Wiseguyreports.Com Adds “Global HVAC Aftermarket Market by Heating Equipment, By Ventilation Equipment , By Cooling Equipment , By HVAC Controllers, By End-User, and By Region ” To Its Research Database
Global HVAC Aftermarket projected to grow due to the low cost of replacement of HVAC components and parts costs and integration of building automation system
Global HVAC aftermarket estimated to grow at a significant rate during the forecast period, 2020–2027. The primary factors are the surge in demand for automation systems (BAS) installations due to its functions such as automatic monitoring, automatic control, automatic adjustment, and automatic management of building electromechanical systems. The introduction of stringent emission compliances, ensuring smarter energy consumption, and energy efficiency standards will complement industry growth. Development of sustainable building codes and standards, development of heating and cooling technologies for residential and industrial establishments, will simultaneously foster the growth of the thermostat market. Additionally, the development of home automation and IoT devices and the infrastructure spending for the refurbishment of residential establishments will stimulate the HVAC Aftermarket size.
Moreover, the growing demand for effective maintenance of HVAC systems can reduce energy costs. These effective factors expected to trigger the HVAC Aftermarket share in the next few years. Furthermore, the requirement of HVAC maintenance to prevent energy performance degradation, reduce energy consumption and costs, and improve equipment life and uptime are key drivers anticipated to foster the growth of the market. Government regulations and need to achieve accuracy, comfort, and safety in controlling and monitoring indoor climates and growth in the global non-residential construction is driving the market along with government policies and legislation for the use of energy-efficient devices.
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Also, the implementation of BAS technology for the improvements in sensor technology along with the availability of cheaper and faster communication systems, and improved user interfaces are propelling the growth of HVAC Aftermarket in the future period.
Global HVAC Aftermarket: Competitive Landscape
Other Prominent Players
Heating Equipment Overview in the Global HVAC Aftermarket
Based on heating equipment, the global HVAC aftermarket classified into Heat Pumps, Furnaces, Unitary Heaters, Thermostat, and Boilers. The Heat Pumps segment likely to lead the market by 2027, owing to the rapid climate changes and growing need for renewable energy sources, coupled with extensive government support in the form of subsidiaries.
Ventilation Equipment Overview in the Global HVAC Aftermarket
Based on ventilation equipment, the global HVAC aftermarket market segregated into air-handling units, air filters, dehumidifiers, ventilation fans, humidifiers, and air purifiers. The air-handling unit segment witnessed the largest market share in 2019 and will dominate by 2027. It is owing to it is used to outside air, re-condition it, and supply it as fresh air to a building.
Cooling Equipment Overview in the Global HVAC Aftermarket
Based on cooling equipment, the global HVAC aftermarket classified into Unitary Air Conditioners, VRF Systems, Chillers, Room Air Conditioners, Coolers, and Cooling Towers. The VRF Systems segment projected to lead the market by 2027. It is due to VRF provide providing comfort is to supply heating or to cool when and where it is required without swings at room temperature.
End-User Overview in the Global HVAC Aftermarket
By the end-user, the global HVAC aftermarket market bifurcates into residential and non-residential (commercial and industrial). The non-residential segment captured the largest revenue share in 2019 and will dominate by 2027. It is on account of the growing urbanization and a significant amount of usages of HVAC in rooftops of buildings such as shopping malls, hotels, big restaurants, theaters, and commercial offices.
Regional Overview in the Global HVAC Aftermarket
By geography, the Global HVAC Aftermarket segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America held a higher market share in 2019 and will continue its dominance by 2027. It is attributable to the well-established service industry for HVAC and stringent government norms, growing construction activities, and a stable industrial base.
Table of Content
1. Research Strategic Development
2. Research Methodology
3. Executive Summary
4. Market Insights
5. Global HVAC Aftermarket Overview
6. North America HVAC Aftermarket Overview
7. Europe HVAC Aftermarket Overview
8. Asia Pacific HVAC Aftermarket Overview
9. South America HVAC Aftermarket Overview
10. Middle East & Africa HVAC Aftermarket Overview
11. Competitor Analysis
11.1. Company Description
11.2. Financial Analysis
11.3. Key Products
11.4. Key Management Personnel
11.5. Contact Address
11.6. SWOT Analysis