According to the new market research report “Variable Air Volume Box Market by type(Single-Duct VAV, Dual-Duct VAV, Induction VAV, Fan-Powered VAV(Series Powered, Parallel Powered)), Application(Residential Building, Industrial Building, Commercial Building), and Region – Global Forecast to 2024″, is projected to grow from USD 4.7 billion in 2019 to USD 6.4 billion by 2024, at a CAGR of 6.3% during the forecast period.
The growing construction industry, especially commercial and industrial construction, in these countries due to rapid economic development is expected to lead to high demand for VAV systems which in turn will contribute to the demand of VAV box market. Furthermore, the increasing need for energy conservation in buildings from the commercial and industrial sector will escalate the demand for energy-efficient and cost-effective heating and cooling solutions, which is another driving factor for the market.
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The VAV BOX market size is projected to grow from USD 4.7 billion in 2019 to USD 6.4 billion by 2024, at a CAGR 6.3%. The growing need for energy efficient and cost effective systems in commercial and industrial buildings has led to the demand for VAV systems and VAV box. The development of the global construction industry is also expected to affect the HVAC market which in turn will accelerate the demand of VAV systems and VAV box. Further, other benefits of VAV box such as its availability in different variants as per the requirements of temperature, pressure, and space makes it highly preferred and ideal to be used in commercial spaces
Based on type, the VAV box market is segmented into Single-Duct VAV, Dual-Duct VAV, Induction VAV and Fan-Powered VAV. Single-Duct VAV is expected to be the largest as well as the fastest-growing type of the VAV box market. Single duct VAV box or terminal units are used to maintain the zone temperature by controlling the volumetric flow of the supply air. Single duct VAVs are ideal for use in cooling only zones with no heating requirement during occupied hours. The huge consumption of single duct VAV in commercial space, including offices, malls, and conference rooms, is expected to drive its demand during the forecast period.
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The global VAV BOX market size is estimated at USD 4.7 billion in 2019 and is projected to reach USD 6.4 billion by 2024, at a CAGR of 6.3%, between 2019 and 2024. VAV Boxes are major components inside a VAV system which makes it energy efficient and helps to reduce the energy consumption by maintaining a balanced air flow as per the zone’s requirement. The VAV terminal unit consist of a damper and control to measure the required air flow as per the temperature level. The major applications of VAV BOX includes its usage in residential, commercial and industrial buildings.
The key players in the VAV BOX market are Ingersoll Rand PLC (Ireland), Johnson Controls (US), TROX Gmbh (Germany), Spectrum Industries (India), United Technologies Corporation (US), Honeywell International Inc. (US), Daikin Industries, Ltd. (Japan), Siemens AG (Germany), Systemair AB (Sweden), and Barcol-Air (Switzerland). The VAV BOX market report analyzes the key growth strategies adopted by the leading market players, between 2014 and 2019, which include expansions, new product developments, merger & acquisitions, and joint ventures.
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Ingersoll Rand PLC (Ireland) is one of the major players of the VAV BOX market. It is one of the leading companies providing air solutions for homes and buildings, transportation and protection solutions for food and perishables and solutions to increase the industrial productivity and efficiency. The company operates through two business segments, namely, climate and industrial which offers products under the brand names – Club Car, Ingersoll Rand, Thermo King, and Trane. The company provides VAV products through its brand name Trane which falls under its climate business segment. Trane manufactures and markets heating and air ventilation equipment that helps in optimizing indoor environments. Ingersoll-Rand markets and sales its products through different subsidiaries and distributors in more than 100 countries globally.
Johnson Controls (US) is one of the leading players in the VAV BOX market. Johnson Controls is a diversified and multinational company focused towards developing energy solutions, integrated infrastructure and transportation systems. The company operates through two business segments, namely, building technologies & solutions and power solutions. It provides VAV terminal units through its building technologies & solutions business segment under the brand names Titus, Krueger, Tuttle & Bailey and Enviro-Tec. The company’s building technologies & solutions segment provides equipment for building automation & controls, refrigerator, and security systems for buildings. The company has a strong geographical foothold with presence in 2000 locations worldwide which caters the demand of its customers through more than 700 branch offices in 150 countries globally.
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