US Commercial HVAC Market - Industry Size, Share, Trends & Forecast 2026

1. 2016 – 2026 UNITED STATES COMMERCIAL HVAC MARKET FORECAST AND OPPORTUNITIES www.techsciresearch.com MARKET INTELLIGENCE . CONSULTING

2. Table of Contents S. No. Contents 1. Product Overview 2. Research Methodology 3. Executive Summary 4. Voice of Customer 4.1. Brand Awareness 4.2. Factors Influencing Purchase Decision 4.3. Challenges Faced Post Purchase 5. United States Commercial HVAC Market Outlook 5.1. Market Size & Forecast 5.1.1. By Value 5.2. Market Share & Forecast By Product Type (Chillers, Cooling Towers, Air Handling Units, VRF, Heat Pumps, Others) 5.2.1. 5.2.2. By End User (Industries, Institutional, Commercial Real Estate, HORECA, Others) 5.2.3. By Sales Channel (Distributor/Dealer, Institutional Sales) 5.2.4. By Region (South, West, Midwest and Northeast) 5.2.5. By Company (2020) 5.3. Market Map (By Product Type, By Region) 2 © TechSci Research

3. Table of Contents S. No. Contents 6. United States Chillers HVAC Market Outlook Market Size & Forecast 6.1. 6.1.1. By Value Market Share & Forecast 6.2. 6.2.1. By End User 6.2.2. By Sales Channel 7. United States Cooling Towers HVAC Market Outlook Market Size & Forecast 7.1. 7.1.1. By Value Market Share & Forecast 7.2. 7.2.1. By End User 7.2.2. By Sales Channel 8. United States Air Handling Units HVAC Market Outlook Market Size & Forecast 8.1. 8.1.1. By Value Market Share & Forecast 8.2. 8.2.1. By End User 8.2.2. By Sales Channel 9. United States VRF HVAC Market Outlook Market Size & Forecast 9.1. 9.1.1. By Value Market Share & Forecast 9.2. 3 © TechSci Research

4. Table of Contents S. No. Contents 9.2.1. By End User 9.2.2. By Sales Channel 10. United States Heat Pumps HVAC Market Outlook Market Size & Forecast 10.1. 10.1.1. By Value Market Share & Forecast 10.2. 10.2.1. By End User 10.2.2. By Sales Channel 11. Competitive Analysis Daikin North America LLC. 11.1. 11.1.1. Market Share & Forecast 11.1.1.1 By Product Type Carrier Global Corporation 11.2. 11.2.1. Market Share & Forecast 11.2.1.1 By Product Type 11.3. Mitsubishi Electric Trane HVAC US LLC(METUS) 11.3.1. Market Share & Forecast 11.3.1.1 By Product Type Johnson Controls, Inc 11.4. 11.4.1. Market Share & Forecast 11.4.1.1 By Product Type Lennox International Inc 11.5. 4 © TechSci Research

5. Table of Contents S. No. Contents 11.5.1. Market Share & Forecast 11.5.1.1 By Product Type 12. Market Dynamics Drivers 12.1. Challenges 12.2. 13. Market Trends and Developments 14. Impact of COVID-19 on United States Commercial HVAC Market 15. Policy and Regulatory Landscape 16. United States Economic Profile 17. Competitive Landscape 17.1. Daikin North America LLC 17.2. Carrier Global Corporation 17.3. Mitsubishi Electric Trane HVAC US LLC (METUS) 17.4. Johnson Controls, Inc 17.5. Lennox International Inc 17.6. Nortek Global HVAC LLC 17.7. LG Electronics USA, Inc. 17.8. Samsung HVAC America, LLC 17.9. Rheem Manufacturing Company 17.10. Danfoss LLC 18. Strategic Recommendations 19. About Us & Disclaimer 5 © TechSci Research

