세계의 상업용 HVAC 시스템 시장 : 시장 규모, 점유율, 성장 및 산업 분석 - 유형별, 용도별, 지역별 인사이트 및 예측(2024-2032년)

Growth Factors of commercial HVAC system Market

The global commercial HVAC system market continues to expand as businesses prioritize energy efficiency, indoor air quality, and smart building technologies. The market was valued at USD 68.44 billion in 2024, reflecting growing demand across commercial facilities, including offices, hospitals, retail centers, airports, and educational institutions. By 2025, the market is expected to reach USD 72.03 billion, eventually expanding to USD 106.02 billion by 2032, representing a CAGR of 5.70% through the forecast period.

Commercial HVAC systems regulate heating, ventilation, and air conditioning to ensure safe, comfortable, and healthy indoor environments. The surge in urbanization, rapid construction of commercial buildings, and rising focus on sustainability goals are major factors contributing to the market's steady expansion. Leading companies such as Daikin Industries, Carrier Global Corporation, Trane Technologies, Lennox International, Nortek, and Panasonic Holdings Corp. continue to dominate through product innovation and digital integration.

Market Dynamics

Market Drivers: Rapid Urbanization and Growth in Commercial Real Estate

The increasing global shift toward urban living is driving large-scale construction of commercial spaces, including shopping complexes, office buildings, hospitals, and transport hubs. These infrastructures depend heavily on advanced HVAC systems to maintain air quality, temperature, and humidity control. Smart city initiatives further accelerate adoption. For example, India has completed 7,555 smart city projects as of May 2025, representing 94% of total planned developments-each requiring sophisticated HVAC installations. Such megaprojects significantly boost demand for sustainable and intelligent HVAC solutions worldwide.

Market Restraints: High Installation and Operational Costs

While demand is increasing, the high upfront investment required for advanced HVAC systems-including VRF units, chillers, and large-scale air handling equipment-often limits adoption among smaller commercial establishments. Rising interest rates, skilled labor shortages, and compliance with evolving energy regulations add further complications. These constraints can delay modernization cycles and slow market penetration in cost-sensitive regions.

Market Opportunities: Growth in Last-Mile and Temperature-Controlled Logistics

Rising e-commerce activity has resulted in a dramatic increase in last-mile delivery hubs and micro-fulfillment centers. The World Economic Forum reports global e-commerce sales at USD 5.8 trillion in 2023, with expected 39% growth by 2027, driving significant demand for HVAC systems in warehousing and distribution. Temperature-sensitive deliveries-such as pharmaceuticals, fresh groceries, and frozen foods-also require robust HVAC solutions, creating strong opportunities for manufacturers of chillers, VRF systems, and transport refrigeration units.

Market Trends

AI, IoT, and Predictive Maintenance Transforming Commercial HVAC

The integration of IoT sensors and AI-driven analytics enables real-time monitoring of humidity, temperature, pressure, and energy consumption. Predictive maintenance helps identify component wear beforehand, lowering maintenance costs by 20-30%. Examples include Johnson Controls' OpenBlue and Trane's Symbio smart platforms, both widely adopted in next-generation commercial buildings.

Segmentation Overview

By Product Type

In 2024, the heating equipment segment held the largest market share, generating USD 33.26 billion, driven by heavy use of furnaces, heat pumps, and boilers in commercial facilities located in colder climates. Rapid retrofitting of aging buildings and government incentives for energy-efficient heating systems support this growth.

The ventilation equipment segment is expected to grow at the highest pace due to rising adoption of HEPA filtration, ERVs, and AHUs to meet standards such as ASHRAE 62.1 and WELL Building Standard.

By Capacity

Systems within the 10 to 25 tons range dominated in 2024, contributing USD 45.34 billion, largely due to demand from medium-sized facilities like schools, hospitals, retail stores, and offices. These systems offer the ideal balance of load and efficiency, making them suitable for modular and zoned climate control.

