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

  • Published: Apr 2022
  • Pages: 150
  • SKU: IRTNTR73213
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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?

Commercial HVAC Market Size

Download the Free Report Sample to Unlock the Commercial HVAC Market Size for the Forecast Period and Other Important Statistics

"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?

Commercial HVAC Market Market segmentation by region

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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?

Commercial HVAC Market Segmentation

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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.

 

Commercial HVAC Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 4.2%

Market growth 2022-2026

$ 22.09 billion

Market structure

Fragmented

YoY growth (%)

3.83

Regional analysis

APAC, North America, Europe, South America, and Middle East and Africa

Performing market contribution

APAC at 42%

Key consumer countries

US, China, Japan, India, and UK

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

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.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

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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

We can help! Our analysts can customize this report to meet your requirements. Get in touch

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

              Research Framework

              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

              TechnavioINFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases
              Technavio

              TechnavioDATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts
              Technavio

              TechnavioREPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape
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              Commercial HVAC market growth will increase by $22.09 billion during 2022-2026.
              The commercial hvac market is expected to grow at a CAGR of 4.2% during 2022-2026.
              Technavio has segmented the commercial hvac market by application (Equipment and Services) and geographic (APAC, North America, Europe, South America, and Middle East and Africa).
              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. are a few of the key vendors in the commercial hvac market.
              APAC will register the highest growth rate of 42.44% among the other regions. Therefore, the commercial hvac market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
              The key factors driving the commercial hvac market growth are:
              • Rising number of data centers
              • Emerging smart and connected HVAC
              The commercial hvac market vendors should focus on grabbing business opportunities from the equipment segment as it accounted for the largest market share in the base year.
              • What are the key global market and the regional market share?
              • What are the revenue-generating key market segments?
              • What are the key factors driving and challenging this market’s growth?
              • Who are the key market vendors and their growth strategies?
              • What are the latest trends influencing the growth of this market?
              • What are the variables influencing the market growth in the primary regions?
              • What are the factors influencing the growth of the parent market?
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