DUBLIN--(BUSINESS WIRE)--The "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" report has been added to ResearchAndMarkets.com's offering.
The market size of VAV boxes was USD 4.4 billion in 2018 and is projected to reach USD 6.4 billion by 2024, at a CAGR of 6.3% during the forecast period.
The VAV box market has been segmented based on type, application, and region. This report covers the VAV BOX market and forecasts its market size until 2024. It also provides detailed information on company profiles and competitive strategies adopted by the key players to strengthen their position in the VAV BOX market. The report also provides insights into the drivers and restraints in the VAV BOX market along with opportunities and challenges. The report also includes profiles of top manufacturers in the VAV BOX market.
The key companies profiled in this report on the VAV BOX market include 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), Barcol-Air (Switzerland).
- Increasing Need for Energy Conservation
- High Demand for HVAC Systems
- Increase in Requirement for VAV Boxes Owing to Added Benefits
- Presence of Substitute Technologies
- Increasing Global Construction Activities
- High Product Cost and Installation Charges
The growth in VAV BOX demand is increasing due to the growing construction industry, especially commercial and industrial construction in developing countries due to rapid economic development
The growth of the global construction industry is expected to boost the HVAC market, which in turn will drive the demand for VAV systems and VAV boxes. According to the Oxford Economics, the construction output will grow by 85% to reach USD 15.5 trillion by 2030 globally, with three countries - China, US, and India accounting for 57% of the global growth of the construction sector. Thus, the expected increase in the market size of HVAC will drive the VAV system's and VAV box's 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. However, the presence of substitute technologies and increased preference of refurbished VAV boxes are expected to restrain the growth of the VAV box market globally.
Single-Duct VAV is the fastest-growing segment of VAV BOX
Single-duct VAV was the largest as well as the fastest-growing segment of the VAV box market globally in 2018. The huge consumption of single-duct VAV systems in commercial buildings due to its various advantages such as low sound level operation, cost-effectiveness, and efficiency in maintaining the optimum temperature in different climatic condition are the major factors driving the demand for single-duct VAV.
Commercial building is the largest application of VAV BOX
Commercial building is the largest application of the VAV box. The increasing spending on public and private infrastructure development will contribute to the growth of the VAV box market. The continuous increase in new construction, including manufacturing and office construction, are the major factors leading to the demand of commercial buildings.
APAC is the fastest-growing market for VAV BOX
APAC is projected to register the highest growth rate during the forecast period owing to the presence of developing markets such as China and Japan as well as emerging economies such as India, South Korea, and Indonesia. APAC is one of the prominent construction markets and is expected to grow at a rapid pace in the coming years, with India expected to become a new global hub for construction in the emerging markets, growing almost twice as fast as China. Therefore, due to the strong growth of the construction industry, the region is expected to have a heavy demand for the VAV box during the forecast period.
The report is expected to help market leaders/new entrants in the following ways:
- This report segments the VAV BOX market and provides the closest approximations of revenue numbers for the overall market and its segments across different verticals and regions.
- This report is expected to help stakeholders understand the pulse of the VAV BOX market and provide information on key market drivers, restraints, challenges, and opportunities influencing the market growth.
- This report is expected to help stakeholders obtain an in-depth understanding of the competitive landscape of the VAV BOX market and gain insights to improve the position of their businesses. The competitive landscape section includes detailed information on strategies, such as new product developments, expansions, joint ventures, and mergers & acquisitions.
- Advanced Air (UK) Ltd.
- Air Master Equipments Emirates LLC
- BES-Tech, Inc.
- Betec Cad
- Beyond & Brothers Development Co. Ltd.
- Daikin Industries, Ltd.
- Dynacraft Air Controls
- EB Air Control Inc.
- Halton Group
- Honeywell International Inc.
- Ingersoll Rand PLC
- JCC Cooling
- Johnson Controls
- KAD Airconditioning
- Metal Industries Inc.
- Siemens AG
- Spectrum Industries
- Systemair AB
- TROX GmbH
- United Technologies Corporation
- Waterloo Air Products PLC
For more information about this report visit https://www.researchandmarkets.com/r/yymf6l