Equipment for HVAC Market Analysis
The Global Equipment for HVAC Market is projected to grow at a 7.51% CAGR during the forecast period, 2023–2032.
Drivers
Growing Government Spending to Boost Market Growth
The growing government spending on sustainable building development will boost market growth over the forecast period.
Regional Analysis
APAC to Remain Forerunner in Equipment for HVAC Market
The APAC region will remain forerunner in equipment for HVAC market over the forecast period. Rapid urbanization in emerging economies such as Japan, India, and China that encourages consumers towards a comfortable lifestyle thus boosting the need for HVAC equipment, industrial development, developing construction activities, increase in need for fuel-efficient technologies, rapidly increasing population rate, easy availability of cost-effective systems, drastic climate changes, the rapid expansion of the construction industry & increasing government investment in energy in Indonesia are adding to the global equipment for HVAC market growth in the region. Besides, the focus of the Japanese government to develop existing infrastructure via initiating various real estate projects for attracting tourism, booming tourism industry, increasing disposable income levels, and urban growth are also adding market growth.
Opportunities
Government Efforts to Promote Energy-Efficient Products to offer Robust Opportunities
The increasing efforts made by the government across the world for promoting energy-efficient products will offer robust opportunities for the equipment for HVAC market over the forecast period.
Restraints
Constant Rise in Prices to act as Market Restraint
The constant rise in prices, increasing cost of raw materials, and specialized equipment costs needed to service a product may act as market restraints over the forecast period.
Challenges
High Maintenance and Installation Costs to act as Market Challenge
The high maintenance and installation costs, operational issues, and high energy consumption may act as market challenge over the forecast period.
Key Players
Eminent industry players profiled in the global equipment for HVAC market report include Sensata Technologies (US), Saginomiya Seisakuusho (Tokyo), Jiangsu Match Well Electrical Products Co., Ltd (China), Honeywell International Inc. (US), Arrow Electronic Inc. (US), Basler Electric (Illinois), Diversitech (US), Dongan Electronic Manufacturing Company (US), General Electric (US), Hartland Controls (US), Lefco Industrial Corporation Ltd (China), Motors&Armatures Inc. (US), Noark Electric (Czech Republic), Nueva Generaction Manufacture (México), Parker Hannifin Corporation (US), Sealed Unit Parts Co. Inc. (US), American Zettler (US), DANFOSS (Denmark), Emerson Electric (US),Mueller Co (US), SANHUA Holdings Group Co Ltd (China), and Eaton Corporation (Ireland).
Market Segmentation
The global equipment for HVAC market is bifurcated based on equipment.
By equipment, the capacitors segment will lead the market over the forecast period.
COVID-19 Analysis
Supply chain disruptions, economic situations, fluctuations in demand share, as well as long-term & immediate effect of the COVID-19 pandemic possessed a negative effect on the equipment for HVAC market growth. The pandemic has slowed down economic activity and pushed the economy into a steep recession. With the roots being in China, the supply chains in the world are facing shutdown and unprecedented disruption. Besides, the initial setback, the industry is likely to return to normalcy during the forecast period and continue growing much beyond also.
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