudi Arabia and Brazil are the two economies, which are expected to dominate the market in the Middle East and South America.
Table Of Contents
1 Executive Summary
2 Market Introduction
2.1 Market Definition
2.2 Scope Of The Study
2.3 Market Structure
3 Research Methodology
3.1 Primary Research
3.2 Secondary Research
3.3 Market Size Estimation
3.4 Forecast Model
3.5 List Of Assumptions
3.6 Limitations Of The Study
4 Market Insights
5 Market Dynamics
5.1 Introduction
5.2 Market Drivers
5.3 Market Restraints
5.4 Market Opportunities
5.5 Porter’s Five Forces Analysis
5.6 Value Chain/Supply Chain Analysis
Continued……
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