The global commercial HVAC market is estimated to expand at 6.86% CAGR during the forecast period. Commercial HVAC is an essential part of large office buildings, such as large commercial complexes, hospitals, shopping malls, and restaurants.
It helps provide acceptable indoor air quality in commercial environments. Several new technologies, including variable refrigerant flow (VRF), is gaining immense demand as it is more energy efficient. Moreover, government measures to reduce electricity cost and consumption is leading to increase in the adoption of new HVAC systems in newly constructed buildings.
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The key players of the global commercial HVAC market are Samsung Electronics Co., Ltd (South Korea), United Technologies Corporation (US), Haier Electronics Group Co. Ltd (China), Mitsubishi Corporation (Japan), Edison Heating and Cooling (US), Daikin Industries Ltd (Japan), Ingersoll Rand (Ireland), Johnson Controls (US), Farina Corporation (US), Lennox International Inc. (US), Rheem Manufacturing Company (US), AAON (US), Panasonic (Japan), Hitachi, Ltd. (Japan), and Danfoss (Denmark).
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 heating equipment, the global market has been segmented into heat pump, furnaces, boilers, and unitary heaters. The heat pump segment is the largest segment in the market due to its ability to perform both, space cooling and heating functions, while also being able to heat water.
On the basis of implementation type, the global market is divided into new construction and retrofit. The new construction segment is expected to dominate the commercial HVAC market, owing to the increase in urbanization, which has led to the demand for smart buildings that require efficient HVAC equipment. On the basis of application, the global market is segmented into large & small offices, hospitals, shopping malls, restaurants, and others. The large & small offices segment is expected to dominate the commercial HVAC market during the forecast period.
On the basis of region, the global commercial HVAC market has been segmented into Asia-Pacific, North America, Europe, and the rest of the world.
The growth of the commercial HVAC market in Asia-Pacific is driven by many factors including the increasing investments in the construction industry, resulting in the development of power infrastructure in emerging countries, such as Australia, China, Thailand, and India. Moreover, market players such as Samsung Electronics Co., Ltd, Daikin Industries Ltd, and Mitsubishi Corporation have signed contracts with industries to provide HVAC equipment and necessary solutions.
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