Ducts are conduits or passages used in heating, ventilation, and air conditioning (HVAC) to deliver and remove air. According to latest analysis by Publisher, the global hvac air duct market is projected to climb to USD 6,910 million by 2027-end, progressing at a CAGR of 4.4% during 2021-2027. Varied climatic conditions and the need to maintain an ambient environment in a building is a key trend that is expected to impact the market over the forecast period. In recent times, the availability of smart features and energy efficiency have been key purchase criteria for most customers, and the trend is expected to gain traction over the next few years. Although the prospects look supportive, the supply chain shortages amidst the pandemic impacted the market for HVAC(Heating, ventilation, and air conditioning)systems in 2020; however, the market entered recovery from H32020 onwards as manufacturing activities gradually resumed post a strict lockdown. In the Asia Pacific, the market for HVAC systems is anticipated to witness healthy growth over the mid-term. An increase in multi-family and individual homeowners is creating avenues for future growth. The HVAC industry is gradually shifting focus on energy efficiency. Green initiatives are the focus area for several OEMs with an emphasis on saving money while reducing greenhouse emissions. Therefore, over the recent years, there has been a shift toward eco-friendly HVAC units. This includes products that consume less power and operate on renewable sources of energy thereby reducing energy costs.
As such over the last few years the use of geothermal cooling and heating equipment has been on a rise, subsequently reducing dependence on fuel-based equipment. Customer inclination towards comfort is creating avenues for growth. To meet the demand OEMs are developing products that are not just energy-efficient but also incorporate the latest technologies offering better connectivity. Today buildings constructed are “green” resulting in an increase in installations of thermostats, sensors, and smart meters that can be controlled from a smartphone or PC. The software enabled HVAC systems are also trending, and are expected to create opportunities over the forecast period. Technology is slowly making in-roads in the HVAC field, creating favorable long-term growth avenues. In developed parts of the world, the demand for residential HVAC(Heating, ventilation, and air conditioning) is expected to be more or less stagnant; however, the demand from newer markets particularly developing markets will be slightly on a higher end. This is primarily ascribed to the growing population in emerging markets and market maturity in developed markets. Several trends including green and smart technology to automated systems are expected to play a pivotal role in shaping the future of the commercial HVAC market. As the COVID-19 pandemic becomes an endemic, and permanent WFH models slowly transition to a hybrid working model, the demand for HVAC in commercial settings is anticipated to witness an uptick.
Governments of various countries are introducing stringent regulatory policies for the vendors while installing and retrofitting energy-prompt HVAC systems. For instance, the Ozone Depleting Substances (ODS) regulation banned the R-22 refrigerant in all states of the European Union from. Currently, the installed base of a large number of HVAC systems relies on R-22; however, over time, R-22 will become more expensive, and there will be scarcity. As a result, consumers would need to replace their existing HVAC systems, which is expected to drive the demand for modern, energy-efficient HVAC systems comprising programmable thermostats to help control temperatures throughout the day. The Internet of Things (IoT) represents a scenario where HVAC systems can be connected to the internet to allow data sharing. It manages HVAC systems, collects data, stores it in the cloud; improves HVAC operations for better efficiency; and runs a predictive maintenance schedule. It also monitors, controls, and diagnoses units over the internet in a cost-effective way. In addition, IoT enables low ongoing maintenance and repair costs of the HVAC system. IoT allows access to real-time performance data of HVAC systems and interprets it correctly. For instance, IoT-enabled buildings can alert facility managers with early warnings of any operational abnormalities and allow for the remote diagnosis and adjustment of units, which, in turn, could save costs by minimizing system failures.
The HVAC industry is poised to experience exponential growth. HVAC systems require fine-tuning and the custom fabrication of parts during installation for their efficient working and avoiding failure. Thus, professionals are needed for the proper installation of HVAC systems. If the installation is not done by professionals, the end user may need to pay more in the long run for repairs, or the HVAC systems may not work efficiently. The requirement for skilled labor is expected to incur additional costs to the user. Thus, it may hinder the implementation of the HVAC system market.
Impact of Covid-19 on HVAC system Market
The pandemic was disruptive for every industry, and the HVAC industry was no exception. The beginning of the year 2020 saw the greatest hardships for nonresidential construction, according to data from Associated Builders and Contractors (ABC). In the first quarter of 2020, the US economy dipped by 4.8% due to the pandemic. In March 2020, the Air Conditioning Contractors of America (ACCA) conducted a survey to gain insights into how HVAC professionals felt about the market’s future amid the outbreak. A majority of those surveyed (70%) believed that the medical implications of the pandemic would last for a mere 3 months, while 65% anticipated a long-term impact on business viability, and 9% were worried that their businesses might not survive. In the process, it was expected that construction activities pertaining to hotels declined by more than 20%, while there would be a decline of 13% in recreational and amusement establishments, 11% in offices, 8% in retail, and 7% in education.
The industry insights report of the Global HVAC Air Duct Market, 2021-2027 helps with the successful launch of a new product. This market report efficiently collects, analyses, and evaluates information about a product or service to be offered for sale in that market. This market research report makes it easy to attain customer demographics which form the core of any business. This report studies Potential clients for the product or service and their characteristics, spending habits, location, and needs of its target market.
The report provides in-depth analysis and insights regarding the current global market scenario, latest trends and drivers into global hvac air duct market. It offers an exclusive insight into various details such as market size, key trends, competitive landscape, growth rate and market segments.
The hvac air duct market is segmented on the basis of product, application, and region. The hvac air duct market is segmented as below:
- fiberglass duct boards
- flexible non-metallic ducts
- sheet metal ducts
- Asia Pacific
- North America
- Rest of the World (RoW)
The report also provides analysis of the key companies of the industry and their detailed company profiles including ALAN Manufacturing Inc., CMS Group of Companies, Ductmann Ltd., DuctSox Corporation, Hennemuth Metal Fabricators, Inc, Imperial Manufacturing Group (IMG), KAD Air Conditioning L.L.C., Lindab International AB, M&M Manufacturing, Inc., Saudi Akhwan Ducting Factory Co., Ltd., SET Duct Manufacturing, Inc., Tin Man Sheet Metal Fabrication, LLC, ZEN Industries Inc., among others.
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Historical & Forecast Period
This research report provides analysis for each segment from 2017 to 2027 considering 2020 to be the base year.
Scope of the Report
- To analyze and forecast the market size of the global hvac air duct market.
- To classify and forecast the global hvac air duct market based on product, application, and region.
- To identify drivers and challenges for the global hvac air duct market.
- To examine competitive developments such as mergers & acquisitions, agreements, collaborations and partnerships, etc., in the global hvac air duct market.
- To identify and analyze the profile of leading players operating in the global hvac air duct market.
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- Gain a reliable outlook of the global hvac air duct market forecasts from 2021 to 2027 across scenarios.
- Identify growth segments for investment.
- Stay ahead of competitors through company profiles and market data.
- The market estimate for ease of analysis across scenarios in Excel format.
- Strategy consulting and research support for three months.
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