By Application

Office buildings and corporate campuses held the highest share in 2024 with USD 22.37 billion, driven by ESG commitments, energy-efficient retrofits, and a rise in intelligent workspace infrastructure. Retail, hospitality, healthcare, and public venues also contribute significantly.

Regional Landscape

Asia Pacific

Asia Pacific led the global market with USD 33.93 billion in 2024 and is expected to hit USD 35.87 billion in 2025. Massive commercial infrastructure development in China, India, and Southeast Asia fuels exceptional growth. India and China alone are projected to contribute USD 6.51 billion and USD 15.08 billion respectively in 2025. Airport expansion worth USD 240 billion in Asia Pacific and the Middle East will further boost HVAC demand.

North America

Driven by strict energy-efficiency regulations and LEED-certified building initiatives, North America shows strong adoption of advanced HVAC systems. The U.S. is expected to reach USD 17.38 billion in 2025.

Europe

Europe emphasizes energy sustainability through frameworks like the Energy Performance of Buildings Directive (EPBD). The region is projected to reach USD 10.01 billion in 2025, with strong contributions from the U.K., Germany, and Italy.

Conclusion

Growing from USD 68.44 billion in 2024 to USD 106.02 billion by 2032, the commercial HVAC system market reflects accelerating digitalization, sustainability mandates, and expansion of global commercial infrastructure. With rapid advancements in AI-driven maintenance, green buildings, and temperature-controlled logistics, the industry is poised for strong and stable growth through 2032.

Segmentation By Product Type

• Heating Equipment
  • Boilers
  • Heat Pumps
  • Furnaces
  • Unit Heaters
• Cooling Equipment
  • Unitary Air Conditioners
  • VRF Systems
  • Chillers
  • Room Air Conditioner
  • Coolers and Cooling Towers
• Ventilation Equipment
  • Air-Handling Units
  • Air Filters
  • Air Purifiers
  • Ventilation Fans
  • Others (Humidifiers, etc.)

By Capacity

• Up to 10 Tons
• 10 to 25 Tons
• Above 25 Tons

By Application

• Office Buildings & Corporate Campuses
• Retail Spaces
• Hospitality
• Healthcare
• Education
• Transportation & Public Venues
• Government & Institutional Buildings
• Others

By Region

• North America (By Product type, Capacity, Application and Country/Sub-region)
  • U.S. (By Product type)
  • Canada (By Product type)
• Europe (By Product type, Capacity, Application and Country/Sub-region)
  • U.K. (By Product type )
  • Germany (By Product type )
  • France (By Product type )
  • Italy (By product type)
  • Spain (By product type)
  • Scandinavia (By product type)
  • Rest of Europe (By product type)
• Asia Pacific (By Deployment Type, End-User, and Country/Sub-region)
  • China (By product type)
  • Japan (By product type)
  • India (By product type)
  • Australia (By product type)
  • Southeast Asia (By product type)
  • Rest of Asia Pacific (By product type)
• Latin America (By Deployment, Type, End-User, and Country/Sub-region)
  • Argentina (By product type)
  • Brazil (By product type)
  • Rest of Latin America (By product type)
• Middle East & Africa (By Deployment, Type, End-User, and Country/Sub-region)
  • GCC (By product type)
  • South Africa (By product type)
• Rest of the Middle East & Africa (By product type )

Table of Content

1. Introduction

• 1.1. Definition, By Segment
• 1.2. Research Methodology/Approach
• 1.3. Data Sources

2. Executive Summary

3. Market Dynamics

• 3.1. Macro and Micro Economic Indicators
• 3.2. Drivers, Restraints, Opportunities, and Trends

4. Competition Landscape

• 4.1. Business Strategies Adopted by Key Players
• 4.2. Consolidated SWOT Analysis of Key Players
• 4.3. Global Commercial HVAC System Key Players Market Share/Ranking, 2024

