Market drivers include pent-up replacement demand, corporate sustainability commitments, government incentives and cooling equipment adoption
BOULDER, Colo., Oct. 1, 2024 /PRNewswire/ — A new report from Guidehouse Insights explores the global market for commercial HVAC equipment that can reduce energy consumption and, increasingly, decarbonize heating systems and eliminate onsite fossil fuel use.
Despite being fairly saturated, the global market for commercial HVAC equipment is expected to grow over the next decade. According to a new report from Guidehouse Insights, commercial HVAC revenue is expected to grow from an estimated $229.2 billion in 2024 to $326.6 billion in 2033, at a compound annual growth rate (CAGR) of 4.0%.
“The commercial HVAC market is highly competitive among supply-side stakeholders, including manufacturers, distributors, sales representatives, contractors, and engineering firms,” says Hannah Bastian, research analyst with Guidehouse Insights. “M&A activity has been robust in the last few years and does not show signs of slowing down in the near term, suggesting the market is likely to continue growing and changing over the next decade.”
Several market drivers are creating demand for HVAC equipment that can reduce energy consumption and, increasingly, decarbonize heating systems and eliminate onsite fossil fuel use. Cooling equipment is also becoming more common in both existing and new buildings around the world, driving revenue growth in the commercial HVAC market.
At the same time, several barriers may limit and slow this growth. Macroeconomic conditions like inflation, workforce shortages, and high interest rates have made it challenging for building owners to pursue equipment upgrades. Supply-side bottlenecks like inflated material costs and manufacturing capacity have limited manufacturers’ ability to keep up with demand, and this situation is likely to continue in the near future, according to the report.
The report, Commercial HVAC Market, evaluates how market drivers, barriers, and trends are likely to affect the commercial HVAC market over the next 10 years. It provides an overview of the key market stakeholders and their role in the industry value chain, and offers recommendations for how they can stay competitive as the market evolves in the near and long term. The analyses in this report estimate commercial HVAC revenue growth from 2024 to 2033, segmented by technology type, construction type, and global region. An executive summary of the report is available for free download on the Guidehouse Insights website.
About Guidehouse Insights
Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today’s rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.
About Guidehouse
Guidehouse is a global consultancy providing advisory, digital, and managed services to the commercial and public sectors. Guidehouse is purpose-built to serve the national security, financial services, healthcare, energy, and infrastructure industries. Disrupting legacy consulting delivery models with its agility, capabilities, and scale, the firm delivers technology-enabled and focused solutions that position clients for innovation, resilience, and growth. With high-quality standards and a relentless pursuit of client success, Guidehouse’s more than 17,000 employees collaborate with leaders to outwit complexity and achieve transformational changes that meaningfully shape the future. guidehouse.com
* The information contained in this press release concerning the report, Commercial HVAC Market, is a 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.
SOURCE Guidehouse Insights
