Pune, India, Jan. 23, 2023 (GLOBE NEWSWIRE) -- The global Air Handling Units Market size was valued at USD 10.59 billion in 2021 and USD 11.26 billion in 2022. The market is expected to reach USD 18.17 billion by 2029 with a CAGR of 7.1% during the forecast period. Increasing demand for such systems from residential, commercial, and industrial spaces is expected to propel market growth. Growing urbanization and increase in the number of construction activities are anticipated to fuel market development. Increasing level of disposable incomes is propelling the growth of the market. Fortune Business Insights™ shares this information in its report titled “Air Handling Units Market, 2022-2029.”
Key Industry Development
February 2022: Salda UAB launched a new Amber Air Compact S-CX air handler system for industrial and commercial applications. It has various features such as easy to install, energy efficiency, and good material coating.
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List of Key Players Profiled in the Report
- Daikin Industries Ltd (Japan)
- Carrier (U.S.)
- Trane Technologies Plc (Ireland)
- Johnson Controls International Plc (Ireland)
- Systemair AB (Sweden)
- LG Electronics (South Korea)
- Lennox International Inc (U.S.)
- Munters AB (Sweden)
- Investment AB Latour (Publ) (Swegon Group AB) (Sweden)
- Trox GmbH (Germany)
Drivers and Restraints
Rise in Urbanization and Population to Increase Demand for the Product
Rise in urbanization and growth in population are projected to drive the air handling units market growth. Urban population is expected to increase and reach 68% by 2050, which is projected to increase the commercial and residential construction activities. Increasing awareness regarding the benefits of such systems is projected to drive market progress. Currently, around 55% of the population lives in urban areas. Technological advancements by the market players are estimated to propel market growth.
However, high maintenance and installation costs related with the product will impede the market expansion.
COVID-19 Impact:
Cessation on Manufacturing Activities Affected the Market Growth
The COVID-19 pandemic led to the imposition of many limitations, which led to closure of manufacturing facilities of air handling units. Halt on various manufacturing processes, construction activities, and supply chains negatively affected the global market.
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Report Scope and Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 7.1% |
| 2029 Value Projection | USD 18.17 billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 10.59 billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 160 |
| Segments covered | By Type, Business Type, Capacity, End-user, and Region |
| Growth Drivers | Rising Urbanization and Population Growth to Boost Market Growth |
Segments
Modular Segment to Govern the Segment Due to Rising Urbanization and Industrialization
Based on type, the market is segmented into packaged, modular, custom, and rooftop mounted. Modular segment is estimated to have the highest growth rate owing to rising urbanization and industrialization. Packaged segment is also set to have a considerable growth due to increasing demand from various industries, such as medical, healthcare, and food processing, which is expected to drive the market growth.
New Equipment to be Prime Part Due to Development of the Product Globally
According to business type, the market is divided into new equipment and aftermarket. New equipment segment is set to have a majority part due to development and supply of new equipment globally. Presence of various market players, such as Johnson Controls International Plc, Trane Technologies Plc, and Honeywell International Inc., in various locations are set to have enhanced market progress.
Less than 5,000 M3/h to Lead the Segment Due to its Various Features
According to capacity, the market is divided into less than 5,000 M3/h, 5,001 to 15,000 M3/h, 15,001 to 30,000 M3/h, and more than 30,000 M3/h. Less than 5,000 M3/h segment is set to have a majority part due to its compact size, which can be mainly used for residential and commercial spaces.
Commercial Segment to be the Leading Segment Due to Increasing Construction Activities
On the basis of end-user, the market is divided into residential, commercial, and industrial. Commercial segment is set to have a majority part due to increasing construction activities in the commercial sector.
Geographically, the market is divided into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
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Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Regional Insights
Asia Pacific to Dictate Market Share Owing to High Levels of Income
Asia Pacific is expected to hold majority part in the air handling units market share due to increasing levels of disposable income. Presence of major manufacturers, such as Daikin Industries Ltd, LG Electronics, and VTS Group, have their headquarters in Asia Pacific, which is set to propel the growth in the market. The market in the region stood at USD 4.57 billion in 2021.
North America is projected to show important progression due to growing demand from residential and commercial sectors.
Europe is anticipated to show steady growth due to rising awareness regarding fresh air quality and increasing number of infrastructural projects in Italy, Spain, the U.K, and France.
Competitive Landscape
Market Players to Offer Advanced Products to Drive Market Growth
Key industry players in the market have been focusing on providing technologically advanced products to intensify their market position and meet consumer requirements. In September 2021, Haltop has launched new rooftop air handling units. The system has several features such as energy efficient compressor, energy saving mechanism, high efficiency, stability, robustness, and long durability. The system is set to be used in railway bogies, manufacturing plants, and commercial spaces.
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Table of Content-
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Air Handling Units Market Key Players Market Share Insights and Analysis, 2021
- Global Air Handling Units Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Type(USD)
- Packaged
- Modular
- Custom
- Rooftop Mounted
- By Business Type (USD)
- New Equipment
- Aftermarket
- By Capacity (USD)
- Less than 5,000 M3/h
- 5,001 M3/h- 15,000 M3/h
- 15,001 M3/h- 30,000 M3/h
- More than 30,000 M3/h
- By End User (USD)
- Residential
- Commercial
- Industrial
- By Region (USD)
- North America
- Europe
- Asia Pacific
- South America
- Middle East and Africa
- North America Air Handling Units Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
Continued...
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