HVAC Fan & Evaporator Coil Market size will likely reach USD 9.6 billion by 2026, according to a new research report by Global Market Insights Inc.
Increasing urbanization resulting in enormous demand HVAC across residential and commercial buildings will positively boost the industry growth. The HVAC fan & evaporator coil demand from the industrial sector valued at USD 4 billion in 2019 and is projected to grow at 5.3% CAGR through 2026. Increasing industrialization will drive the product demand in emerging economies while aftermarket sale will remain high in North America and Europe.
The rapidly growing manufacturing industry in Asia Pacific is anticipated to fuel demand during 2020 to 2026. Malaysia, South Korea, Singapore, Taiwan, Japan, India, and China are the major manufacturing hubs in Asia Pacific. Easy availability of raw materials and competitive labor costs due to high population are the major attributes behind the regional manufacturing industry growth.
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Industry is likely to contract in 2020 due to COVID-19
The HVAC fan and evaporator coil market is expected to contract in 2020 due to the COVID-19 pandemic due to nationwide lockdowns in major economies including the U.S., France, India, Italy, Germany, and the UK. Lockdowns have not only hampered the product demand but also the production of fans & evaporator coils owing to which the industry is anticipated to contract in 2020. However, V-shape recovery is expected after the economies reopen over the forecast period.
Browse key industry insights spread across 250 pages with 202 market data tables & 19 figures & charts from the report, “HVAC Fan and Evaporator Coil Market Size By Application (Fan, Evaporator), By Industry (Industrial, Commercial, Residential), By Distribution (OEM, Aftermarket), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
HVAC evaporator coil will register a healthy growth
The HVAC evaporator coil market is projected to grow at around 5% CAGR during through 2026 from around a value of USD 3 billion in 2019. The rising commercial industry across the globe owing to the growing number of hotels, hospitals, clinics, multiplexes, gyms, and auditoriums is projected to drive the HVAC evaporator coil demand. Furthermore, the rapidly growing construction and tourism industries from the past several years will fuel the market growth. The rapidly growing population coupled with increasing disposable income is expected to boost the growth of construction and tourism industries.
OEM will dominate the HVAC fan & evaporator coil market
OEM was the largest distribution channel for HVAC fans & evaporator coils in 2019 and is estimated to exceed over USD 7 billion revenue in 2026. High rate of innovation in the industry and decreasing air conditioner prices will drive the industry demand. Due to the high rate of innovation, people tend to buy new systems instead of fixing the old ones. Additionally, air conditioner prices have been lowered significantly in the last decade, making them affordable for the middle-income group. Owing to the low prices, people prefer buying new air conditioners as they are affordable and have advanced technology compared to the old ones.
Asia Pacific will register a very high product demand
The Asia Pacific HVAC fan & evaporator coil market is projected to grow at a CAGR of around 6% during 2020 to 2026 from around a value of USD 3 billion in 2019. Growing usage of air conditioners in the region will drive the market demand. Additionally, the regional market is likely to experience intense competition among players in Japan and China owing to the availability of low-priced air conditioning systems. Major multinational companies working in the industry include Lloyd, Mistcold, Coilmaster, Yeh Jeh, Markair, Inc., EVAPCO Alcoil, Inc., Ekocoil, and Grupporeco.