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%
NEW YORK, Sept. 17, 2019 /PRNewswire/ --
Increasing demand from commercial buildings and industrial buildings to drive the overall growth of variable air volume (VAV) systems market
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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% during the forecast period. 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, Middle East and Africa are projected to hold the second-largest market size during the forecast period.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the variable air volume (VAV) systems marketplace.
-- By Company Type - Tier 1: 35%, Tier: 45%, and Tier 3: 20%
-- By Designation - C Level: 35%, Managers: 25%, Others : 40%
-- By Region - North America: 45%, Europe: 20%, APAC: 30%, RoW: 5%
The variable air volume (VAV) systems market comprises major solution providers, such as Ingersoll Rand (Ireland), Honeywell International Ltd (US), United Technologies Corporation (US), Daikin Industries Ltd. (Japan), Johnson Controls (US), Siemens (Germany), Emerson Electric Co. (US), TROX (Germany), DAIKIN INDUSTRIES, Ltd., (Japan), KMC Controls (US), and Barcol Air Ltd. (Switzerland). The study includes an in-depth competitive analysis of these key players in the variable air volume (VAV) systems market, with their company profiles, recent developments, and key market strategies.
Research Coverage:
The report covers the Variable air volume (VAV) systems market based on type, application, and region.This study aims at estimating the size and future growth potential of the market across various segmentation types.
It also includes an in-depth competitive analysis of the key market players, along with their profiles and key growth strategies.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall variable air volume (VAV) systems market and the sub-segments.This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
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