Skip to main content

Surging Construction Sector To Drive HVAC Market Growth

Factors such as the growing construction sector, increasing government initiatives to support the installation of heating, ventilation, and air conditioning (HVAC) systems, rising global surface temperature, and surging demand for energy-efficient systems are expected to drive the growth of the HVAC market at a 4.8% CAGR during the forecast period (2020–2030). According to P&S Intelligence, the market size will increase from $240.8 billion in 2019 to $358.1 billion by 2030.

One of the key factors propelling the HVAC market is the growth in the construction sector. As per the World Bank, the industry will witness a year-on-year (Y-o-Y) growth of 4.2% during 2018–2023. This can be due to the expanding tourism industry and major upcoming events, such as the FIFA World Cup 2022. Moreover, the increasing investment in construction projects, such as residential and commercial units, malls, and industrial complexes, in countries including India, China, the U.S., Saudi Arabia, the U.A.E., and Qatar will strengthen the demand for HVAC systems.


Moreover, the rising government initiatives to support the installation of HVAC systems are a key driving factor that boosts the HVAC market. These initiatives help in improving the knowledge of customers about new, energy-efficient systems, to replace the old ones, as the maintenance cost of old HVAC systems is high. For instance, the Ministry of Power (India) launched the Energy Conservation Building Code for Residential Buildings (ECBC-R) initiative in December 2018.

Geographically, Asia-Pacific (APAC) held the largest share in the HVAC market in 2019, and the regional market is also projected to observe the fastest growth in the coming years. This is due to the rapid economic growth, growing urban population, rising local manufacturing of HVAC systems, and surging construction activities. For instance, the Indian urban population increased to 34.4% of the total in 2019 from 27.8% in 2011, according to the World Bank data. Additionally, with the rising disposable income of the people, the demand for air conditioning units and refrigerators is increasing.

Thus, the growing construction industry and the increasing initiatives to support the installation of energy-efficient systems are expected to propel the demand for HVAC equipment during the forecast period.

Labels:

Comments

Post a Comment

Popular posts from this blog

Power Electronics Market Analysis by Industry Segments, Share, Application, Development, Growing Demand, and Top Key Players

The expanding application pool of power electronics, the increasing utilization of renewable energy sources, and the rapid advancements in power electronics technology are the main factors driving the progress of the market across the globe. Additionally, the rising usage of power electronic devices in various utility applications and the growing demand for high power density in wind power generators, electric rail traction drives, solar power generators, and inverter systems are fueling the growth of the market. Get the Sample Copy of this Report @ https://www.psmarketresearch.com/market-analysis/power-electronics-market/report-sample Power electronic devices make sure that power is supplied effectively, thereby providing high flexibility, reliability, and security to the power systems. Due to these devices, the already-existing electrical grids can be easily converted into next-generation networks. When end user is taken into consideration, the power electronics market is divided in...
Post a Comment
Read more

Revenue Explosion Predicted in Global Micro Battery Market During 2020—2024

The global micro battery market had a valuation of $418.2 million in 2018 and is predicted to generate a revenue of $1,100.0 million by 2024. Furthermore, the market will exhibit a CAGR of 18.4% between 2019 and 2024. The increasing usage of wearable devices, the rising integration of the internet of things (IoT) in medical devices, and the soaring usage of compact batteries in healthcare applications are the major factors fueling the progress of the market. The rising incorporation of the IoT in medical devices is an important factor propelling the growth of the micro battery market across the globe. With the soaring population levels and the rising prevalence of chronic diseases in various countries, the healthcare industry is rapidly adopting high-tech solutions. The growing usage of advanced medical devices and wearable electronics is causing huge improvements in patient care and treatment procedures. Moreover, it is massively reducing the healthcare costs.  For example, medic...
Post a Comment
Read more

Rapid Digitization Pushing Up Demand for Cyber Security Solutions

The rising prevalence of data breaches is one of the major factors fueling the demand for cyber security solutions across the world. Data breaches are mainly caused because of weak passwords, improper configuration, complex access permissions, and malware attacks. Moreover, the rising focus of companies on shifting their complete databases to cloud networks is augmenting the occurrence rate of data breaches.  This is making the adoption of cyber security solutions extremely necessary. These solutions help organizations prevent the unauthorized access to data and sensitive information, detect threats and vulnerabilities early, and detect and analyze cyber attacks in real-time. The surging usage of mobile phones is another important factor propelling the requirement for cyber security solutions across the globe.  Mobile devices equipped with advanced capabilities and features allow users to access the internet, emails, global positioning system (GPS) navigation, and various oth...
Post a Comment
Read more