CHICAGO, Aug. 21, 2019 /PRNewswire/ -- According to the new market research report "Variable Air Volume Box Market by type(Single-Duct VAV, Dual-Duct VAV, Induction VAV, Fan-Powered VAV(Series Powered, Parallel Powered)), Application(Residential Building, Industrial Building, Commercial Building), and Region - Global Forecast to 2024", published by MarketsandMarkets, the Variable Air Volume Box Market is projected to grow from USD 4.7 billion in 2019 to USD 6.4 billion by 2024, at a CAGR of 6.3% during the forecast period.
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The growing construction industry, especially commercial and industrial construction, in these countries due to rapid economic development is expected to lead to high demand for VAV systems which in turn will contribute to the demand of VAV box market. Furthermore, the increasing need for energy conservation in buildings from the commercial and industrial sector will escalate the demand for energy-efficient and cost-effective heating and cooling solutions, which is another driving factor for the market.
Single-Duct VAV segment is estimated to dominate the overall VAV box market.
Single-duct VAV was the largest as well as the fastest-growing segment of the VAV box market. The use and higher preference of single-duct VAV systems in commercial buildings, including offices, retail outlets, hotels, hospitals, and others, is expected to drive the market during the forecast period. Furthermore, the increasing preference for compact offices has boosted the demand for low-profile configuration single-duct VAV.
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Commercial building is projected to be the fastest-growing application of VAV box during the forecast period.
Commercial building is projected to be the fastest-growing application of VAV box during the forecast period. The usage VAV box with a VAV system ensure the energy efficiency of the overall system. VAV systems are used in almost every commercial buildings, including mega structures, conventions centers, shopping malls, and others. Offices, hospitality, warehouse, and retail are the major users of VAV systems in the commercial building segment. Thus, the expected growth of these sectors within commercial building will drive the VAV box market during the forecast period.
North America is estimated to be the largest VAV box market during the forecast period.
North America is projected to be the largest
Variable Air Volume Box Market
during the forecast period. Increasing construction spending in private and public sectors across the North American region is expected to boost the demand for HVAC systems, thus driving the market for VAV box. The major private and public sectors which are witnessing growth in construction activities are residential building, offices, production facilities, and others. The presence of major VAV system manufacturers such as United Technologies Corporation (US), Johnson Controls (US), and Honeywell International Ltd. (US) is also expected to drive the VAV box market in the region
Ingersoll Rand PLC (Ireland), Johnson Controls (US), TROX GmbH (Germany), Spectrum Industries (India), United Technologies Corporation (US), Honeywell International Inc. (US), Daikin Industries, Ltd. (Japan), Siemens AG (Germany), Systemair AB (Sweden), Barcol-Air (Switzerland) are the major players in the VAV box market.
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Related Report:
Variable Air Volume Systems Market by Type (Single Duct VAV, Dual Duct VAV, Induction VAV, and Fan Powered VAV), Application (Residential Buildings, Industrial Buildings, Commercial Buildings) - Global Forecast to 2021
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