5. Global Commercial HVAC System Market Size Estimates and Forecasts, By Segments, 2019-2032

• 5.1. Key Findings
• 5.2. By Product Type (USD)
  • 5.2.1. Heating Equipment
    • 5.2.1.1. Heat Pumps
    • 5.2.1.2. Furnaces
    • 5.2.1.3. Boilers
    • 5.2.1.4. Unitary Heaters
  • 5.2.2. Cooling Equipment
    • 5.2.2.1. Unitary Air Conditioners
    • 5.2.2.2. VRF Systems
    • 5.2.2.3. Chillers
    • 5.2.2.4. Room Air Conditioner
    • 5.2.2.5. Cooling Towers
  • 5.2.3. Ventilation Equipment
    • 5.2.3.1. Air-Handling Units
    • 5.2.3.2. Air Filters
    • 5.2.3.3. Air Purifiers
    • 5.2.3.4. Ventilation Fans
    • 5.2.3.5. Others (Humidifiers, etc.)
• 5.3. By Capacity (USD)
  • 5.3.1. Up to 10 Tons
  • 5.3.2. 10 to 25 Tons
  • 5.3.3. Above 25 Tons
• 5.4. By Application (USD)
  • 5.4.1. Office Buildings & Corporate Campuses
  • 5.4.2. Retail Spaces
  • 5.4.3. Hospitality
  • 5.4.4. Healthcare
  • 5.4.5. Education
  • 5.4.6. Transportation & Public Venues
  • 5.4.7. Government & Institutional Buildings
  • 5.4.8. Others
• 5.5. By Region (USD)
  • 5.5.1. North America
  • 5.5.2. Latin America
  • 5.5.3. Europe
  • 5.5.4. Middle East & Africa
  • 5.5.5. Asia Pacific

6. North America Commercial HVAC System Market Size Estimates and Forecasts, By Segments, 2019-2032

• 6.1. Key Findings
• 6.2. By Product Type (USD)
  • 6.2.1. Heating Equipment
    • 6.2.1.1. Heat Pumps
    • 6.2.1.2. Furnaces
    • 6.2.1.3. Boilers
    • 6.2.1.4. Unitary Heaters
  • 6.2.2. Cooling Equipment
    • 6.2.2.1. Unitary Air Conditioners
    • 6.2.2.2. VRF Systems
    • 6.2.2.3. Chillers
    • 6.2.2.4. Room Air Conditioner
    • 6.2.2.5. Cooling Towers
  • 6.2.3. Ventilation Equipment
    • 6.2.3.1. Air-Handling Units
    • 6.2.3.2. Air Filters
    • 6.2.3.3. Air Purifiers
    • 6.2.3.4. Ventilation Fans
    • 6.2.3.5. Others (Humidifiers, etc.)
• 6.3. By Capacity (USD)
  • 6.3.1. Up to 10 Tons
  • 6.3.2. 10 to 25 Tons
  • 6.3.3. Above 25 Tons
• 6.4. By Application (USD)
  • 6.4.1. Office Buildings & Corporate Campuses
  • 6.4.2. Retail Spaces
  • 6.4.3. Hospitality
  • 6.4.4. Healthcare
  • 6.4.5. Education
  • 6.4.6. Transportation & Public Venues
  • 6.4.7. Government & Institutional Buildings
  • 6.4.8. Others
• 6.5. By Country (USD)
  • 6.5.1. U.S.
  • 6.5.2. Canada

