Single Packaged HVAC Systems Market - Steady Rise in Construction Activities to Boost Growth | Technavio
The global single packaged HVAC systems market is expected to grow at a CAGR of close to 7% from 2017-2021, according to a new market research report by Technavio.
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Technavio has published a new market research report on the global single packaged HVAC systems market 2017-2021 under their heavy industry library. (Graphic: Business Wire)
Global single packaged HVAC systems market segmentation by product and end-user
Technavio’s report on the global single packaged HVAC systems market analyses the business dimensions and presents a comprehensive breakdown in terms of market segmentation by product, which includes air-cooled systems and water-cooled systems. As projected in 2016, around 56% of the market share originated from air-cooled systems.
Based on end-user, the global single packaged HVAC systems market has been segmented into residential and non-residential segments. The non-residential segment will continue to dominate the market during the forecast period.
“The non-residential segment includes healthcare and educational buildings, manufacturing and industrial buildings, and offices and retail stores. Since office and industrial buildings have a higher requirement for cooling or heating as compared with single-family homes, single packaged HVAC systems deployed in these buildings are usually larger and thus more expensive than the ones used for residential purposes. This is the key reason behind this segment accounting for a higher share of the global revenue,” says Gaurav Mohindru, a lead analyst at Technavio for unit operations research.
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Single packaged HVAC systems market: competitive vendor landscape
The global single packaged HVAC systems market is marked by the presence of several vendors, with international and regional footprints. Regional vendors in a bid to improve their market presence are providing customized HVAC systems at lower prices than international vendors. However, stringent regulations pertaining to the design and installation of HVAC systems have made it more difficult for regional and small vendors to compete with their international rivals. Key vendors in the global single packaged HVAC systems market are Daikin Industries, LG Electronics, Trane (Ingersoll-Rand), and Johnson Controls.
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Other topics covered in the report:
Market drivers:
- Steady rise in construction activities
- Growing replacement demand in developed countries
Market challenges:
- Lack of workforce in HVAC industry
- Capital intensive nature of the market
Market trends:
- Integration of IoT with HVAC
- Building automation systems
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