New York, Oct. 29, 2021 (GLOBE NEWSWIRE) —
HVAC Air Duct Market: Key Insights
According to our new research study on HVAC Air Duct Market Size and Forecast to 2028 – COVID-19 Impact and Global Analysis By Product Type (Sheet Metal Ducts, Flexible Non-Metallic Ducts, Fiberglass Duct Boards, and Others) and Application (Commercial, Residential, and Industrial).
|Market Size Value in||US$ 13,213.7 million in 2021|
|Market Size Value by||US$ 17,502.6 million by 2028|
|Growth Rate||CAGR of 4.1% from 2021 to 2028|
|No. of Pages||134|
|No. of Charts & Figures||73|
|Historical Data Available||Yes|
|Segments Covered||Product Type and Application|
|Regional Scope||North America; Europe; Asia Pacific; Latin America; MEA|
|Country Scope||US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina|
|Report Coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
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HVAC Air Duct Market: Competitive Landscape and Key Developments
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 are among the key players that are profiled during this market study. In addition, several other essential market players were studied and analyzed to get a holistic view of the global HVAC air duct market and its ecosystem.
The growing application of Geothermal Heat Pumps (GHP) across residential and commercial buildings is providing lucrative opportunities for HVAC air ducts manufacturers. Geothermal heat pumps are gaining popularity in the market owing to their highly efficient renewable energy technology, which provides both heating and cooling by using stable temperatures from the earth. GHP system is a central heating or cooling system that pumps heat to or from the ground. It uses the earth as a heat source (in the winter) or a heat sink (in the summer). The technology is widely used for heating and cooling for premises, and its wide acceptance is expected to increase the demand for HVAC air ducts in coming years. Increasing construction activities, specifically in the mid-tier building sector across Australia and New Zealand, are propelling the demand for HVAC air ducts. The number of office complexes and shopping malls is rapidly rising in India, which is leading to the increasing installation of HVAC air duct in the country.
In 2020, the impact of the COVID-19 pandemic differed from nation to nation across Europe. In the region, the UK, Italy, Russia, France, Germany, and Spain are among the major countries affected by the pandemic. Due to the increasing number of COVID-19 confirmed cases, many of these nations imposed stringent and longer lockdown along with social isolation. Due to the robust healthcare system, western European countries were less affected than other European countries. To protect the citizens from the deadly virus, the European government authorities made all the required investments in incorporating respective technologies in the healthcare systems to help identify signs of the virus. As per the estimates by the United Nations World Tourism Organization, the tourism sector in EU alone suffered economic losses worth approx. US$ 1.22 billion per month. Thus, the requirement of HVAC air ducts needed at various lodges, hotels, motels, and resorts decreased considerably. Additionally, in 2021, with easing of respective restrictions and the ongoing vaccination drives, HVAC air ducts market is recovering gradually.
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Rising Technological Advancements in HVAC Systems to Propel HVAC Air Duct Market Growth in Coming Years:
The evolving technology in HVAC systems is expected to spur the demand for HVAC air ducts soon. The rising adoption of advanced technologies, such as the Internet of Things (IoT), in HVAC systems is expected to fuel the growth of the HVAC air ducts market during the forecast period. The new HVAC technologies which use IoT are embedded with sensors and software that enables the HVAC system to exchange data with other connected devices. IoT systems are expected to improve preventative maintenance by sensing data on air quality and equipment status. The IoT technology will also bring more automation in HVAC systems by integrating their functions with other virtual assistant devices such as Alexa to change the temperature through the voice. 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 expected to increase the demand for HVAC systems, thereby fueling the growth of the HVAC air ducts market.
HVAC Air Duct Market: Sheet Metal Ducts Overview
The sheet metal ducts are available in different sizes and shapes, such as rectangular and cylindrical. Sheet metal duct is rigid in structure, which gives the advantage of less risk of kinks or bends. However, the rigidity makes it less suitable for tight or tricky spaces. These ducts are made from either galvanized steel or aluminum. Mold resistant nature of the nonporous material used in sheet metal ducts is the prominent factor that is driving the market growth for the sheet metal ducts segment. Also, easy to clean smooth surfaces, durability, and lightweight are the leading characteristics of sheet metal ducts, which are propelling the market growth for this segment.
The availability of advanced ductwork designing software and fabricated sheet metal is flourishing in commercial and residential sectors. Increasing demand for HVAC systems in the commercial industry in the US is supporting the market growth. Thus, to meet the increasing demand for HVAC equipment, leading market players and distributors expand their reach in the US with new partnerships and collaborations strategies. For instance.
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Key Questions to Request for HVAC Air Duct Market:
- What are reasons behind HVAC air duct market growth?
- What are market opportunities for HVAC air duct market?
- Which product type is expected to dominate the market in the forecast period?
- Which application is expected to dominate the market in the forecast period?
- Which region is expected to dominate the HVAC air duct market in the forecast period?
- What trends are expected to drive the demand for various HVAC air ducts?
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