7. Latin America Commercial HVAC System Market Size Estimates and Forecasts, By Segments, 2019-2032

• 7.1. Key Findings
• 7.2. By Product Type (USD)
  • 7.2.1. Heating Equipment
    • 7.2.1.1. Heat Pumps
    • 7.2.1.2. Furnaces
    • 7.2.1.3. Boilers
    • 7.2.1.4. Unitary Heaters
  • 7.2.2. Cooling Equipment
    • 7.2.2.1. Unitary Air Conditioners
    • 7.2.2.2. VRF Systems
    • 7.2.2.3. Chillers
    • 7.2.2.4. Room Air Conditioner
    • 7.2.2.5. Cooling Towers
  • 7.2.3. Ventilation Equipment
    • 7.2.3.1. Air-Handling Units
    • 7.2.3.2. Air Filters
    • 7.2.3.3. Air Purifiers
    • 7.2.3.4. Ventilation Fans
    • 7.2.3.5. Others (Humidifiers, etc.)
• 7.3. By Capacity (USD)
  • 7.3.1. Up to 10 Tons
  • 7.3.2. 10 to 25 Tons
  • 7.3.3. Above 25 Tons
• 7.4. By Application (USD)
  • 7.4.1. Office Buildings & Corporate Campuses
  • 7.4.2. Retail Spaces
  • 7.4.3. Hospitality
  • 7.4.4. Healthcare
  • 7.4.5. Education
  • 7.4.6. Transportation & Public Venues
  • 7.4.7. Government & Institutional Buildings
  • 7.4.8. Others
• 7.5. By Country (USD)
  • 7.5.1. Brazil
  • 7.5.2. Mexico
  • 7.5.3. Rest of Latin America

8. Europe Commercial HVAC System Market Size Estimates and Forecasts, By Segments, 2019-2032

• 8.1. Key Findings
• 8.2. By Product Type (USD)
  • 8.2.1. Heating Equipment
    • 8.2.1.1. Heat Pumps
    • 8.2.1.2. Furnaces
    • 8.2.1.3. Boilers
    • 8.2.1.4. Unitary Heaters
  • 8.2.2. Cooling Equipment
    • 8.2.2.1. Unitary Air Conditioners
    • 8.2.2.2. VRF Systems
    • 8.2.2.3. Chillers
    • 8.2.2.4. Room Air Conditioner
    • 8.2.2.5. Cooling Towers
  • 8.2.3. Ventilation Equipment
    • 8.2.3.1. Air-Handling Units
    • 8.2.3.2. Air Filters
    • 8.2.3.3. Air Purifiers
    • 8.2.3.4. Ventilation Fans
    • 8.2.3.5. Others (Humidifiers, etc.)
• 8.3. By Capacity (USD)
  • 8.3.1. Up to 10 Tons
  • 8.3.2. 10 to 25 Tons
  • 8.3.3. Above 25 Tons
• 8.4. By Application (USD)
  • 8.4.1. Office Buildings & Corporate Campuses
  • 8.4.2. Retail Spaces
  • 8.4.3. Hospitality
  • 8.4.4. Healthcare
  • 8.4.5. Education
  • 8.4.6. Transportation & Public Venues
  • 8.4.7. Government & Institutional Buildings
  • 8.4.8. Others
• 8.5. By Country (USD)
  • 8.5.1. Germany
  • 8.5.2. UK
  • 8.5.3. Italy
  • 8.5.4. Spain
  • 8.5.5. France
  • 8.5.6. Rest of Europe

9. Middle East & Africa Commercial HVAC System Market Size Estimates and Forecasts, By Segments, 2019-2032

• 9.1. Key Findings
• 9.2. By Product Type (USD)
  • 9.2.1. Heating Equipment
    • 9.2.1.1. Heat Pumps
    • 9.2.1.2. Furnaces
    • 9.2.1.3. Boilers
    • 9.2.1.4. Unitary Heaters
  • 9.2.2. Cooling Equipment
    • 9.2.2.1. Unitary Air Conditioners
    • 9.2.2.2. VRF Systems
    • 9.2.2.3. Chillers
    • 9.2.2.4. Room Air Conditioner
    • 9.2.2.5. Cooling Towers
  • 9.2.3. Ventilation Equipment
    • 9.2.3.1. Air-Handling Units
    • 9.2.3.2. Air Filters
    • 9.2.3.3. Air Purifiers
    • 9.2.3.4. Ventilation Fans
    • 9.2.3.5. Others (Humidifiers, etc.)
• 9.3. By Capacity (USD)
  • 9.3.1. Up to 10 Tons
  • 9.3.2. 10 to 25 Tons
  • 9.3.3. Above 25 Tons
• 9.4. By Application (USD)
  • 9.4.1. Office Buildings & Corporate Campuses
  • 9.4.2. Retail Spaces
  • 9.4.3. Hospitality
  • 9.4.4. Healthcare
  • 9.4.5. Education
  • 9.4.6. Transportation & Public Venues
  • 9.4.7. Government & Institutional Buildings
  • 9.4.8. Others
• 9.5. By Country (USD)
  • 9.5.1. GCC Countries
  • 9.5.2. South Africa
  • 9.5.3. Rest of MEA

