According to the new market research report “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″, The variable air volume (VAV) systems market 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 major factors driving the variable air volume (VAV) systems market include increasing construction activities, globally and rising awareness for reducing energy consumption.
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Variable air volume (VAV) system is a type of HVAC systems, which is used to reduce the energy consumption of the systems and increase their efficiency. It varies the amount of air intake to a room while keeping the air temperature constant. MarketsandMarkets expects the global variable air volume (VAV) system market to grow from USD 11.8 billion in 2019 to USD 16.0 billion by 2024, at a compound annual growth rate (CAGR) of 6.3% during the forecast period. The major factors driving the variable air volume (VAV) systems market include increasing construction activities, globally and rising awareness for reducing energy consumption.
Among the different types of variable air volume (VAV) system, the single-duct VAV segment is the fastest-growing segment of the market in 2018 and is likely to witness significant growth over the forecast period. The growth of this segment is attributed to its increasing in various application such as offices, gymnasiums, cafeterias, lecture halls, auditoriums, large meeting rooms, churches, and arenas since it ensures reduced energy consumption, thereby contributing to the global need for energy efficiency. These factors are expected to drive demand during the forecast period.
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The global variable air volume (VAV) systems market is estimated to increase 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 global variable air volume (VAV) Systems market is driven mainly by the increasing construction activities, globally and the rising awareness for reducing energy consumption. New construction activities in the residential, commercial, and industrial sectors have augmented the demand for VAV systems, thereby increasing the revenue of the market.
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), among others are the leading Variable Air Volume (VAV) Systems manufacturers, globally. These companies adopted new product development, joint venture, and merger or acquisition as their strategies between January 2015 and August 2018 to earn a competitive advantage in the Variable Air Volume (VAV) Systems market.
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Johnson Controls (US) is one of the leading players in the Variable Air Volume (VAV) Systems market. The company has been focusing on both organic and inorganic strategies to maintain its leading position in the market. For example, In April 2019, Johnson Controls-Hitachi Air Conditioning, India launched its latest range of energy-efficient and expandable Inverter AC solutions. With the launch of this product, the organization aims to bring about a revolution in Indian AC industry and to become Indias leading HVAC brand.
Ingersoll Rand (Ireland) is another major player in the Variable Air Volume (VAV) Systems market. In February 2017, the company planned to acquire the business of Thermocold Costruzioni S.r.l (Italy), a manufacturer and distributor of heating, ventilating and air-conditioning (HVAC) systems and solutions. This acquisition will further strengthen its position in the global HVAC and VAV market.
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