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Expanding Construction Sector Driving HVAC Installation Worldwide

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Expanding Construction Sector Driving HVAC Installation Worldwide

June 10
13:11 2021
Expanding Construction Sector Driving HVAC Installation Worldwide
The heating, ventilation, and air conditioning market revenue is expected to rise from $240.8 billion in 2019 to $358.1 billion in 2030.

Governments of many countries are undertaking initiatives to encourage the replacement of old heating, ventilation, and air conditioning (HVAC) systems with new, energy-efficient systems because unrepaired and worn-out equipment has huge repair and maintenance costs. For example, the Ministry of Power, India, launched an Energy Conservation Building Code for Residential Buildings (ECBC-R), named ‘Eco-Niwas Samhita 2018’, in December 2018. The code applies to mixed-land-use buildings and residential buildings built on a land area of ≥500 square meters. It lays down the minimum performance standards for these buildings, to limit heat loss and gain.

Further, the expanding construction industry will support the HVAC market in witnessing a CAGR of 4.8% during the forecast period (2020–2030). As a result, the market revenue is expected to rise from $240.8 billion in 2019 to $358.1 billion in 2030. India, Qatar, China, the U.S., Saudi Arabia, and the U.A.E. are generating a high demand for HVAC systems due to the soaring number of hotels, shopping complexes, and skyscrapers in these countries. The construction of new structures is attributed to the booming number of tourists and upcoming events, such as FIFA World Cup 2022 and Dubai Expo 2020.

Download report sample at: https://www.psmarketresearch.com/market-analysis/hvac-market/report-sample

The offering segment of the HVAC market is divided into equipment and services. Of these, the services category accounted for the larger share during the historical period (2014–2019), and it is expected to witness the higher growth rate in the forecast years. HVAC equipment requires regular servicing as it helps in reducing energy consumption. The coils and dry filters in such systems become the breeding ground for bacteria and mold, which can cause various diseases. Owing to such hazards, HVAC appliances are being regularly serviced.

According to P&S Intelligence, the industrial sector is a prominent user of HVAC appliances. For instance, the food and beverage sector requires adequate HVAC arrangement to maintain the hygiene and safety level of food and drinks. The manufacturing units of food and beverage companies are required to comply with the food safety standards laid down by government organizations, such as the Food and Drug Administration (FDA). For instance, such a production unit requires accurately designed air handling systems to control odors and airborne particles.

Geographically, the Asia-Pacific (APAC) region dominated the HVAC market during the historical period, and it is expected to demonstrate the fastest growth in the forecast years. This can be attributed to the vast urban population, economic prosperity, and local production of HVAC systems in the region. According to the World Bank, in 2019, the urban population of India accounted for nearly 34.4% of the total population of the country. Moreover, the soaring disposable income of the people in India and China is driving the demand for HVAC appliances in the region.

Thus, the increasing government initiatives and flourishing construction industry will boost the adoption of HVAC systems in the foreseeable future.

Browse full report at: https://www.psmarketresearch.com/market-analysis/hvac-market

HVAC Market Size Breakdown by Segment

By Offering

  • Equipment
    • Heating
    • Furnaces
    • Heat pumps
    • Boilers
    • Unitary heaters
    • Ventilation
    • Humidifiers/dehumidifiers
    • Air cleaners
    • Ventilation fans
    • Air handling units and fan coil units
    • Air Conditioning
    • Variable refrigerant flow
    • Ducted split/packaged unit
    • Split units
    • Chillers
    • Room ACs
  • Services
    • Installation
    • Upgradation/Replacement
    • Maintenance & Repair
    • Consulting

By End user

  • Commercial
    • Office and buildings
    • Supermarkets/hypermarkets
    • Government
    • Healthcare
    • Hospitality
    • Transportation
  • Industrial
    • Oil and gas
    • Food and beverage
    • Automotive
    • Energy and utilities
  • Residential

Geographical Analysis

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • Italy
    • Spain
    • Russia
    • Turkey
    • France
  • Asia-Pacific (APAC)
    • Japan
    • South Korea
    • China
    • India
  • LATAM 
    • Brazil
    • Mexico
    • Argentina
  • MEA 
    • Saudi Arabia
    • U.A.E
    • Kuwait
    • Qatar
    • Nigeria
    • South Africa
    • Egypt
    • Oman and Bahrain
    • Israel

Browse Other Related Reports

Saudi Arabia HVAC Market – https://www.psmarketresearch.com/market-analysis/saudi-arabia-hvac-market

 

U.A.E. HVAC Market – https://www.psmarketresearch.com/market-analysis/uae-hvac-market

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Country: India
Website: https://www.psmarketresearch.com/market-analysis/hvac-market

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