Global Market for Commercial HVAC Estimated to Grow to $52 Billion by 2032
Market drivers include policies stimulating demand for efficient HVAC systems, advances in technology and emerging financing models
A new report from Guidehouse Insights analyzes the commercial heating, ventilation, and air-conditioning (HVAC) market globally.
The market has grown continuously as heating and cooling technologies advance. Looking forward, market stakeholders, including manufacturers, engineers, and service providers, have several growth opportunities. According to a new report from Guidehouse Insights, the global market revenue for commercial HVAC is anticipated to grow from $51.7 billion in 2022 to $66.6 billion in 2031 at a CAGR of 2.8%.
“There is huge growth opportunity in this market—including the increasing demand for heating and cooling in emerging regions and the number of aging commercial buildings with obsolete HVAC equipment,” says Young Hoon Kim, senior research analyst with Guidehouse Insights. “Regardless of a building’s age, inefficient HVAC systems harm the environment, so installing high efficiency equipment in new construction is the ideal.”
The International Energy Agency reports that by 2030, nearly 20% of the existing building stock will require renovation to reach zero-carbon emissions. Since no one solution will accommodate all regions worldwide—for either residential or commercial HVAC—industry stakeholders must consider regional-specific solutions. Additionally, they must consider multiple sustainable heating and cooling solutions that will accommodate global decarbonization efforts and adapt them to each region and to the building types within those regions, according to the report.
The report, Commercial HVAC Market, reviews the different commercial HVAC solutions for heating and cooling and provides analysis for the ten-year period between 2022 and 2031, segmented by technology and five geographic regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. An executive summary of the report is available for free download on the Guidehouse Insights website.
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*The information contained in this press release concerning the report, Commercial HVAC Market, summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.