HVAC Fan and Evaporator Coil Market Size

HVAC Fan and Evaporator Coil Market Size

HVAC Fan and Evaporator Coil Market size valued at over USD 7.8 billion in 2019 and is estimated to exhibit a CAGR of more than 5% from 2020 to 2026. The growing demand on account of changing lifestyle is predicted to boost the industry demand.

Thermal environmental factors, such as temperature, humidity, and air pressure, change throughout the year. Adapting to these changes can often be a challenge, especially in urban areas where people live in closed spaces with inadequate ventilation. To cope with this inadequate ventilation and heat, air conditioners are used owing to which its demand in the urban areas will witness accelerated growth rate.

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The recent outbreak of COVID-19 is expected to hamper the HVAC fan and evaporator coil industry growth to a large extent in 2020 and perhaps even for the next few years. Major production facilities of HVAC equipment were shut down due to the COVID-19 pandemic.  The shutdown has created a disruption in the supply chain attributed to which the demand for fan & evaporator coil reduced in 2020 compared to 2019.

The majority of the IT companies were closed because of the pandemic, which suggests decreasing growth trend in 2020. However, the industry will regain growth trajectory by 2026 led by the indispensable use to these coils in residential and non-residential buildings.