HVAC equipment are heating, ventilation equipment, and cooling or air-conditioning equipment. This equipment has numerous benefits including high energy efficiency, longer service life, and enhanced results. Owing to these benefits, the adoption of HVAC equipment has drastically increased across a wide range of applications where quality standards are needed to be maintained. These applications include setting up high-rise buildings, industrial units, commercial complexes, parking units, and hospitals. Rise in construction of commercial and residential buildings have concurrently, accelerated the adoption of HVAC equipment. Apart from that, growing urbanisation and industrialisation are other macro factors fueling the demand for HVAC equipment. The aggregated force of these factors is projected to create strong growth prospects for the global HVAC equipment market in the years to come.
IoT Integration to Unlock New Avenues for HVAC Equipment Market
The cutting-edge technological developments in the ventilation space have drastically surged the sales of Internet of Things (IoT) integrated HVAC equipment. By leveraging IoT analysis algorithms, HVAC equipment can enhance operations and optimise performance. These algorithms are also poised to improve the configuration of HVAC equipment. Furthermore, applications-based tools supported by cloud can set up and commission HVAC equipment. Another benefit of IoT integration in HVAC equipment is that it enhances the controlling and monitoring of HVAC equipment alongside system diagnosis. Apart from that, data collection and storage in clouds can be utilised to run predictive maintenance schedules. As a result, this reduces the repair and maintenance for HVAC equipment. Such a scenario is expected to bode well for the growth of the HVAC equipment market.
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Air Conditioning Equipment to Play an Instrumental Role in HVAC Equipment Market Growth
With the rising population and favourable regulations from government authorities, the demand for efficient energy equipment has been experiencing a significant boost. This has fuelled the demand for air conditioning equipment across residential and commercial buildings. Air conditioning systems are ubiquitous with their several applications in homes, commercial spaces, shopping and entertainment centres. Besides, due to the requirement for cold temperature in facilities including hospitals and clinics, air conditioning systems are witnessing higher adoption. Therefore, the increased demand for air conditioning systems across various diverse industries is expected to contribute to the overall growth and expansion of the HVAC equipment market.
North America to Sustain an Edge Over Market Amid Flourishing Industrial Sector
The benefits of HVAC equipment such as power saving ability and high performance and efficiency, is propelling its demand in North America. Furthermore, the growing industrial sector activities including manufacturing facilities, hospitals and institutional facilities has further triggered the application of HVAC equipment. Besides, the rising number of data centres is also poised to drive growth of the HVAC equipment market in the region. Data centres need an optimum level of cooling on a regular basis to offer protection to servers and other IT infrastructure. This has increased demand for HVAC equipment in the region. This aspect, coupled with growing presence of companies involved in manufacturing and distribution of HVAC equipment, is likely to create significant growth prospects for the regional market.
Prominent Market Players
Some of the major players in the HVAC equipment market include LG Electronics Inc, Johnson Controls, Daikin Industries Ltd. Mitsubishi Electric Trane HVAC US LLC, Honeywell International Inc, and Danfoss AS.
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