10. Asia Pacific Commercial HVAC System Market Size Estimates and Forecasts, By Segments, 2019-2032

• 10.1. Key Findings
• 10.2. By Product Type (USD)
  • 10.2.1. Heating Equipment
    • 10.2.1.1. Heat Pumps
    • 10.2.1.2. Furnaces
    • 10.2.1.3. Boilers
    • 10.2.1.4. Unitary Heaters
  • 10.2.2. Cooling Equipment
    • 10.2.2.1. Unitary Air Conditioners
    • 10.2.2.2. VRF Systems
    • 10.2.2.3. Chillers
    • 10.2.2.4. Room Air Conditioner
    • 10.2.2.5. Cooling Towers
  • 10.2.3. Ventilation Equipment
    • 10.2.3.1. Air-Handling Units
    • 10.2.3.2. Air Filters
    • 10.2.3.3. Air Purifiers
    • 10.2.3.4. Ventilation Fans
    • 10.2.3.5. Others (Humidifiers, etc.)
• 10.3. By Capacity (USD)
  • 10.3.1. Up to 10 Tons
  • 10.3.2. 10 to 25 Tons
  • 10.3.3. Above 25 Tons
• 10.4. By Application (USD)
  • 10.4.1. Office Buildings & Corporate Campuses
  • 10.4.2. Retail Spaces
  • 10.4.3. Hospitality
  • 10.4.4. Healthcare
  • 10.4.5. Education
  • 10.4.6. Transportation & Public Venues
  • 10.4.7. Government & Institutional Buildings
  • 10.4.8. Others
• 10.5. By Country (USD)
  • 10.5.1. China
  • 10.5.2. India
  • 10.5.3. Japan
  • 10.5.4. Southeast Asia
  • 10.5.5. Rest of Asia Pacific

