The HVAC air duct market was valued at US$ 13,213. 7 million in 2021 and is projected to reach US$ 17,502. 6 million by 2028; it is expected to grow at a CAGR of 4. 1% from 2021 to 2028. Factors such as the rising adoption of HVAC air ducts in various commercial spaces and residential sector, growing disposable income, and rapid urbanization are driving the growth of the HVAC air ducts market in many developing countries of Asia Pacific.
New York, Jan. 07, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “HVAC Air Duct Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Product Type and Application” – https://www.reportlinker.com/p06195603/?utm_source=GNW
Also, the rising adoption of green building technology in the US and the growing number of data centers across the world are predicted to create lucrative opportunities for the market players in the coming years.
Growing investments in various developing countries in the Middle East and Africa increase the adoption of HVAC air ducts in commercial, industrial, and residential spaces across the region.Considering concerns, such as global warming, climate conditions tend to fluctuate in many parts of the world.
This is another factor contributing to the growth of the HVAC air ducts market.In Europe, requirement for HVAC air ducts is expected to rise considering their extensive need in hotels, restaurants, resorts, cafeterias, food and beverage processing centers, and multiplexes.
Moreover, the rising adoption of advanced technologies such as the Internet of Things (IoT) in HVAC systems is expected to fuel the growth of the market during the forecast period. Hence, with the advent of IoT in HVAC systems, these systems are expected to provide predictive service maintenance alerts to users before any real issue occurs. Also, there will be more automation features in HVAC systems. Thus, the above-mentioned technological trends are increasing the demand for HVAC systems, thereby fueling the growth of the HVAC air ducts market.
The COVID-19 pandemic has been affecting most of the businesses across the globe.Due to which demand for HVAC Air Duct at various small & medium enterprises was also affected negatively.
However, after the situation comes to normalcy, the HVAC air ducts market is expected to grow remarkably across the world during the forecast period.As continuous growth in the count of virus-infected patients compelled government authorities of various countries to restrict the movements of humans, goods, and commodities by imposing travel restrictions, mass lockdowns, and business shutdowns.
Imposition of lockdown has resulted in lesser production of commodities and goods, and lowered the frequency of service offerings. Manufacturing, automotive, semiconductor & electronics, oil & gas, aviation, mining, and other industries have witnessed a notable decline in their revenues due to the temporary shutdown of operations.
The HVAC air duct market is segmented on the basis of product type, application, and geography.Based on product type, the market is segmented into sheet metal ducts, flexible non-metallic ducts, fiberglass duct boards and others.
Based on application, the market is segmented into industrial, commercial, and residential.Geographically, the global HVAC air duct market is broadly segmented into North America (the US, Canada, and Mexico), Europe (France, Germany, Italy, the UK, Russia, and the Rest of Europe), Asia Pacific (Australia, China, India, Japan, South Korea, and the Rest of APAC), the Middle East and Africa (South Africa, Saudi Arabia, the UAE, and the Rest of MEA), and South America (Argentina, Brazil, and the Rest of SAM).
In 2021, Asia Pacific accounted for the significant share in the global market.
A few key players operating in the global HVAC air duct market and profiled in the market study are TIN MAN SHEET METAL FABRICATION, LLC; Hennemuth Metal Fabricators; Waves Aircon Pvt. Ltd.; DuctSox; Lindab; TurnKey Duct Systems; M&M Manufacturing; SetDuct; US Duct; and V.K. STEEL.
The overall global HVAC air duct market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the HVAC air duct market with respect to all the segments.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the HVAC air duct market.
Read the full report: https://www.reportlinker.com/p06195603/?utm_source=GNW
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