6. Product Overview

7. Scope of Report Product of Interest (POI): HVAC Heating, ventilation and air conditioning (HVAC) is a technology used to create a comfortable indoor environment with acceptable indoor air quality and thermal comfort. HVAC is considered to be an important part of commercial sector such as hotels, medium and large offices and industrial buildings. The primary function of HVAC is to provide thermal comfort along with acceptable indoor air quality and reasonable maintenance cost. HVAC systems maintain a proper equilibrium between the air pressure, space in the facility and also provide proper air ventilation and improve air filtration. UNITED STATES COMMERCIAL HVAC MARKET BY PRODUCT TYPE • Chillers BY REGION • West Market Segmentation Year Range VRF • South • Air Handling Units • Midwest • Review Period Cooling Towers • Northeast • Heat Pumps • 2016 – 2019 BY SALES CHANNEL Others • Base Year Distributor/Dealer • BY END USER Institutional Sales • 2020 Commercial Real • Others • Estimated Year Estate 2021 Institutional • Industries • Forecast Period HORECA • 2022 – 2026 Others • 7 © TechSci Research

8. Scope of Report Product of Interest (POI): Commercial HVAC Commercial HVAC Types of Commercial HVAC Chillers VRF Cooling Towers Heat Pumps Air Handling Units Chillers generate chilled Variable refrigerant A cooling tower is a A heat pump is a As part of heating, water which is utilized to flow (VRF) systems device that removes device that moves ventilating and air- provide air conditioning in adjust the refrigerant heat by transferring it heat from one spot to conditioning system. buildings. The use of a flow to indoor units to the atmosphere another using a little The primary function chiller is determined by according to demand. through the use of amount of energy. of an air handling unit the desired temperature They have the ability water. Cooling towers Heat pumps offer an is to take in outside and the type of to serve several zones offer a cost-effective energy-efficient air, recondition it and refrigerant, which can be with varying heating and energy-efficient alternative to supply it to the either a liquid or a gas. and cooling needs. operation of systems. furnaces. building as fresh air. 8 © TechSci Research

9. Scope of Report Product of Interest (POI): Commercial HVAC Commercial HVAC Commercial HVAC End Users Industries HORECA Commercial Real Estate Institutional It includes industries such as It includes commercial It includes hotels, It includes hospitals, medical power, oil & gas, food space such as corporate restaurants, cafés, pubs, centers, schools, universities, processing, marine & offshore offices, malls, retail stores bar & lounges, etc. colleges, banks, insurance and all other industries where and other spaces for companies, etc. HVAC systems are being used. commercial use. 9 © TechSci Research

10. Research Methodology

11. Research Methodology Data Data Market Profiling Data Analysis Developing list of Respondents Formulating Questionnaire Collection Validation In-depth secondary research was conducted to determine top players in the United States commercial HVAC market, overall market size and segmental market size. The data was scrutinized using MS-Excel, statistical tools and internal proprietary database to obtain qualitative and quantitative insights about the United States commercial HVAC market. Data obtained as a result of primary and secondary research was validated through rigorous triangulation. TechSci conducted interviews with industry experts and industry players for data collection and verification. In order to conduct industry experts’ interviews, TechSci formulated a detailed discussion guide. List of industry players and industry specialists was developed. Primary Research Desk Research Company Analysis ✓ ✓ Recent Developments Market Changing Aspects/Dynamics Government Policies Final Conclusion ✓ ✓ Market Participants Key Strengths ✓ Identifying Key Opinion Leaders Questionnaire Design In-depth Interviews Actionable Insights Data Filter & Analysis Business Solution Research & Intelligence Data Collection ✓ ✓ ✓ ✓ Primary Research Secondary Research Paid Sources LinkedIn TechSci Internal Database Company Websites Company Annual Reports White Paper Study Financial Reports Investor Presentations Regulatory Body Associations, etc. Factiva Hoovers ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ 11 11 © TechSci Research

