Portland,OR, Sept. 16, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global HVAC electronics market was estimated at $21.9 billion in 2021 and is expected to hit $38.0 billion by 2031, registering a CAGR of 5.7% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the forerunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.
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Report coverage & details:
| Report Coverage | Details | |
| Forecast Period | 2022–2031 | |
| Base Year | 2021 | |
| Market Size in 2021 | $21.9 Billion | |
| Market Size in 2031 | $38.0 Billion | |
| CAGR | 5.7% | |
| No. of Pages in Report | 263 | |
| Segments Covered | Type, Installation Type, End User, and Region. | |
| Drivers | Rapid urbanization and increase in population in the developing economies | Development in the industrial sector |
| Restraints | Lack of awareness among end users | Complexity in upgrading existing HVAC systems and fluctuations in raw material prices |
| Opportunities | Increasing drive toward installing HVAC systems to save energy bills | |
Covid-19 scenario-
- Strict lockdown measures in several countries and delay in production & manufacturing of HVAC electronics that are utilized in industrial, commercial, and residential spaces impacted the global HVAC electronics market negatively, especially during the initial period.
- However, as the global situation got back on track, the market for HVAC electronics also restored at a slow & steady pace.
The global HVAC electronics market is analyzed across type, installation type, end-user, and region. The report takes in an exhaustive analysis of segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.
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Based on type, the cooling equipment segment contributed to around two-fifths of the global HVAC electronics market revenue in 2021, and is expected to dominate by 2031. The ventilation equipment segment, on the other hand, would showcase the fastest CAGR of 7.19% throughout the forecast period. The manual beds segment is also assessed in the study.
Based on installation type, the new constructions segment accounted for more than half of the total market revenue in 2021, and is expected to dominate by 2031. The retrofits segment, simultaneously, would cite the fastest CAGR of 6.05% throughout the forecast period.
Based on end user, the commercial segment held more than two-fifths of the total market revenue in 2021, and is expected to dominate by 2031. The industrial segment, however, would cite the fastest CAGR of 7.67% throughout the forecast period.
Based on region, the market across Asia-Pacific generated nearly half of the total market revenue in 2021, and is anticipated to retain the lion’s share by 2031. The same region would also showcase the fastest CAGR of 6.65% during the forecast period. The other regions studied in the report include North America, LAMEA, and Europe.
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The key market players analyzed in the global HVAC electronics market report include LG Electronics, United Technologies, Emerson, Siemens AG, Honeywell, Lennox, Nortek, Samsung Electronics Co Ltd, Mitsubishi Electric, ABB, Carrier Global Corporation, Daikin Industries, Johnson Controls, Delta Controls, Danfoss, Hitachi, Ltd, and Schneider Electric. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance, product portfolio, operating segments, and developments by the top players.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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