Commercial HVAC Market by Application and Geography - Forecast and Analysis 2022-2026

The commercial HVAC market share is estimated to surge by USD 22.09 billion from 2021 to 2026 at an accelerating CAGR of 4.2%.

This market research report extensively covers commercial HVAC market segmentations by the following:

• Application - Equipment and services
• Geography - APAC, North America, Europe, South America, and Middle East and Africa

The commercial HVAC market report offers information on several market vendors, including Carrier Global Corp., Daikin Industries Ltd., Emerson Electric Co., Haier Smart Home Co. Ltd., Hitachi Ltd., Honeywell International Inc., Ingersoll Rand Inc., Johnson Controls International Plc, Lennox International Inc., LG Electronics Inc., Mitsubishi Electric Corp., Paloma Co. Ltd., Panasonic Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Siemens AG, The Climate Control Group Inc., WaterFurnace International Inc., Edison Heating and Cooling, and Farina Corp. among others.

One of the key highlights of this report is the post COVID-19 impact analysis on the market, which will help companies evaluate their business approaches for the future.

What will the Commercial HVAC Market Size be During the Forecast Period?

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"APAC was the highest contributing region in the global commercial HVAC market and is expected to remain the same during the forecast period. "

Commercial HVAC Market: Key Drivers, Trends, and Challenges

The rising number of data centers is notably driving the commercial HVAC market growth, although factors such as high market competition may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the commercial HVAC industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Commercial HVAC Market Driver

The rising number of data centers is one of the key drivers supporting the commercial HVAC market growth. A data center comprises highly sensitive electronic components wherein the temperature, humidity, airflow, and cleanliness should be maintained consistently to prevent the failure of critical equipment. HVAC systems form an indispensable part of a data center, and cooling systems account for a significant part of the overall costs in data center operations. Moreover, this factor has led to an increasing number of data centers across the globe to manage the significant amount of heat dissipated by the equipment and machines in data centers. Also, with the help of robust HVAC systems, data center operators can ensure that server rooms are kept at the appropriate temperature and humidity levels. These factors will drive the commercial HVAC market growth during the forecast period.

Key Commercial HVAC Market Trend

Emerging smart and connected HVAC is one of the key commercial HVAC market trends fueling the commercial HVAC market growth. End-users can manage their HVAC systems efficiently with advances in portable devices and monitoring systems. Air monitoring systems in HVAC equipment help in detecting and removing allergens, harmful particulate matter, stale air, and virus-causing contaminants. They also clean and regulate moisture levels for optimal indoor air quality. This reduces the wear and tear of HVAC systems, minimizing the need for regular repair and maintenance. Moreover, thermostats are one of the significant beneficiaries of smart technologies. These systems are automatically installed with advanced firmware and algorithms, which, along with their learning ability, help in boosting the energy efficiency of buildings while incurring low installation costs. These factors will fuel the commercial HVAC market growth during the forecast period.

Key Commercial HVAC Market Challenge

High market competition is one of the factors hampering the commercial HVAC market growth. The market has recorded significant consolidation activities, as vendors are aiming at strengthening their product offerings and increasing their geographic presence. For instance, the entry of building control solution providers into the commercial HVAC market has also intensified market competition. Companies such as Siemens and Honeywell have either introduced new solutions or are expanding their product offerings in the global commercial HVAC market. Thus, the intense competition among players can lead them to lower their prices to stay competitive, thus reducing the profit margins for each sale or service, thus affecting the overall global commercial HVAC market in the long run.

This commercial HVAC market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global commercial HVAC market as a part of the global electrical components and equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the commercial HVAC market during the forecast period.

Market Overview

The parent market, the global electrical components, and equipment market, covers companies engaged in the manufacturing of electric cables and wires, electrical components, and electrical equipment. Technavio calculates the global electrical components and equipment market size based on combined revenue generated by manufacturers of water heaters and accessories, motors, motor control, encoder and amplifier, automation solutions, electrical distribution and protection equipment, small generators, wire and cable accessories, power supplies and conditioners, sensors, meters and indicators, recorders and loggers, process safety systems, instrumentation, test, and measurement equipment, switches, transmitters and receivers, HVAC, and safety components.

Who are the Major Commercial HVAC Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• Carrier Global Corp.
• Daikin Industries Ltd.
• Emerson Electric Co.
• Haier Smart Home Co. Ltd.
• Hitachi Ltd.
• Honeywell International Inc.
• Ingersoll Rand Inc.
• Johnson Controls International Plc
• Lennox International Inc.
• LG Electronics Inc.
• Mitsubishi Electric Corp.
• Paloma Co. Ltd.
• Panasonic Corp.
• Robert Bosch GmbH
• Samsung Electronics Co. Ltd.
• Siemens AG
• The Climate Control Group Inc.
• WaterFurnace International Inc.
• Edison Heating and Cooling
• Farina Corp.

This statistical study of the commercial HVAC market encompasses successful business strategies deployed by the key vendors. The commercial HVAC market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

• Carrier Global Corp. - Through the HVAC segment, the company provides products, controls, services, and solutions to meet the heating and cooling and ventilation needs of residential and commercial customers. 
• Carrier Global Corp. - The company offers HVAC solutions for schools, dental offices, hospitals, and other commercial facilities. 

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The commercial HVAC market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Commercial HVAC Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the commercial HVAC market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Commercial HVAC Market?

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42% of the market's growth will originate from APAC during the forecast period. China, Japan, and India are the key markets for the commercial HVAC market in APAC. Market growth in this region will be faster than the growth of the market in other regions.

An increase in infrastructure spending in commercial projects will facilitate the commercial HVAC market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The outbreak of COVID-19 had a negative impact on the regional market growth. However, the ongoing vaccination drives have helped many countries in APAC to revive economic growth and supply chain and logistics activities have been on the path to recovery since mid-2021. Thus, all these factors will help the commercial HVAC market to gain momentum during the forecast period.

What are the Revenue-generating Application Segments in the Commercial HVAC Market?

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The commercial HVAC market share growth by the equipment segment will be significant during the forecast period. HVAC equipment comprises heating equipment, ventilation equipment, and air conditioning equipment. The rise in construction activities, particularly in the Middle East and Asian economies, will propel the demand for HVAC systems in the regions. Builders of new modern commercial spaces are not only focusing on the design and architectural aspects but also on sustainable practices. This has led to the adoption of energy-saving systems such as HVAC units, LEDs, and renewable power generation sources in commercial spaces. Such an increasing adoption of HVAC equipment will drive the commercial HVAC market growth during the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the commercial HVAC market size and actionable market insights on post COVID-19 impact on each segment.

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What are the Key Data Covered in this Commercial HVAC Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive commercial HVAC market growth during the next five years
• Precise estimation of the commercial HVAC market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the commercial HVAC industry across APAC, North America, Europe, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of commercial HVAC market vendors

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