Pune, India, July 2022, MRFR Press Release/Market Research Future has published a Cooked Research Report on the Global Equipment for HVAC Market.
Equipment For HVAC Market Overview
The global equipment for HVAC market is projected to grow at a 4.10% CAGR during the forecast period, 2021–2027.
Equipment For HVAC Market Regional Analysis
The geographic analysis of the Equipment for HVAC market has been conducted for North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
Asia-Pacific accounted for the largest market share of 42.12% in 2018. The market is expected to register the highest CAGR of 4.63% during the forecast period. Europe was the second-largest market in 2018, valued at USD 725.2 million.
The accomplishment of an HVAC system is directly related to the comfort levels of a building. A high adoption rate of HVAC systems has been witnessed across North America due to multiple such as highly energy-efficient system, most remarkably, and power-saving techniques. The construction sector is growing in this region, as an increased activity within the commercial building, data centers, hospitals, institutes. Additionally, growing demand for energy-efficient HVAC systems in the industrial sector and rising investment in the construction sector are the major factor that drives the growth of the equipment for HVAC market over the forecast period. Furthermore, highly efficient HVAC systems can reduce energy consumption by half. Heating, ventilation, and air conditioning together account for half of the household energy consumption share across the region. As per the US Department of Commerce, the total construction spending in January 2021 was approximately USD 1,521,454 million (includes residential and non-residential). Therefore, being a part of the ventilation system, equipment for HVAC will positively be impacted by the increased installation of ventilation systems in residential and commercial buildings for the supply of fresh air and removal of used air. Such factors are expected to drive the growth of the equipment for HVAC market in North America during the forecast period.
The increased demand for HVAC equipment market in the Asia Pacific region can be attributed to factors such as industrial development, growing construction activities, and the rise in demand for fuel-efficient technologies. Furthermore, the rapidly increasing population rate, drastic climatic changes, and the easy availability of cost-effective systems are some significant factors that drive the market growth. The rapid urbanization in emerging economies, such as China, India, and Japan, encourages the consumers towards a more comfortable lifestyle, thereby increasing the demand for HVAC equipment in Asia-Pacific. In Indonesia, increasing the government investment in energy and the construction industry continues to expand rapidly, driven by government investment in the energy and commercial sectors. The focus of the Japanese government on the development of the existing infrastructure by initiating various real estate projects to attract tourism is expected to accelerate the demand for HVAC equipment. Furthermore, the growing tourism industry is leading towards the growth of construction activities and would drive the demand for HVAC equipment all over the region. In China, one of the highest populated countries, vertical construction is being witnessed due to the lack of space, increasing the demand for HVAC equipment.
The Middle East & Africa comprises the UAE, Saudi Arabia, Israel, and South Africa. The UAE has long been recognized as a premier leisure and tourism destination. Over the past decade, the country’s tourism sector has experienced rapid and sustained growth and becoming a key component of its economic diversification strategy. Due to the rapid growth of the tourism sector, the demand for HVAC systems has increased as nowadays it is a primary part of hotel buildings. Furthermore, the non-favourable weather condition in this region helps to drive the target market. In addition, the exponential growth of the hospitality industry with thousands of hotel rooms joining the market in recent years. Moreover, the increase in the number of large-scale construction projects in the Middle East is expected to offer promising growth opportunities for the equipment for HVAC market.
South America comprises Brazil, Argentina, Chile, Peru, and Venezuela. In Brazil, the government introduced an infrastructure concessions program with the objective of developing the country's infrastructure and construction activity in the region. The development of the commercial and residential sectors is expected to accelerate the growth of the construction industry, which directly increases the demand for HVAC equipment in the region during the forecast period.
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Equipment For HVAC Market Competitive Analysis
The key players of the equipment for HVAC market include Sensata Technologies, Saginomiya Seisakusho, Jiangsu match well electrical products co ltd., Honeywell International Inc., Arrow Electronics Inc., Basler Electric, Diversitech, Dongan Electric Manufacturing Company, General Electric, Hartland Controls, Lefco Industrial Co. Ltd., Motors & Armatures Inc., Noark Electric, Nueva Generation Manufacture, Parker Hannifin Corporation, Sealed Unit Parts Co Inc, American Zettler, Danfoss, Emerson Electric, Mueller Co., Sanhua Holdings Group Co Ltd., Eaton Corporation.
Equipment For HVAC Market Segmental Analysis
The Equipment for HVAC market has been segmented based on equipment. Based on equipment, the global equipment for HVAC market has been segmented into pressure switches, pressure transducers, capacitors, contactors, transformers, filter driers, sight glasses, reversing valves.