12. Research Methodology Baseline Methodology Our dedicated team of industry experts has monitored and analyzed various aspects of the United States commercial HVAC market. The team has analyzed the outlook of various segments of this market, while considering the major influencing factors such as increasing use of office space; demand during COVID from medical institutions; governmental thrust on renovating and developing new commercial infrastructure and product innovation and technological advancements in HVAC systems. The study includes market forecasting, which would enable clients to take better decision while planning their strategy to achieve sustainability in the United States commercial HVAC market. Methodology Followed for Calculation of Market Size: Market Size by Value: Market size, in terms of value, for the year 2020 was calculated based on information collected through • exhaustive secondary research and primary surveys, with various key opinion leaders/stakeholders such as commercial HVAC companies, channel partners, market influencers & end users, industry experts and other industry participants. The team interviewed more than 20 commercial HVAC companies, 100 end users and 15 industry experts and other value chain • stakeholders in the United States commercial HVAC market to obtain the overall market size between 2016 and 2020, which was validated by the Delphi technique. Taking standard deviation into consideration, the market size was averaged out to arrive at the market size data for the historical period. 12 12 © TechSci Research

13. Research Methodology Respondents were asked about the current and future market growth rates, market shares by type, by end user, by sales • channel, by region and by company. Removing the outlier responses, the geometric mean of growth estimates and supplier wise revenue shares generated across various segments were considered, to arrive at the final revenue shares. Revenue shares generated across various segments were further triangulated based on response received from other stakeholders depending upon the type of commercial HVAC. Methodology Followed for Forecasting: TechSci Research performed periodical checks on data collected through the surveys with logic checks and analyzed the survey • results in SPSS/Tableau Software. Data triangulation techniques were applied to fill the gaps and to present a more meaningful picture of the market. To forecast • the United States commercial HVAC market, TechSci Research used various forecast techniques such as: Moving Average ✓ Time Series Analysis ✓ Regression Analysis ✓ Econometric and Judgmental Analysis ✓ Note: (a) Sum of some shares may not be 100% due to round off till two decimal places. TechSci Research also used its own forecast tool, which is based on the growth of various allied industries in respective regions. • TechSci Research also used the impact analysis during short, medium and long-term period to estimate and analyze the market demand scenario. 13 13 © TechSci Research

14. Research Methodology It should be noted that the figures compiled are for the organized market including market size and share data. The currency used in the report is the United States Dollar (USD), with the market size indicated in USD billion. Partial List of Companies Interviewed Key Secondary Sources Carrier Global Corporation World Bank ▪ ▪ Daikin North America LLC. TechSci Research Proprietary Database & Knowledge ▪ ▪ Nortek Global HVAC LLC Repository ▪ LG Electronics USA, Inc. Company Annual Reports ▪ ▪ Lennox International Inc Industry Magazines ▪ ▪ Johnson Controls, Inc BP Statistics ▪ ▪ Mitsubishi Electric Trane HVAC US LLC Industry Reports ▪ ▪ (METUS) News Dailies ▪ Danfoss LLC. Credible Paid Databases ▪ ▪ Samsung HVAC America LLC ▪ 14 14 © TechSci Research

