$16 Bn Variable Air Volume (VAV) Systems (Single-duct, Dual-duct, Induction, Fan-powered) Market - Global Forecast to 2024
DUBLIN, Sept. 5, 2019 /PRNewswire/ -- The "Variable Air Volume (VAV) Systems Market by Type (Single-duct VAV, Dual-duct VAV, Induction VAV, Fan-powered VAV), Application (Commercial building, Industrial building, Residential building), and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The Variable Air Volume (VAV) Systems Market Size is Expected to Grow from USD 11.8 Billion in 2019 to USD 16.0 Billion by 2024, at a CAGR of 6.3%
Increasing demand from commercial buildings and industrial buildings to drive the overall growth of variable air volume (VAV) systems market
The variable air volume (VAV) systems market is driven by various factors, such as high demand from commercial buildings and industrial buildings. The growth of these industries is anticipated to further propel the growth of the market over the forecast period. However, fluctuating raw material prices are likely to hinder the growth of the market.
Single-dut VAV systems to drive the global market during the forecast period
The variable air volume (VAV) systems market has been segmented based on types as single-duct, dual-duct, fan-powered, and induction based. Among these types, the single-duct segment accounted for the largest share of the market in 2018 and is likely to witness significant growth over the forecast period.
The growth of single-duct VAV systems is also spurred by the growth of the building & construction industry, especially in APAC. Increasing population, growing urbanization, and shift of manufacturing facilities from North America and Europe to APAC have fueled the growth of building & construction and infrastructure activities. All such attributes are expected to drive the consumption of single-dut VAV systems.
Commercial buildings segment expected to hold the largest market share during the forecast period
Commercial buildings segment expected to hold the largest market share during the forecast period. Commercial buildings application is growing rapidly owing to the rising demand for variable air volume (VAV) systems in the hospitality sector, retail sector, offices, and warehouses. The increasing infrastructure spending is also expected to boost the installations of VAV systems.
North America is expected to record the highest growth rate during the forecast period
North America is expected to have the highest growth rate during the forecast period, due to the increasing usage of VAV systems in various end-use applications such as commercial, residential, and industrial buildings. US, Mexico, and Canada provide enormous opportunities for the Variable air volume (VAV) systems market due to the presence of a large manufacturing sector. On the other hand, the Middle East and Africa are projected to hold the second-largest market size during the forecast period.
Market Dynamics
Drivers
- Increasing Construction Activities, Globally
- Increasing Awareness for Reducing Energy Consumption
Restraints
- Presence of Alternative Technologies
- Low Awareness About the VAV System
Opportunities
- Newer Modifications in the VAV System
Challenges
- High Product and Installation Costs
Porter's Five Forces Analysis
Company Profiles
- Johnson Controls
- Ingersoll Rand Plc
- DAIKIN INDUSTRIES, Ltd.
- United Technologies Corporation
- Emerson Electric Co.
- Honeywell International Inc.
- Siemens
- TROX GmbH
- KMC Controls
- Barcol-Air
Other Company Profiles
- Schneider Electric
- Systemair Ab
- Kad Airconditioning
- Metal Industries Inc
- Spectrum Industries
- Dynacraft Air Controls
- Halton Group
- Advanced Air Limited
- Waterloo Air Products Plc
- Air Master Equipments Emirates L.L.C.
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