The article from ACHR News reports that the global commercial HVAC market is projected to reach $136.45 billion by 2031, growing from $79.3 billion in 2024 at a CAGR of 8.2%. Key points include:
- Market Drivers: Growth is driven by rising global construction, increasing temperatures, unpredictable weather, and stringent government regulations promoting energy efficiency and sustainability.
- Technological Trends: Demand for smart HVAC systems with IoT, sensors, and automation is rising, enabling predictive maintenance and energy optimization. Systems are becoming more complex to meet diverse needs in large commercial spaces like offices, malls, and hotels.
- Refrigerant Regulations: The shift to low-GWP A2L refrigerants (e.g., R-32, R-454B) due to EPA mandates under the AIM Act is increasing costs but aligning with environmental goals.
- Regional Insights: North America, particularly the U.S., leads due to energy efficiency mandates and construction growth. Asia-Pacific is expected to see the highest growth rate due to urbanization and commercial building demand.
- Challenges: Higher costs for new systems (10-30% increase) and a shortage of skilled technicians for A2L refrigerants pose challenges, necessitating enhanced training programs.
The report emphasizes the market’s shift toward energy-efficient, sustainable solutions, supported by government incentives and technological advancements.