Expanding Construction Sector Driving HVAC Installation Worldwide

(MENAFN – GetNews) Sales of the heating, ventilation and air conditioning market are expected to grow from $240.8 billion in 2019 to $358.1 billion by 2030.

Governments of many countries are taking 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 incurs huge repair and maintenance costs. For example, in December 2018, the Ministry of Energy, India, launched an Energy Conservation Building Code for Residential Buildings (ECBC-R), called ‘Eco-Niwas Samhita 2018’. The code applies to mixed land use and residential buildings. buildings built on an area of ​​500 square meters. It establishes the minimum performance standards for these buildings to limit heat loss and gain.

Furthermore, the growing construction industry will support the HVAC market witnessing a CAGR of 4.8% during the forecast period (2020-2030). As a result, the market revenue is expected to increase from $240.8 billion in 2019 to $358.1 billion in 2030. India, Qatar, China, USA, Saudi Arabia and UAE generate high demand for HVAC systems due to the increasing number of hotels, shopping complexes and skyscrapers in these countries. The construction of new structures is attributed to the growing number of tourists and upcoming events, such as FIFA World Cup 2022 and Dubai Expo 2020.

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The supply segment of the HVAC market is divided into equipment and services. Of these, the services category accounted for the largest share in the historical period (2014-2019) and is expected to see higher growth in the forecast years. HVAC equipment requires regular maintenance as it helps to reduce energy consumption. The coils and dry filters in such systems become the breeding ground for bacteria and fungi, which can cause various diseases. Because of such hazards, HVAC devices are regularly serviced.

According to P&S Intelligence, the industrial sector is a prominent user of HVAC equipment. For example, the food and beverage sector needs an adequate HVAC control to maintain the hygiene and safety level of food and drinks. The production units of food and beverage companies must comply with food safety standards set by government organizations, such as the Food and Drug Administration (FDA). Such a production unit, for example, requires precisely designed air handling systems to control odors and particulate matter.

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

For example, increasing government initiatives and booming construction industry will drive adoption of HVAC systems in the near future.

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HVAC Market Size by Segment:

By offering

  • Equipment
    • Heating
    • Ovens
    • heat pumps
    • boilers
    • Unitary stoves
    • Ventilation
    • Humidifiers/Dehumidifiers
    • air purifiers
    • Fan ventilation
    • Air handling units and fan coil units
    • Air conditioning
    • Variable Refrigerant Flow
    • Split/packaged unit with channels
    • Split Units
    • Chillers
    • Room ACs
  • Services
    • Installation
    • Upgrade/Replacement
    • Maintenance & Repair
    • Consult

By end user

  • Advertisement
    • Office and buildings
    • Supermarkets/Hypermarkets
    • Government
    • healthcare
    • Hospitality
    • transport
  • industrial
    • oil and gas
    • Food and drink
    • Automotive
    • Energy and Utilities

Geographical Analysis

  • North America
  • Europe
    • UK
    • Germany
    • Italy
    • Spain
    • Russia
    • Turkey
    • France
  • Asia Pacific (APAC)
    • Japan
    • South Korea
    • China
    • India
  • MY
    • Saudi Arabia
    • UAE
    • Kuwait
    • Qatar
    • Nigeria
    • South Africa
    • Egypt
    • Oman and Bahrain
    • Israel

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