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New York, Sept. 23, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report 'Steam & Air-Conditioning Supply Global Market Report 2022' -
The global steam & air-conditioning supply market is expected to grow from $124.86 billion in 2021 to $133.03 billion in 2022 at a compound annual growth rate (CAGR) of 6.5%. The steam & air-conditioning supply market is expected to grow to $157.14 billion in 2026 at a compound annual growth rate (CAGR) of 4.3%.
The steam and air-conditioning supply market consist of sales of steam and air-conditioning supply services by entities (organizations, sole traders, and partnerships) that are used to provide steam, heated air, or cooled air steam and air-conditioning supply refer to the production, collection, and distribution of steam and hot water for heating, power, and other purposes- also help in the production and distribution of cooled air and production and distribution of chilled water for cooling purposes.
Western Europe was the largest region in the steam & air-conditioning supply market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The growth in the steam & air-conditioning supply market is due to the higher disposable income, corporate profit, and industrial output, which has resulted in greater demand for air-conditioning and heating, particularly in urban areas.
An increase in disposable income is expected to propel the growth of the steam & air-conditioning supply market going forward.Disposable income refers to the amount of money left to spend and save after income tax has been deducted.
Due to a rise in the purchasing capacity of the public people are choosing to buy discretionary products which are costly and provide comfort steam & air-conditioning comes under this category of products.For instance, according to trading economies, a US-based company provides information about economic indicators, exchange rates, and stock market indexes.
Disposable Personal Income in India increased the US $ 3017266.44INR Million in 2021 which is the US $ 2525496.31 Million in 2020. Therefore, an increase in disposable income is driving the growth of the perishable prepared food manufacturing market.
Technological innovations are the key trend gaining popularity in the steam and air-conditioning supply market major companies operating in the market are introducing new technologies such as Experience Zone to sustain their position in the market.For instance, in January 2021, Voltas Limited, an Inda-based manufacturer of steam and air-conditioning systems launched Experience Zone which helps to meet the growing expectations of consumers this provides real-time experience spaces.
Which is designed to experience a new range of voltas air conditioners.
The steam and air-conditioning supply companies are adopting zoned steam and air conditioning systems for their reliable efficiency and low energy consumption.The zoned steam and air conditioning systems heat or cool specific areas by controlling zone halves or zone dampers attached inside the vents or ductwork.
The zoned steam and air conditioning system consumes less energy to reach the selected temperature.The sophisticated zone steam and air condition system can be installed in a traditional system to meet the user's specific needs.
According to HVAC.com, these traditional zoning methods can save the user up to 30% on annual energy usage.
The countries covered in the steam & air-conditioning supply market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, USA.
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