According to our latest study on "Commercial HVAC Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis - by Equipment Type, Implementation, Application," the commercial HVAC market size was valued at US$ 79.30 billion in 2024 and is expected to reach US$ 136.44 billion by 2031; it is estimated to register a CAGR of 8.2% during 2025-2031.

The commercial HVAC market is segmented into five major regions-North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. North America dominated the market in 2023, followed by Asia Pacific and Europe, respectively. The Europe commercial HVAC market is segmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. In terms of revenue, UK dominated the commercial HVAC market share. In the UK, the increasing need to reduce energy consumption and the growing demand for HVAC systems are expected to foster the market growth. According to the report by the Guardian in 2022, by the end of the century, air conditioning systems and air handling units can raise the UK's power consumption by up to an estimated 15% through the summer. Given the excessive power usage, Barcoal announced the development of a heat pump that employs solid materials to release or absorb heat by varying pressures instead of conventional refrigerants. This trend is anticipated to increase the demand for HVAC systems in the UK. Furthermore, in April 2021, the UK government set its goals to reduce carbon emissions by 78% by 2035

A growing emphasis on energy efficiency and sustainability in commercial buildings drives the demand for HVAC systems in the commercial sector. Stringent environmental laws and regulations are driving the adoption of energy-efficient HVAC technologies such as heat pumps and smart building management systems. To meet the 2045 climate neutrality target, the German Bundestag established legislation governing heating and cooling planning, as well as the decarbonization of heat networks. The revised Building Energy Act (GEG) and the new Local Heat Planning Act (WPG) aim to totally decarbonize the heating industry by 2045 and implement the new Energy Efficiency Directive, namely Article 25.6 on local heat planning. Furthermore, the increasing number of new commercial constructions and renovations in sectors such as hospitality, public buildings, and workplaces is driving market growth. The Frankfurt Am Main Rentenbank Office Building Expansion project comprises the expansion of a Rentenbank office building in Germany. Construction work began in Q3 2024 and is projected to reach completion by Q4 2026. The project's goal is to improve office facilities with modern amenities and increase working space to suit rising demand.

Key Findings of Commercial HVAC Market Study:

The commercial HVAC market study primarily focuses on equipment type, implementation, and application, and geography. Based on equipment type, the market is segmented into cooling equipment, heating equipment, and ventilation equipment. The cooling equipment segment is subsegmented into unitary air conditioners, chillers, coolers, VRF systems, and others. The heating equipment segment is further segmented into boilers, heat pumps, furnaces, and space heaters. The ventilation equipment segment is subsegmented into ventilation equipment type and ventilation systems type. The ventilation equipment type segment is further divided into air handling units (AHUs), ventilation fans, air filters and air purifiers, roof vents, and others. Also, the ventilation systems type segment is further divided into controlled mechanical ventilation (CMV), natural ventilation, and hybrid/mixed-mode ventilation. Based on implementation, the market is segmented into new installation and retrofit. Based on application, the market is segmented into office buildings, hotels and restaurants, hospitals and clinics, the transportation industry, and others. The commercial HVAC market, based on geography, is segmented into North America, Asia Pacific, Europe, the Middle East & Africa, and South America.

The cooling equipment segment is subsegmented into unitary air conditioners, chillers, coolers, VRF systems, and others. The unitary air conditioners segment held the largest commercial HVAC market share in 2024. Unitary air conditioners are widely utilized in commercial spaces because of their capacity to provide effective and dependable temperature management. They are ideal for buildings that require flexibility, ease of installation, and low maintenance costs. A unitary air conditioner consists of several major components, including an evaporator (or cooling coil), a compressor, and a condenser. These components work together to provide effective temperature management, making unitary systems an attractive option for commercial applications. Their integrated design enables effective space utilization, making them suitable for a variety of setups. With advancements in technology, many unitary systems are built to function more efficiently, resulting in cheaper utility expenditures. Also, because they are factory-assembled, unitary air conditioners can generally be installed faster than split systems.

Chiller systems are commonly utilized in HVAC systems to manage temperatures across a vast area. The chilled water HVAC system is the most prevalent type of chiller system, as it uses refrigerant to cool water before circulating it throughout the building via piping systems and air handlers. This results in cooler air being sent into each room, allowing for more stable temperatures throughout the day. Chillers are also extremely efficient, lowering energy expenses dramatically compared to traditional HVAC systems. They have been proven to be up to 30% more energy efficient than traditional air conditioning systems, which can drastically lower monthly electricity expenditure. Additionally, chillers have a longer lifespan than standard air conditioners.

Schneider Electric SE, Carrier Global Corp, Daikin Industries Ltd, Honeywell International Inc, Johnson Controls International Plc, Danfoss AS, Lennox International Inc, LG Electronics Inc, Mitsubishi Electric Corp, Samsung Electronics Co Ltd, Trane Technologies Plc, and AAON Inc are among the key players profiled in the commercial HVAC market report. Several other major players were studied and analyzed during the commercial HVAC market analysis to get a holistic view of the market and its ecosystem. The commercial HVAC market also provides detailed market insights, which help the key players strategize their growth. The report includes growth prospects owing to the current commercial HVAC market trends and their foreseeable impact during the forecast period.

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