New York, July 23, 2021 (GLOBE NEWSWIRE) -- Commercial HVAC Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Commercial HVAC Market Research Report, Heating Type, Ventilation Type, Cooling Equipment, Implementation Type, Application and Region - Forecast till 2027” the market size is projected to be worth USD 142.97 billion by 2027, registering a CAGR of 6.86% during the forecast period (2021 - 2027), The market was valued at USD 97.31 billion in 2020.
COVID-19 Analysis
In 2020, the COVID-19 outbreak has created an unfavorable effect on the market as the commercial HVAC products sales have rapidly declined. Governments of different countries have imposed lockdown that has resulted in the shutting of factories in scores of cities and provinces across the globe, thus resulting to predictions of sharp slowdown in the output from commercial sector to industrial sector. The construction industry, that was once thriving with high investments have been adversely impacted by the suspension of the construction activities for the ongoing pandemic. Besides, shortage of labors and potential supply chain bottlenecks of equipment and materials is likely to cause project delays in the ongoing funded projects that may result in reduced spending in the upcoming projects. All this will impact the market growth over the forecast period.
Get Free Sample PDF Brochure https://www.marketresearchfuture.com/sample_request/7969
Key Players
Eminent players profiled in the global commercial HVAC industry report include-
- United Technologies Corporation (US)
- Mitsubishi Corporation (Japan)
- Samsung Electronics Co. Ltd (South Korea)
- Daikin Industries Ltd (Japan)
- Haier Electronics Group Co. Ltd (China)
- Ingersoll Rand (Ireland)
- Johnson Controls (US)
- Farina Corporation (US)
- Edison Heating and Cooling (US)
- Lennox International Inc. (US)
- Rheem Manufacturing Company (US)
- AAON (US)
- Panasonic (Japan)
- Hitachi Ltd. (Japan)
- Danfoss (Denmark)
The global commercial HVAC market is fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers , including collaborations, contracts, partnerships, joint ventures, geographic expansions, & new product launches, and more.
Browse In-depth Market Research Report (111 pages) on Commercial HVAC
https://www.marketresearchfuture.com/reports/commercial-hvac-market-7969
Industry Updates
Air Rover has launched building-block air purification modules for commercial HVAC new construction and retrofits. The modules can be utilized separately or in combinations, resting upon the customer’s needs and the configuration of the building. The technologies inside the APS Inline modules are UL listed, certified, and compliant with ASHRAE, OSHA, and CDC guidelines for commercial buildings, which also includes medical environments.
Commercial HVAC Market Drivers/Commercial HVAC Market Trends
Emerging Technologies to Boost Market Growth
Emerging technologies like automated control systems, remote control access, and IoT are the rending factors that help in detection and controlling the temperature automatically or fan speed for offering maximum comfort. This will add to the global commercial HVAC market value over the forecast period.
Opportunities
Growing Food Service Industry to offer Robust Opportunities
The growing food service industry will offer robust opportunities for the market in the forecast period as this is likely to manifest in rising number of restaurants in developing areas.
Restraints
High Installation to act as Market Restraint
The high installation and maintenance cost will act as market restraint over the forecast period.
Challenges
High Energy Consumption to act as Market Challenge
The high energy consumption and other operational challenges may impact the global commercial HVAC market share over the forecast period.
Share your Queries https://www.marketresearchfuture.com/enquiry/7969
Market Segmentation
- By Heating Equipment
By heating equipment, the heat pumps segment will lead the market over the forecast period for its efficient heating and cooling functions and the ability of heating water. Heat pumps help in transferring heat from one point to another.
- By Ventilation Equipment
By ventilation equipment, the air handling segment will dominate the market over the forecast period.
- By Application
By application, the large and small offices segment will spearhead the market over the forecast period and at a high CAGR.
- By Cooling Equipment
By cooling equipment, the commercial HVAC market is segmented into VRF system, cooling towers, coolers, chiller, unitary air conditioners, and room air conditioners.
- By Implementation
By implementation, the new construction segment will have the lions share in the market over the forecast period.
Regional Analysis
APAC to Remain Domineer in Commercial HVAC Market
The Asia Pacific Region will remain domineer in the market over the forecast period. Growth of the construction industry, need for energy-efficient HVAC systems, rapid industrialization, increased power consumption, growing influx of renewable resources in energy mix, government mandates on energy efficiency, provisions for better power for rural areas, increasing adoption in China for the increasing government measures for ensuring energy-efficient HVAC systems are installed in new buildings and the increasing adoption of inverter-based air conditioner systems are adding to the global commercial HVAC market growth in the region. Besides, increasing growth in Australia, India, and Japan for rapid urbanization and infrastructural development, rising disposable income, awareness concerning energy-efficient products, rising real estate sector, growing population, the advent of smart buildings, government initiatives endorsing the use of energy and cost-efficient systems, the presence of largest consumers, the presence of companies offering low-cost equipment in China and neighboring countries, and increasing construction activities are also adding market growth.
Segmentation of Market covered in the research:
Information by Heating Type (Heat Pump, Furnaces, Boilers and Unitary Heaters), by Ventilation Type (Humidifiers, Dehumidifiers, Air Purifiers, Ventilation Fans and Air Handling Units), by Cooling Equipment (Room Air Conditioners, Unitary Air Conditioners, Chiller, Coolers, Cooling Towers and VRF System), by Implementation Type (New Construction and Retrofit) and by Application (Large and Small Offices, Hospitals, Shopping Malls, Restaurants and others) and by Region (North America, Europe, Asia-Pacific and Rest of the World)
To Buy: https://www.marketresearchfuture.com/checkout?currency=one_user-USD&report_id=7969
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 with regard to 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.