11. Company Profiles for Top 10 Players (Based on data availability in public domain and/or on paid databases)

• 11.1. Johnson Controls, Inc.
  • 11.1.1. Overview
    • 11.1.1.1. Key Management
    • 11.1.1.2. Headquarters
    • 11.1.1.3. Offerings/Business Segments
  • 11.1.2. Key Details (Key details are consolidated data and not product/service specific)
    • 11.1.2.1. Employee Size
    • 11.1.2.2. Past and Current Revenue
    • 11.1.2.3. Geographical Share
    • 11.1.2.4. Business Segment Share
    • 11.1.2.5. Recent Developments
• 11.2. Daikin Industries Ltd.
  • 11.2.1. Overview
    • 11.2.1.1. Key Management
    • 11.2.1.2. Headquarters
    • 11.2.1.3. Offerings/Business Segments
  • 11.2.2. Key Details (Key details are consolidated data and not product/service specific)
    • 11.2.2.1. Employee Size
    • 11.2.2.2. Past and Current Revenue
    • 11.2.2.3. Geographical Share
    • 11.2.2.4. Business Segment Share
    • 11.2.2.5. Recent Developments
• 11.3. Carrier
  • 11.3.1. Overview
    • 11.3.1.1. Key Management
    • 11.3.1.2. Headquarters
    • 11.3.1.3. Offerings/Business Segments
  • 11.3.2. Key Details (Key details are consolidated data and not product/service specific)
    • 11.3.2.1. Employee Size
    • 11.3.2.2. Past and Current Revenue
    • 11.3.2.3. Geographical Share
    • 11.3.2.4. Business Segment Share
    • 11.3.2.5. Recent Developments
• 11.4. Emerson Electric Co.
  • 11.4.1. Overview
    • 11.4.1.1. Key Management
    • 11.4.1.2. Headquarters
    • 11.4.1.3. Offerings/Business Segments
  • 11.4.2. Key Details (Key details are consolidated data and not product/service specific)
    • 11.4.2.1. Employee Size
    • 11.4.2.2. Past and Current Revenue
    • 11.4.2.3. Geographical Share
    • 11.4.2.4. Business Segment Share
    • 11.4.2.5. Recent Developments
• 11.5. Trane Technologies
  • 11.5.1. Overview
    • 11.5.1.1. Key Management
    • 11.5.1.2. Headquarters
    • 11.5.1.3. Offerings/Business Segments
  • 11.5.2. Key Details (Key details are consolidated data and not product/service specific)
    • 11.5.2.1. Employee Size
    • 11.5.2.2. Past and Current Revenue
    • 11.5.2.3. Geographical Share
    • 11.5.2.4. Business Segment Share
    • 11.5.2.5. Recent Developments
• 11.6. Lennox International Inc.
  • 11.6.1. Overview
    • 11.6.1.1. Key Management
    • 11.6.1.2. Headquarters
    • 11.6.1.3. Offerings/Business Segments
  • 11.6.2. Key Details (Key details are consolidated data and not product/service specific)
    • 11.6.2.1. Employee Size
    • 11.6.2.2. Past and Current Revenue
    • 11.6.2.3. Geographical Share
    • 11.6.2.4. Business Segment Share
    • 11.6.2.5. Recent Developments
• 11.7. Nortek Global HVAC LLC
  • 11.7.1. Overview
    • 11.7.1.1. Key Management
    • 11.7.1.2. Headquarters
    • 11.7.1.3. Offerings/Business Segments
  • 11.7.2. Key Details (Key details are consolidated data and not product/service specific)
    • 11.7.2.1. Employee Size
    • 11.7.2.2. Past and Current Revenue
    • 11.7.2.3. Geographical Share
    • 11.7.2.4. Business Segment Share
    • 11.7.2.5. Recent Developments
• 11.8. Mitsubishi Electric Corporation
  • 11.8.1. Overview
    • 11.8.1.1. Key Management
    • 11.8.1.2. Headquarters
    • 11.8.1.3. Offerings/Business Segments
  • 11.8.2. Key Details (Key details are consolidated data and not product/service specific)
    • 11.8.2.1. Employee Size
    • 11.8.2.2. Past and Current Revenue
    • 11.8.2.3. Geographical Share
    • 11.8.2.4. Business Segment Share
    • 11.8.2.5. Recent Developments
• 11.9. Panasonic Holdings Corp.
  • 11.9.1. Overview
    • 11.9.1.1. Key Management
    • 11.9.1.2. Headquarters
    • 11.9.1.3. Offerings/Business Segments
  • 11.9.2. Key Details (Key details are consolidated data and not product/service specific)
    • 11.9.2.1. Employee Size
    • 11.9.2.2. Past and Current Revenue
    • 11.9.2.3. Geographical Share
    • 11.9.2.4. Business Segment Share
    • 11.9.2.5. Recent Developments
• 11.10. LG Electronics
  • 11.10.1. Overview
    • 11.10.1.1. Key Management
    • 11.10.1.2. Headquarters
    • 11.10.1.3. Offerings/Business Segments
  • 11.10.2. Key Details (Key details are consolidated data and not product/service specific)
    • 11.10.2.1. Employee Size
    • 11.10.2.2. Past and Current Revenue
    • 11.10.2.3. Geographical Share
    • 11.10.2.4. Business Segment Share
    • 11.10.2.5. Recent Developments