Dublin, Dec. 12, 2023 (GLOBE NEWSWIRE) — The “United States Commercial HVAC Market Competition, Forecast and Opportunities, 2028” report has been added to ResearchAndMarkets.com’s offering.
United States Commercial HVAC Market is anticipated to reach a value of $25.56 billion by 2028 on account of increasing use of office space, developing new commercial infrastructure, and product innovation, etc. In the next five years, the government’s emphasis on updating and building new commercial infrastructure and technology advancements in HVAC systems which will contribute to market growth in the United States.
Moreover, factors such as extreme climatic conditions, expanding construction activities, increased demand for office space in the nation, and increased availability of highly efficient equipment are some of the reasons driving the market’s expansion. The growing need for energy-efficient systems is another significant factor driving the commercial HVAC industry. This industry is expanding due to the preferential shift toward environmentally friendly technology brought on by rising environmental consciousness.
Furthermore, major commercial HVAC companies are opting various strategies such as merger, acquisitions, partnerships, etc. to expand their services. For instance, in 2022, Carrier signed agreement to acquire Toshiba’s global VRF and light commercial HVAC business to strengthen its position in one of the fastest-growing HVAC segments. Carrier’s acquisition includes all TCC’s innovative research & development facilities, worldwide production facilities, product pipeline, and the long-term use of Toshiba’s brand.
Also, market players are emphasizing on spreading information regarding the commercial HVAC products to enhance their consumer base. For instance, in 2022, Yanmar America participated in the Georgia Association of State Facilities Administrators’ fall conference. The annual event brings together Georgia State facilities managers for intensive workshops, educational sessions, and a trade show. The participation in the conference was focused on discussing the company’s Variable Refrigerant Flow (VRF) gas heat pump air conditioning systems.
Additionally, companies have been focusing on expanding their manufacturing and production services to boost their market share. For instance, in 2022, Modine announced full scale production of chillers for the data center market at their new production facility in Virginia, and additionally confirmed a substantial order with data center company, Corscale, with prospects for further business in the coming months.
Growing Demand for Building Automation and Control Systems Fueling the Market Growth
The security, mechanical, HVAC, and humidity control systems were all designed to be controlled and monitored by the building automation system. Total control over the structure and autonomous facilities is the main objective of constructing an automation system. The market for building automation systems is expanding due to increased preference for smart and environment friendly structures among consumers, which is boosting the need for HVAC systems.
New Product Launches by Market Players Aiding the Market Growth
To cater the increasing demand, commercial HVAC market players are launching new products and expanding their product portfolio in United States. For instance, in 2022, GE Appliances exhibited a new division at the 2022 AHR Expo. The new product division includes gas furnaces, packaged units, air conditioners, heat pumps, air handlers, and evaporator coils. These factors are anticipated to further boost the market growth during the forecast period at the country level.
Booming Commercial Sector Boosting Market Growth
The construction industry is a key driver of rising demand for HVAC systems. The need for HVAC systems has expanded along with the construction of commercial buildings, fueling the expansion of the commercial HVAC market in the United States.
The need for HVAC is anticipated to increase in the upcoming years due to the continued building of malls, schools, metros, airports, supermarkets, retail centers, and other structures around the nation. Several significant manufacturers are projected to expand their operations and manufacturing facilities in the United States over the course of the forecast period as commercial sector construction rises.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 81 |
| Forecast Period | 2022 – 2028 |
| Estimated Market Value (USD) in 2022 | $17.1 Billion |
| Forecasted Market Value (USD) by 2028 | $25.56 Billion |
| Compound Annual Growth Rate | 6.5% |
| Regions Covered | United States |
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the United States commercial HVAC market.
- Daikin North America LLC
- Carrier Global Corporation
- Mitsubishi Electric Trane HVAC US LLC (METUS)
- Johnson Controls, Inc
- Lennox International Inc
- Nortek Global HVAC LLC
- LG Electronics USA, Inc.
- Samsung HVAC America, LLC
- Rheem Manufacturing Company
- Danfoss LLC
Market Dynamics
Drivers
- New Product Launches by Market Players
- Rising Building Automation and Control Systems Market
- Increasing Demand for HVAC Sensor-based System
Market Trends & Developments
- Growing Smart HVAC
- Government Initiatives
- Increasing Demand for Energy Efficient Products
- Growing Marketing Campaigns by Companies
- Rising Construction Rate
Challenges
- Strict Regulations
- High Operating Cost
Report Scope:
United States Commercial HVAC Market, By Product Type:
- Chillers
- Cooling Towers
- Air Handling Units
- VRF
- Heat Pumps
- Others
United States Commercial HVAC Market, By End User:
- Industries
- Institutional
- Commercial Real Estate
- HORECA
- Others
United States Commercial HVAC Market, By Sales Channel:
- Distributor/Dealer
- Institutional Sales
United States Commercial HVAC Market, By Region:
- South
- West
- Mid-West
- North-East
For more information about this report visit https://www.researchandmarkets.com/r/hw63rw
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- U.S. Commercial HVAC Market
