Pune, India, Feb. 25, 2021 (GLOBE NEWSWIRE) -- The global Air Duct market size is projected to reach USD 11.61 billion by 2027, exhibiting a CAGR of 4.4% during the forecast period. Growing prominence of smart air purifying technologies in urban areas worldwide will prove favorable for the development of this market, finds Fortune Business Insights™ in its new report, titled “Air Duct Market Size, Share & COVID-19 Impact Analysis, By Type (Galvanized Steel, Aluminum, Flexible, Fabric and Others), By Shape (Round, Half Round, Square/Rectangular, Triangular and Others), By Application (Public Facilities, Commercial Facilities, Industrial Facilities and Others), and Regional Forecast, 2020-2027”. Smart HVAC systems are automated air filtration and purifying units that can be remotely regulated to reduce energy consumption in commercial buildings. According to the Building Performance Institute-Europe (BPIE), smart ventilation technologies can bring down energy consumption in residential buildings by 27% and save around 23% energy in offices. The International Energy Agency’s 2017 report “Digitalization and Energy Savings” suggested that digitized buildings can cumulatively save 10% of the total energy consumption in commercial and residential spaces by 2040. Heating, ventilation, and air conditioning (HVAC) air ducts will inevitably play a crucial role in this context as the global movement towards sustainable development intensifies in the coming years.
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The COVID-19 pandemic is expected to have a moderate impact on the market as production activities have been stalled in most countries. Moreover, supply chains have been blocked as a result of restricted trade and movement of goods. However, the air duct market growth is anticipated to pick up once the pandemic has abated in 2021.
As per the report findings, the market value stood at USD 8.28 billion in 2019. The report also contains the following:
- Intelligent insights into the upcoming market trends and opportunities;
- Detailed analysis of the key market drivers and restraints;
- Microscopic study of all Air Duct Market segments; and
- Comprehensive evaluation of the regional dynamics and competitive landscape of the market.
Market Driver
Growing Demand for High-Efficiency HVAC Systems to Boost the Market
Heating, ventilation, and air conditioning consume enormous amounts of energy in urban spaces. According to the US Small Business Administration, HVAC systems account for 40% of the energy used in commercial buildings. The US Department of Energy further notes that residential energy consumption is responsible for twice as much greenhouse gas (GHG) emissions as cars. As a result, there is growing clamor for the replacement of conventional duct systems, which are known to cause massive energy losses, especially in commercial buildings where air conditioning and heating are functioning throughout the day. Replacement or up-gradation of these systems will not only be environmentally attractive, but it will also be economically viable. For example, Energy Star-certified HVAC systems consume only half the energy that their conventional counterparts use and thus reduce utility bills by a substantial margin.
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Regional Insights
Infrastructural Development to Accelerate Market Growth in Asia Pacific
In 2019, the market size in Asia Pacific stood at USD 3.79 billion and the region is expected to continue its dominance of the Air Duct market share in the near future on account of massive investments in infrastructural development projects. Moreover, governments in the region are imposing strict norms to regulate GHG emissions from buildings, which will further propel the demand for efficient air ducts.
Europe is anticipated to create lucrative opportunities for market players owing to high demand for thermal conductivity in northern European and Scandinavian countries. The market in North America is also expected to perform impressively as adoption of smart homes and smart factories is gaining traction in the region.
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Competitive Landscape
Strategic Mergers among Companies to Stir Competitive Spirits
Some of the key players in this Air Duct Market are merging with each other to enlarge their market share and deepen their market footprint. This strategy is also allowing the merging companies to widen their client base and broaden their market reach.
Industry Developments:
- December 2019: The French ventilation veteran, Aldes Global, is merging its Aldes Canada and American Aldes into one unified brand to be known as Aldes North America. The amalgamation will allow the company to expand its presence strategically across North America and strengthen its network in the region.
- January 2019: LG Electronics showcased its smart building solutions for residential spaces at the 2019 AHR Expo in Atlanta. Among these, the company’s most standout product was the AC Smart 5 Controller, its new home connectivity solution for seamless indoor environment regulation.
List of Players Covered in this Air Duct Market Report:
- Advanced Mechanical Inc. (United States)
- Kingspan Group (Ireland)
- FabricAir (Denmark)
- Imperial Manufacturing Group (Canada)
- CMS Group of Companies (United Arab Emirates)
- Lindab (Sweden)
- Aldes Group (France)
- FläktGroup Holding GmbH (Germany)
- KAD AIR CONDITIONING (BIN DASMAL GROUP) (United Arab Emirates)
- THERMAFLEX (United States)
- Saint-Gobain Performance Plastics (ISOVER) (France)
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Table Of Content:
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Forces Analysis
- COVID-19 Outbreak: Impact on Air Duct Market
- Global Air Duct Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Size Estimates and Forecasts
- By Type (Value)
- Galvanized Steel Duct
- Aluminium (Al) Duct
- Flexible duct
- Fabric Duct
- Others (PVC Duct, etc.)
- By shape (Value)
- Round
- Half-round
- Square/Rectangular
- Triangular
- Others (Customized, etc.)
- By Application (Value)
- Public Facilities
- Commercial Facilities
- Industrial Facilities
- Others (Government Buildings, etc.)
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- South America
- By Type (Value)
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