Tuesday, 02 January 2024 12:17 GMT

HVAC Air Handling Units Market Size, Share, Growth, Industry Trends, Outlook With Company Analysis, And Forecast To 2028 | The Market Publicist


(MENAFN- Ameliorate Digital Consultancy)

Installation of HVAC air handling units to witness a major upsurge in residential buildings

“Increasing concerns of household air pollution to spur HVAC air handling units demand to improve indoor air quality”

The health and environmental impacts of air pollution are rapidly bolstering the need for HVAC systems to enhance indoor air quality. HVAC air handling units are set to gain remarkable traction owing to varied factors, including the growing awareness about non-communicable diseases such as stroke and lung cancer caused by household air pollution.

Due to the implementation of stay-at-home measures during the coronavirus pandemic, the demand for home services including HVAC has been witnessing a significant increase. As per Fox Business's report, HVAC technicians recorded around a 109% rise in service requests. This surging request is particularly driven by the residential construction boom, with a Global Market Insights Inc. report suggesting that the residential segment will account for nearly 18.5% of HVAC air handling units (AHU) market share by 2028.

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Residential construction stood at a seasonally adjusted annual rate of over $829.4 billion in January 2022, which is 1.3% above the revised December estimate of over $819 billion, according to the U.S. Census Bureau. This steady increase in residential construction activities, along with the high concerns regarding COVID-19 transmission in poorly ventilated settings, will amplify the deployment of residential air handling units.

Rising business purchase agreements to deliver efficient, custom HVAC systems

Over the years, HVAC companies have been entering deals to consistently deliver energy-efficient solutions for a plethora of applications. For instance, in November 2021, AAON entered an agreement to obtain 100% of the equity interests of BasX Solutions for $100 million to deliver innovative, semi-custom, and custom HVAC solutions for nonresidential applications, thus amplifying HVAC air distribution system business. As per a GMI report, the HVAC air handling units (AHU) industry from the custom segment will be valued at around $2.1 billion by 2028.

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While there was a decline in construction projects in the initial phase of the coronavirus pandemic, medical centers including the Clovis Community Hospital have been targeting construction expansion over the last year. Annually, the hospital admits above 15,200 patients and conducts above 12,000 surgeries. Also, the number of patients admitted to this hospital has surged by 61% over the past decade, with ER visits increasing by 74%.

Such hospital expansion projects to cater to the ever-increasing patient base could proliferate the adoption of HVAC air handling units in the healthcare sector to create a safe environment for patients and medical workers.

Increase in construction starts in the Asia Pacific

In light of the COVID-19 outbreak, there was a decline in construction commencements in 2020, due to the imposition of lockdown globally. However, rise of construction projects and greater emphasis on public infrastructure development have been observed over recent months in the Asia Pacific countries like Malaysia. According to reports, the total construction starts in the country were anticipated to increase by a substantial rate in 2021.

In prominent nations like India, the tourism sector is set to witness a favorable growth trajectory, which is consequently asserting a positive influence on the regional hospitality sector. According to data from IBEF, international hotel chains are expanding their presence across the country and will account for a 50% share in the tourism and hospitality sector by 2022.

This major boost to the tourism sector will stimulate the adoption of various types of air handling units across the hospitality sector and enable the Asia Pacific to become a prominent hub for the overall HVAC air handling units market over the years ahead.

Partial Report Content

Chapter 1 Methodology and Scope

1.1 Market definition

1.2 Base estimation & workings

1.2.1 North America

1.2.2 Europe

1.2.3 Asia Pacific

1.2.4 Latin America

1.2.5 Middle East & Africa

1.3 Forecast calculations

1.3.1 COVID-19 impact calculations on industry forecast

1.4 Data Sources

1.4.1 Primary

1.4.2 Secondary

1.4.2.1 Paid sources

1.4.2.2 Public sources

Chapter 2 Executive Summary

2.1 Air Handling Units industry 360° synopsis, 2018 – 2028

2.1.1 Business trends

2.1.2 Type trends

2.1.3 Working principle trends

2.1.4 Capacity trends

2.1.5 Application trends

2.1.6 Regional trends

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Ameliorate Digital Consultancy

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