International. A recent study estimates that global market revenue for the commercial HVAC sector will grow from $51.7 billion in 2022 to $66.6 billion in 2031 at a CAGR of 2.8%, according to Guidehouse Insights.
The market has grown continuously as heating and cooling technologies advance. Looking ahead, market stakeholders, including manufacturers, engineers, and service providers, have several opportunities for growth.
"There is a huge growth opportunity in this market, including growing demand for heating and cooling in emerging regions and the number of older commercial buildings with outdated HVAC equipment," says Young Hoon Kim, senior research analyst at Guidehouse Insights. "Regardless of the age of a building, inefficient HVAC systems harm the environment, so installing high-efficiency equipment in new construction is ideal."
For its part, the International Energy Agency reports that by 2030, almost 20% of the existing building stock will require renovation to reach zero carbon emissions. Since no solution will suit every region of the world, whether for residential or commercial HVAC, industry stakeholders should consider region-specific solutions. In addition, they must consider multiple sustainable heating and cooling solutions that will adapt to global decarbonization efforts and adapt them to each region and the types of buildings within those regions, according to the report.
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