Global Commercial HVAC Market Overview:
HVAC is an abbreviation for Heating, Ventilation, and Air Conditioning. Commercial HVAC refers to the various systems that are used to move air between indoor and outdoor areas, as well as to heat and cool commercial buildings. The commercial HVAC equipment market is being propelled by changes in urbanisation, industrialization, and migration, which are some of the key drivers driving the market. Climate change affects building energy consumption and air conditioning loads, which vary according to ambient temperature and humidity. As a result of new regulatory requirements, the energy efficiency of HVAC systems is expected to improve. This has paved the way for smart HVAC control systems to be integrated into the most modern heating and air conditioning units in buildings.
- Increasing Preference for Hybrid HVAC Systems
- The demand for Commercial HVAC Units is Growing due to the Factors, Such As the need for Comfort and Increasing Global Warming
- Some Regions with Damp Climatic Conditions often tend to Reduce the Life Expectancy of these Systems due to their Corrosive Effects
- Increasing Government Regulatory Policies and Incentives to Ensure Energy Saving and Conservation of Natural Resources
- Climate Change is one of the Prominent Factors Influencing the Growing Adoption of Heating and Cooling Equipment
- High Installation and Maintenance Costs can hinder the Market Growth
- High Energy Consumption and Other Operational Difficulties are expected to pose a Challenge to Market Growth
The demand for Commercial HVAC is increasing with each passing day. The businesses in this industry facing major competition with leading players of the market that includes Samsung, Carrier, Mitsubishi Corporation and others. Many international as well as regional providers are also participants in the industry and directly compete with leaders. It has been identified that market leading players are investing heavily in growth strategies such as technological development, resource utilization to enhance their market position. The market leaders such as Samsung, Carrier, Mitsubishi Corporation demonstrate a market-defining vision of how commercial HVAC can help top-line business executives achieve their business objectives. Leaders have the ability to execute against that vision through both products and services. They have demonstrated solid business results in the form of revenue and earnings.
Some of the key players profiled in the report are Mitsubishi Corporation (Japan), Samsung Electronics Co. Ltd (South Korea), Daikin Industries Ltd (Japan), Emerson Electric Co. (United States), Haier Electronics Group Co. Ltd (China), Ingersoll Rand (Ireland), Johnson Controls (United States), Lennox International Inc. (United States), Danfoss (Denmark), Carrier Global (United States), Trane Technologies (Ireland) and Rheem Manufacturing Company (United States). Additionally, following companies can also be profiled that are part of our coverage like Farina Corporation (United States) and Nortek Global HVAC (United States). Analyst at AMA Research see United States Manufacturers to retain maximum share of Global Commercial HVAC market by 2027. Considering Market by HVAC System, the sub-segment i.e. Split HVAC System will boost the Commercial HVAC market. Considering Market by Implementation Type, the sub-segment i.e. New Construction will boost the Commercial HVAC market.
Latest Market Insights:
In February 2022 Carrier Global had announced the acquisition of Toshiba's Global VRF and Light Commercial HVAC business. The acquisition will augment Carrier's position in one of the fastest-growing HVAC segments, as well as scale its global VRF product platform with leading and differentiated technology to its portfolio. Carrier's acquisition will include all of TCC's advanced R&D centres and global manufacturing operations, as well as a strong product pipeline and the long-term use of Toshiba's globally recognized and iconic brand.
In January 2021 Samsung had announced the launch of Wi-Fi enabled range of compact VRF air conditioning system in India. The WiFi-enabled DVM S Eco series comes with smart features like voice management and a linked home experience that can be accessed via the SmartThings app on any smartphone. The DVM S Eco series is simple to install, with up to 16 indoor devices able to be set up at once. The DVM S Eco's revolutionary design includes a powerful Digital Inverter Scroll Compressor and a corrugated fin that improves cooling performance.
What Can be Explored with the Commercial HVAC Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Commercial HVAC Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Commercial HVAC
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Commercial HVAC market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Commercial HVAC market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Venture and Capitalist, New entrants/investors, Analysts and Strategic Business Partners, Raw Material Suppliers, Industrial, Commercial and End-use industries.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.
Frequently Asked Questions (FAQ):1. What is the growth rate predicted for the Global Commercial HVAC Market?
The Commercial HVAC market is expected to see a CAGR of % during projected year 2021 to 2027.
2. Who are the top performing companies in Commercial HVAC Market?
Top performing companies in the Global Commercial HVAC market are Mitsubishi Corporation (Japan), Samsung Electronics Co. Ltd (South Korea), Daikin Industries Ltd (Japan), Emerson Electric Co. (United States), Haier Electronics Group Co. Ltd (China), Ingersoll Rand (Ireland), Johnson Controls (United States), Lennox International Inc. (United States), Danfoss (Denmark), Carrier Global (United States), Trane Technologies (Ireland) and Rheem Manufacturing Company (United States), to name a few.
3. What trending factors would impact Commercial HVAC Market growth most?
"Growing Prevalence of Technologies such as Automated Control Systems, Remote Control Access, and Iot" is seen as one of major influencing trends for Commercial HVAC Market during projected period 2021-2027.