Growing Construction Sector to Boost Growth of HVAC Equipment Market

 

HVAC Equipment Market

The global HVAC Equipment Market is estimated to be valued at US$ 207.87 Mn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

 

Market Overview:

HVAC equipment include products associated with heating, ventilation, and air conditioning systems used in residential, commercial and industrial spaces. They help maintain thermal comfort and indoor air quality through temperature and humidity control.

 

Market key trends:

One of the key trends driving the growth in the HVAC equipment market is the increasing adoption of artificial intelligence. AI enables HVAC systems to increase efficiency by optimizing operations based on real-time data analysis. It allows for predictive maintenance by detecting performance issues early. AI powered HVAC systems are also helping reduce energy costs through automatic control and continuous monitoring. Data analytics further helps understand usage patterns to customize zone-based temperature and humidity control for enhanced occupant comfort.

Segment Analysis

 

The HVAC equipment market is segmented by product type, application, and geography. Based on product type, the HVAC equipment market is segmented into HVAC air filters, HVAC condensing units, HVAC ductwork, HVAC fans, HVAC control boards, and others. The HVAC ductwork segment dominates the market and is expected to remain dominant over the forecast period owing to widespread use of ductworks in all types of heating, ventilation and air conditioning systems for effective distribution of conditioned air or heated air to various spaces.

 

Key Takeaways

 

The global HVAC equipment market is expected to witness high growth, exhibiting a CAGR of 6.6% over the forecast period, due to increasing construction of residential & commercial buildings globally.

 

Regional analysis

Asia Pacific region dominates the HVAC equipment market and is expected to continue its dominance over the forecast period. This is attributed to rapid industrialization and infrastructural development activities in countries such as China and India. Additionally, increasing disposable income among middle-class households is driving the demand for HVAC equipment for residential applications in the region.

 

Key players

Key players operating in the HVAC equipment market are United Technologies Corporation (Carrier), LG Corporation, Daikin Industries. Ltd., AB Electrolux, Haier Inc., Lennox International Inc., Samsung Electronics, and Panasonic Corporation. United Technologies Corporation (Carrier) dominates the market owing to its wide distribution network and strong brand recognition globally.

 

The global HVAC equipment market size was valued at US$ 207.87 Mn in 2023 and is projected to reach US$ 347.53 Mn by 2030, expanding at a CAGR of 6.6% during the forecast period.

Read more

https://www.dailyprbulletin.com/hvac-equipment-market-size-share-growth-outlook-2023/

Comments

Post a Comment

Popular posts from this blog

Uninterruptible Power Supply Market Poised for Significant Growth Accelerated by Adoption of Renewable Energy Sources

Image
  Uninterruptible Power Supply Market  An uninterruptible power supply (UPS) is a power supply system designed to provide emergency power to a load when the input power source fails. UPS systems provide transient voltage protection from power surges and spikes and consistent power even under brownout conditions. They are most commonly used in data centers, telecommunication systems, medical equipment, industrial processes that require continuous operation, and other critical applications where power disruptions cannot be tolerated. The global uninterruptible power supply market is estimated to be valued at US$ 9.95 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.   Market Dynamics: The uninterruptible power supply market is expected to witness significant growth over the forecast period. This is mainly attributed to the rising focus on improving power re...
Read more

Yacht Charter Market is Estimated to Witness High Growth Owing to Opportunity of Increasing Recreational Boating

Image
  Yacht Charter Market Yacht charter is the business of renting or leasing yachts and sailing boats for pleasure and touring. Yachts are primarily used for entertainment of guests, luxury experience, and recreational enjoyment. Large yachts come equipped with various amenities such as ocean-view staterooms, gourmet galley kitchens, lavish lounges and sundecks. Some of the popular uses include dinners, parties, family trips, weekend getaways, and corporate events. The global yacht charter market is estimated to be valued at US$ 68809.83 Bn in 2024 and is expected to exhibit a CAGR of 18% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.   Market Dynamics: The global yacht charter market is witnessing high growth owing to the rising popularity of luxury yachts among high-net-worth individuals as a preferred leisure activity. Yacht charters allow individuals to experience the luxury lifestyle without the steep cos...
Read more

The Global Switchgear Market Growth Accelerated By Increased Demand For Switchgear From Renewable Energy Sector

Image
Switchgear Market   Switchgear equipment are devices consisting of circuit breakers, fuses or any other associated equipment used for operating, isolating, protecting and managing electricity distribution in an electrical power system. These equipment are used in transmission and distribution systems to control the flow of power and limit electrical currents. They protect circuits and equipment in the system by limiting electrical currents to safe levels in the event of a short circuit or any sudden overloading. The growing demand for ensured power supply across manufacturing industries and commercial spaces has been driving increased adoption of switchgear.   The global switchgear market is estimated to be valued at US$ 127.13 Mn in 2024 and is expected to exhibit a CAGR of 4.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.   Market Dynamics: One of the key drivers for the growth of the switchgear...
Read more