Rapid industrialization, urbanization and a global increase in demand for HVAC systems are expected to drive the growth of the commercial HVAC market. This results in the construction of more complexes, office properties and other commercial buildings, further increasing the demand for HVAC systems, accelerating the growth of the global market. In addition, the key factors driving the growth of the global commercial HVAC market include an increase in the number of data centers, an increasing demand for HVAC systems to reduce energy consumption, and benefits and exemptions for manufacturers and users in the tax and government discount program. In addition, customers’ increasing tendency for comfort has increased the demand for commercial HVAC systems.
Increase in industrialization along with increase in commercial construction activities in developing countries contributes significantly to the growth of the global commercial HVAC market. In addition, the increase in average construction expenditures and the use of energy-efficient cooling systems in developed countries is expected to stimulate market growth. Due to the increasing need for better working and living spaces, HVAC systems are booming all over the world.
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In addition, the need to replace old and traditional systems with modern HVAC systems to manage the negative impact of the greenhouse is expected to provide lucrative growth opportunities for the players in the market. While the market is expected to show steady growth due to the above benefits, high installation and maintenance costs, high energy consumption and other operational challenges hamper the commercial HVAC systems market.
Main benefits of the report
• This study presents the analytical view of the global commercial HVAC market along with current trends and future estimates to determine imminent investment pockets.
• The report provides information on key drivers, constraints and opportunities, along with a detailed analysis of the global commercial HVAC market share.
• The current market is quantitatively analyzed from 2019 to 2027 to highlight the growth scenario for the global commercial HVAC market.
• Porter’s five forces analysis illustrates the potential of buyers and suppliers in the market.
• The report provides a detailed market analysis depending on the intensity of competition and how competition will take shape in the coming years.
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COVID-19 scenario analysis
• As a result of the outbreak of the COVID-19 pandemic, the global commercial HVAC market is expected to experience a slowdown in the coming years. Governments of several countries have implemented lockdown, which has resulted in plant closures in dozens of cities and provinces around the world, leading to predictions of a sharp slowdown in production from the commercial to the industrial sector. The global construction industry, which once thrived with increased investment, has been hit hard by the suspension of construction activities due to the ongoing pandemic. In addition, the lack of work coupled with potential bottlenecks in the materials and equipment supply chain is expected to cause project delays in the ongoing funded projects, which may lead to lower expenditures for the upcoming projects.
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