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1Q 2023

Commercial HVAC Market

Global Commercial Heating and Cooling Equipment Market Analysis and Forecasts, 2022-2031

The commercial heating, ventilation, and air-conditioning (HVAC) market has grown continuously as heating and cooling technologies advance. Looking forward, market stakeholders, including manufacturers, engineers, and service providers, have several growth opportunities. Among them are the increasing demand for heating and cooling in emerging regions and the number of aging commercial buildings with obsolete HVAC equipment. The IEA 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.

This report reviews the different commercial HVAC solutions for heating and cooling and provides forecasts for the ten-year period between 2023 and 2032, segmented by technology and five geographic regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

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%. Asia Pacific is expected to be the largest market throughout the forecast period, growing at a CAGR of 3.0%. North America is anticipated to be second (2.9% CAGR), and Europe is expected to be third (2.8% CAGR). Latin America and Middle East & Africa will likely show smaller, but steady growth.

Pages 39
Tables | Charts | Figures 45
  • What are the commercial HVAC market drivers and barriers?
  • What are the key technology trends shaping the commercial HVAC market?
  • How is the commercial HVAC market expected to grow over the next decade?
  • How is revenue from the commercial HVAC market expected to differ by region?
  • What approach should stakeholders take to exploit the opportunities in the commercial HVAC market?
  • Policymakers
  • National or public organization for standardization
  • Manufacture in commercial HVAC
  • Utilities
  • Engineering and energy service companies
  • Investor community in construction or real estate for the commercial sector

1. Executive Summary

1.1    Introduction

1.2    Market Forecast

2. Market Issues

2.1    Market Opportunities for Building Renovation

2.1.1   Retrofitting HVAC in Aging Commercial Buildings

2.2    Drivers

2.2.1   Policy and Incentives Supporting Efficient System Installation and Upgrades

2.2.2   Technology Advances

2.2.2.1    Advanced Control

2.2.3   Financing and as a Service Opportunities

2.3    Barriers

2.3.1   Increased Equipment Prices Due to High Demand for Efficient Systems

2.3.2   Reluctance to Improve Systems Because of Doubts about the Benefits

2.3.3   Disrupted Supply Chain

2.3.4   Shortage of Experts

2.4    Market Trend for Sustainable Heating and Cooling

2.4.1   Clean Gas

2.4.2   Electrification

2.4.3   Thermally Driven Heating

2.4.4   Dual Fuel (Hybrid)

2.4.5   Liquid Desiccant Cooling

2.4.6   Efficient Fossil Fuel-based Heating

3. Industry Value Chain

3.1    Commercial Building HVAC Industry

3.2    Competitive Landscape

3.2.1   Industry Activities

3.2.1.1    Partnership

3.2.1.2    Business Expansion

3.2.1.3    Energy Efficiency Projects

4. Market Forecasts

4.1    Forecast Methodology

4.2    Forecast Scope

4.2.1   Differences from Previous Forecasts

4.3    Market Overview

4.4    Regional Forecasts

4.4.1   North America

4.4.2   Europe

4.4.3   Asia Pacific

4.4.4   Latin America

4.4.5   Middle East & Africa

4.5    Forecasts by Building and Construction Types

4.5.1   Building Type

4.5.2   Construction Type

5. Conclusions and Recommendations

5.1    Recommendations

5.1.1   Government Officials and Policymakers

5.1.2   Utilities

5.1.3   Building Owners

5.1.4   Engineering Companies

5.1.5   Manufacturers

6. Market Forecasts

6.1    Office

6.2    Retail

6.3    Education

6.4    Healthcare

6.5    Hotels and Restaurants

6.6    Institutional/Assembly

6.7    Warehouse

6.8    Transport

7. Acronym and Abbreviation List

8. Table of Contents

9. Table of Charts and Figures

10. Scope of Study

11. Sources, Methodology & Notes

  • Commercial HVAC Equipment Revenue by Region, World Markets: 2022-2031
  • Commercial HVAC Equipment Shipments by Region, World Markets: 2022-2031
  • Commercial HVAC Equipment Revenue by Type, North America: 2022-2031
  • Commercial HVAC Equipment Revenue by Type, Europe: 2022-2031
  • Commercial HVAC Equipment Revenue by Type, Asia Pacific: 2022-2031
  • Commercial HVAC Equipment Revenue by Type, Latin America: 2022-2031
  • Commercial HVAC Equipment Revenue by Type, Middle East & Africa: 2022-2031
  • Commercial HVAC Equipment Revenue by Building Type, World Markets: 2022-2031
  • Commercial HVAC Equipment Revenue by Deployment Type, World Markets: 2022-2031
  • Commercial HVAC Equipment Revenue by Region, World Markets: 2022‑2031
  • Commercial HVAC Equipment Shipments by Region, World Markets: 2022‑2031
  • Commercial HVAC Equipment Revenue by Type, Middle East & Africa: 2022‑2031
  • Commercial HVAC Equipment Revenue by Building Type,  World Markets: 2022-2031
  • Commercial HVAC Equipment Revenue by Deployment Type,  World Markets: 2022-2031
  • Conceptual Approach of an Outdated HVAC Upgrade
  • Investment Structure for a Special Purpose Vehicle
  • How a Thermally Driven Heat Pump Works
  • System Diagram of Blue Frontier Rooftop Unit
  • High Level Overview of HVAC in Commercial Buildings Industry Value Chain
  • Commercial HVAC Equipment Shipments by Region, World Markets: 2022-2031
  • Commercial HVAC Equipment Shipments by Type, North America: 2022-2031
  • Commercial HVAC Equipment Shipments by Type, Europe: 2022-2031
  • Commercial HVAC Equipment Shipments by Type, Asia Pacific: 2022-2031
  • Commercial HVAC Equipment Shipments by Type, Latin America: 2022-2031
  • Commercial HVAC Equipment Shipments by Type, Middle East & Africa: 2022-2031
  • Commercial HVAC Equipment Revenue by Region, World Markets: 2022-2031
  • Commercial HVAC Equipment Revenue by Type, North America: 2022-2031
  • Commercial HVAC Equipment Revenue by Type, Europe: 2022-2031
  • Commercial HVAC Equipment Revenue by Type, Asia Pacific: 2022-2031
  • Commercial HVAC Equipment Revenue by Type, Latin America: 2022-2031
  • Commercial HVAC Equipment Revenue by Type, Middle East & Africa: 2022-2031
  • Commercial HVAC Equipment Revenue by Building Type, World Markets: 2022-2031
  • Commercial HVAC Equipment Revenue by Building Type, North America: 2022-2031
  • Commercial HVAC Equipment Revenue by Building Type, Europe: 2022-2031
  • Commercial HVAC Equipment Revenue by Building Type, Asia Pacific: 2022-2031
  • Commercial HVAC Equipment Revenue by Building Type, Latin America: 2022-2031
  • Commercial HVAC Equipment Revenue by Building Type, Middle East & Africa: 2022-2031
  • Commercial HVAC Equipment Revenue by Deployment Type, World Markets: 2022-2031
  • Commercial HVAC Equipment Revenue by Deployment Type, North America: 2022-2031
  • Commercial HVAC Equipment Revenue by Deployment Type, Europe: 2022-2031
  • Commercial HVAC Equipment Revenue by Deployment Type, Asia Pacific: 2022-2031
  • Commercial HVAC Equipment Revenue by Deployment Type, Latin America: 2022-2031
  • Commercial HVAC Equipment Revenue by Deployment Type, Middle East & Africa: 2022-2031
  • Competitive Structure
  • Technology Segment
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