15. Industry Brief Demand for commercial ventilation system is driving the growth of the United States commercial HVAC Market, in the forecast period, 2022-2026F. According to TechSci Research report on, “United States Commercial HVAC Market - By Region, Competition, Forecast & Opportunities, 2026” United States commercial HVAC market has shown USD14.70 billion growth in the year 2020 and is expected to continue its growth with 4.01% CAGR in forecast years 2022 to 2026, to reach USD18.94 billion by 2026. The United States commercial HVAC market owes its growth to the factors like increasing demand for advanced appliances for HVAC systems to reduce energy consumption. Surging industrialization and urbanization in the country is further driving the growth of the United States commercial HVAC market in the upcoming five years. Increasing demands for heating, ventilation, and air conditioning system in the commercial buildings and corporate offices is further supporting the growth of the United States commercial HVAC market in the next five years. Added advantages such as remote access, green energy modules, and advanced technology incorporation to enhance the system's functioning are further aiding the growth of the United States commercial HVAC market in the future five years. The modern technology HVAC system uses natural refrigerants like carbon dioxide and has government support through favorable schemes and launch strategies that are also substantiating the growth of the United States commercial HVAC system in the forecast years until 2027. Growing awareness among consumers regarding depleting environmental conditions, use of green-energy models, and installation of appliances that save energy also drive the growth of the United States commercial HVAC market in the forecast period. Furthermore, high installation and maintenance costs may create mild hindrance in the future growth of the United States commercial HVAC market in the upcoming five years. Government financial support may help in overcoming the setbacks and support future market growth. The United States commercial HVAC market is segmented based on product type, end user, sales channel, region, and competitional landscape. Based on product type, the market is further fragmented into chillers, cooling towers, air handling units, VRF, heat pumps, and others. Air handling units are expected to register the fastest CAGR value in the upcoming five years due to increasing concerns toward environment depletion and thus cause poor quality of air. Air handling units are responsible for re-conditioning the outside air and monitoring the temperature and moisture in the air and then supplying it inside the building. Due to increased industrialization and multiple activities creating pollution on a large scale, demand for air handling units is rapidly increasing. Also, the recent pandemic situation further aided the growth of the sub-segment. Demand for cleaner and viral infection-free air inside the building upsurged and drives the future probabilities of the United States commercial HVAC market in the next five years. Based on the sales channel, the market is further bifurcated into distributors/ dealers and institutional sales. Distributors/ dealers are anticipated to hold the largest revenue shares of the market and dominate the market segment in the upcoming five years on account of the availability of multiple brands and comparative analysis for all the products on a single platform. Also, maintenance and installation costs of the HVAC system is quite high; therefore, the end user industries prefer sales through dealers and distributors since they provide in-time installation and regulated maintenance and through schemes and offers a better maintenance plan to reduce the cost, thus aiding to the growth of the subsegment in the future five years. A partial list of major market players of the United States commercial HVAC market includes: Daikin North America LLC, Carrier Global Corporation, Mitsubishi Electric Trane HVAC US LLC (METUS), Johnson Controls, Inc, Lennox International Inc, Nortek Global HVAC LLC, LG Electronics USA, Inc., Samsung HVAC America, LLC, Rheem Manufacturing Company, Danfoss LLC Daikin North America LLC is expected to be the dominant leader of the market with its wide range of air conditioning appliances. Also, the acquisition of Goodman Manufacturing Company L.P. in 2012 provided a homegrown market in the United States to Daikin and supported its brand establishment in the next years. In the year 2019, the company launched One+ Smart Thermostat, which offers complete two-way communications. It is mainly for users who want to adjust the temperature. “Southern region and western region of the States hold approximately 60% of the market share. Higher industrialization, urbanization, and increasing production units in the regions are expected to drive the growth of the market in the particular regions. Increasing number of market players and increased globalization of the regional states are further expected to aid the growth of the United States commercial HVAC market in the next five years.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm. 15 © TechSci Research

