HVAC fan and evaporator coil are an integral part of the HVAC system used to control the ambient temperature in which they are installed. Changes of living standards in the emerging economy is one of the major factors boosting the growth of the global HVAC fan and evaporator market. Rise in temperature and escalating urban populations worldwide paved the way for air-conditioned households, which have a positive impact on the growth of the HVAC fan and evaporator coil market.
Market Scope and Structure Analysis
Demand for HVAC fans is expected to grow at a healthy rate in the coming years. The growing trade in the Middle East and housing trends in Africa is anticipated to boost the market growth. Commercial construction is also experiencing rapid growth from the last few years due to the developing tour and travel industry in the Middle East. This growth of business construction will add to the demand for products in the commercial sector. On the other hand, due to population growth and the housing industry, Africa has been experiencing healthy growth for the past several years. This growth in the housing sector is anticipated to drive the demand for HVAC fans and coils in the residential sector. Changes in the living standards of the emerging economy is benefits favorable for the market growth.
COVID-19 Impact Analysis
- The impact of the COVID-19 outbreak temporarily shut down the operation, production, and supply chain process of the HVAC fan and evaporator coil market.
- Industries related to the use of HVAC fan and evaporator coil market product are more likely to go backward which leads to decrease in the demand.
- The market has declined due to strict laws imposed by various governments on the distribution of goods and people during the pandemic.
- However, industries related to the use of these markets products are likely to be back on track, therefore, leading to a greater demand for HVAC fan and evaporator coil market in the coming years.
- The HVAC fan and evaporator coil market has been impacted seriously by the current situation. The market provides main spare parts for HVAC system, which are mainly produced in Asia-Pacific. The situation of COVID-19 has revealed the excessive demand for raw materials, in China, U.S., and India. Chinese HVAC components are proved to be the most known among other producers. China has been producing the HVAC components and its spare parts during the time of the pandemic.
Top Impacting Factors
- The main factors that are responsible for elevating the slope of market growth for HVAC fan and evaporator coil market, consist of growth in modernization, the launch of energy-capable HVAC systems, rebate & incentive scheme provided by the governments, and increased expenditure in the construction sector all over the globe.
- Due to global warming, the rise in temperature has been the very cause of increased demand within the consumers for products of HVAC industry which will automatically boom the HVAC fan and evaporator coil market.
- The rise in the construction sector in areas such as the U.S. and Middle East is also the reason behind the growth.
- Along with this, the industry leaders such as Johnson Controls, Carrier Corporation, and Daikin Industries, have specifically enhanced market growth.
Marketing Trends
The company called Carrier, launched Weather Expert line roof unit, in September 2020. It provides the actual cooling effect, and control including the variable speed 50JC electric/electric and 48JC gas/electric, models. Framed to differ depending on cooling performance by down to 25 %, and up to104.99 % of standard capacity.
Honeywell and SAP partnered in June 2020, to improve the efficiency of building an integrated business center and operating technology.
Key Benefits of the Report
- This study presents the analytical depiction of the HVAC fan and evaporator coil market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the market.
- The current market is quantitatively analyzed to highlight the market scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market based on competitive intensity and how the competition will take shape in coming years.
Key Market Segments
- By Distribution
- Original Equipment Manufacturer (OEM)
- Aftermarket
- By Application
- By End Use Industry
- Industrial
- Commercial
- Residential
- By Region
- North America
- Europe
- France
- Germany
- Italy
- UK
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Nortek, and Samsung Electronics
- Johnson Controls,
- Ingersoll Rand,
- Daikin,
- Mitsubishi Electric,
- United Technologies,
- Electrolux,
- Emerson,
- LG Electronics,
- Lennox,
- Honeywell,