16. Sample Data - Snapshot United States Commercial HVAC Market Size, By Value (USD Billion), 2016-2026F CAGR 2021E-2026F By Value: xx% CAGR 2016-2020 By Value: xx% 2016 2017 2018 2019 2020 2021E 2022F 2023F 2024F 2025F 2026F Value (USD Billion) United States Chillers HVAC Market Share, By End User, By Value, 2016-2026F 2016 5.00% 15.00% 10.00% 20.00% 50.00% 2017 5.00% 15.00% 10.00% 20.00% 50.00% 2018 5.00% 15.00% 10.00% 20.00% 50.00% 2019 5.00% 15.00% 10.00% 20.00% 50.00% 2020 5.00% 15.00% 10.00% 20.00% 50.00% 2021E 5.00% 15.00% 10.00% 20.00% 50.00% 2022F 5.00% 15.00% 10.00% 20.00% 50.00% 2023F 5.00% 15.00% 10.00% 20.00% 50.00% 2024F 5.00% 15.00% 10.00% 20.00% 50.00% 2025F 5.00% 15.00% 10.00% 20.00% 50.00% 2026F 5.00% 15.00% 10.00% 20.00% 50.00% Commercial Real Estate Industries Institutional HORECA Others United States Cooling Towers HVAC Market Share, By Sales Channel, By Value, 2016-2026F 2016 40.00% 60.00% 2017 40.00% 60.00% 2018 40.00% 60.00% 2019 40.00% 60.00% 2020 40.00% 60.00% 2021E 40.00% 60.00% 2022F 40.00% 60.00% 2023F 40.00% 60.00% 2024F 40.00% 60.00% 2025F 40.00% 60.00% 2026F 40.00% 60.00% Distributors/Dealers Institutional Sales 16 © TechSci Research

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18. About Us & Disclaimer TechSci Research is a global market research and consulting company with offices in the US, UK and India. TechSci Research provides market research reports in number of areas to organizations. The company uses innovative business models that focus on improving productivity, while ensuring creation of high-quality reports. The proprietary forecasting models use various analyses of both industry-specific and macroeconomic variables on a state-by-state basis to produce a unique ‘bottom-up’ model of a country, regional and global industry prospects. Combined with the detailed analysis of company activity and industry trends, the result is a uniquely rich evaluation of the opportunities available in the market. Related Reports Global HVAC Market, By Type (Direct Expansion Systems and Central Air Conditioning Systems), By Direct Expansion Systems Product Type (Split, VRF, Ductable Split, Window, Cassette and Others), By Central Air Conditioning Systems Product Type (Chillers, Air Handling Units, HVAC Control Systems, Fan Coil Units, Boilers, Cooling Towers, Others), By End User (Residential, Commercial Real Estate, Institutional, Power, Oil & Gas, Marine & Offshore and Others), By Region, Competition, Forecast & Opportunities, 2026 • MENA HVAC Market, By Product Type (Direct Expansion Systems and Central Air Conditioning Systems) By Direct Expansion Systems (Split, Window, Ductable Split, VRF, Cassette and Others) By Central Air Conditioning Systems (Chillers, Boilers, Cooling Towers, Air Handling Units, Fan Coil Units, HVAC Control System and Others) By End-user (Commercial, Residential, Institutional, Marine & Offshore, Oil & Gas, Power and Others), By Region, Company Forecast & Opportunities, 2026 • TechSci Research – North America 708 Third Avenue, Manhattan, New York, United States Tel: +1- 646- 360- 1656 Email: sales@techsciresearch.com www.techsciresearch.com TechSci Research – Europe 54, Old brook, Bretton, Peterborough, United Kingdom Email: sales@techsciresearch.com www.techsciresearch.com TechSci Research – Asia-Pacific B – 44, Sector – 57, Noida, National Capital Region, U.P. - India Tel: +91-120-4523900 Email: sales@techsciresearch.com www.techsciresearch.com Disclaimer The contents of this report are based on information generally available to the public from sources believed to be reliable. No representation is made that it is timely, accurate or complete. TechSci Research has taken due care and caution in compilation of data as this has been obtained from various sources including which it considers reliable and firsthand. However, TechSci Research does not guarantee the accuracy, adequacy or completeness of any information and it is not responsible for any errors or omissions or for the results obtained from the use of such information and especially states that it has no financial liability whatsoever to the subscribers / users of this report. The information herein, together with all estimates and forecasts, can change without notice. All the figures provided in this document are indicative of relative market size and are strictly for client’s internal consumption. Usage of the same for purpose other than internal will require prior approval of TechSci Research.