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The HVAC terminal units market size is forecast to increase by USD 1.28 billion and is estimated to grow at a CAGR of 4.64% between 2023 and 2028. The construction industry is experiencing a significant uptick, leading to an increased demand for Heating, Ventilation, and Air Conditioning (HVAC) systems. Simultaneously, regulatory norms governing HVAC systems have become more stringent, ensuring energy efficiency and improved indoor air quality. These regulations align with growing concerns about the impact of indoor air pollution on human health. HVAC systems play a crucial role in maintaining optimal indoor environmental conditions, making them essential for both residential and commercial buildings. As such, the HVAC market is poised for growth, driven by the need for energy-efficient, high-performance systems that meet evolving regulatory requirements and prioritize indoor air quality.
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The market refers to the sales, production, and installation of heating, ventilation, and air conditioning (HVAC) terminal units used in buildings. These units regulate air flow and temperature to maintain a comfortable indoor environment. HVAC terminal units come in various types, including Single Duct units, Dual Duct units, Fan Powered units, fan coil units, and chilled beams. Energy-efficient HVAC systems are gaining popularity due to the increasing focus on sustainable building practices and reducing energy consumption. Individual control and building automation systems are essential features of modern HVAC terminal units, enabling smart homes and smart building systems. Construction activities in the residential and commercial sectors, particularly in office buildings and malls, are driving the growth of the market. Indoor air quality is another critical factor influencing the market, as people spend a significant amount of time indoors. Air distribution and flexibility are essential considerations for HVAC terminal units in commercial settings. Overall, the market is expected to grow due to the increasing demand for energy-efficient and smart HVAC systems in buildings. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increase in construction activities is notably driving market growth. The market is experiencing significant growth due to the increasing number of new constructions in developed and emerging countries. Income growth and urbanization in China, India, Saudi Arabia, UAE, Malaysia, and Indonesia are driving this trend. The shift of population to urban areas necessitates substantial investments in new housing and public infrastructure, providing a substantial opportunity for the market. Governments are taking initiatives to expedite infrastructure development.
Moreover, these units play a crucial role in ensuring indoor air quality in various public buildings, including office buildings, malls, healthcare facilities, industrial properties, and technology sectors. Innovation and high-quality products are essential in the market to meet the demands of sustainable building practices and flexibility in air distribution. Thus, such factors are driving the growth of the market during the forecast period.
Emergence of net zero energy buildings is the key trend in the market. In the modern architectural landscape, Net Zero Energy buildings are gaining significant traction due to their energy-efficient design and sustainable building practices. These buildings, which produce as much energy as they consume from renewable sources over the course of a year, are becoming increasingly practical, thanks to advancements in 3D Energy and Daylight modeling, government initiatives, and construction technology.
As a result, the demand for high-quality HVAC terminal units is on the rise in commercial settings such as office buildings, malls, healthcare facilities, industrial properties, and technology sectors. The flexibility of it makes them an ideal choice for Net Zero Energy buildings, allowing for precise air distribution and effective indoor air quality management. Thus, such trends will shape the growth of the market during the forecast period.
Fluctuations in raw material prices is the major challenge that affects the growth of the market. The market is significantly influenced by indoor air quality concerns and the adoption of sustainable building practices. In commercial settings such as office buildings, malls, healthcare facilities, industrial properties, and technology sectors, the demand for high-quality air distribution systems is on the rise.
Moreover, flexibility is another essential factor driving market growth, as businesses seek customized solutions to meet their unique requirements. Raw material prices, particularly for stainless steel and copper, pose a challenge to the market. To mitigate the effects of raw material price instability, many leading vendors opt for long-term supplier contracts. However, this strategy may not be viable for smaller vendors due to financial constraints. Innovation continues to shape the market, with new technologies and designs emerging to enhance energy efficiency and indoor air quality. Hence, the above factors will impede the growth of the market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Carnes Co: The company offers HVAC terminal unit products such as electronic controls, pneumatic controls, tri-averaging flow sensors and direct digital simplyVAV.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The single duct segment is estimated to witness significant growth during the forecast period. HVAC terminal units play a crucial role in maintaining the ideal indoor environment in buildings by regulating air flow and temperature. These units are integral components of HVAC systems, providing energy-efficient solutions for both residential and commercial sectors. The market encompasses a wide range of products, including Single Duct, Dual Duct, and Fan Powered units. In residential applications, fan coil units are popular, while chilled beams and modular terminal units are preferred in commercial and industrial buildings.
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The single duct segment was the largest segment and valued at USD 1.68 billion in 2018. In residential applications, fan coil units are popular, while chilled beams and modular terminal units are preferred in commercial and industrial buildings. Building automation and smart technology have transformed HVAC systems, enabling individual control of indoor environments and energy efficiency. Green buildings and energy efficiency regulations have further fueled the demand for energy-efficient HVAC systems. IoT and AI technologies are being integrated into HVAC systems to optimize energy usage and improve sustainability. Hence, such factors are fuelling the growth of this segment during the forecast period.
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APAC is estimated to contribute 52% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. HVAC terminal units play a crucial role in regulating air flow and temperature within buildings, ensuring a comfortable indoor environment. These units are integral components of HVAC systems, supplying conditioned air to various spaces. Energy-efficient HVAC systems have gained prominence in both the residential and commercial sectors due to increasing concerns over energy consumption and sustainability. Building automation and smart technology integration, including IoT and AI technologies, enable individual control and remote monitoring of HVAC systems in smart homes and buildings. Hence, such factors are driving the market in APAC during the forecast period.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
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HVAC Terminal Units: Enhancing Indoor Comfort and Energy Efficiency in Buildings HVAC terminal units play a pivotal role in regulating air flow and temperature within buildings, ensuring a comfortable indoor environment. The market landscape depends on the individual rooms or zones, variable air volume boxes, single duct terminal units, hot and cold air, fan powered terminal units. These units are integral components of HVAC systems, supplying conditioned air to individual spaces and allowing for energy-efficient control. Single Duct, Dual Duct, and Fan Powered units cater to various applications, including residential, commercial, industrial buildings, hospitals, educational institutions, and more. In the residential sector, fan coil units are popular for their energy efficiency and individual control. In contrast, large-scale commercial and industrial applications often utilize modular terminal units for diversified technology and remote monitoring capabilities.
Moreover, the construction industry's focus on green buildings and energy efficiency regulations drives the demand for HVAC terminal units. IoT and AI technologies are increasingly integrated into these systems, enabling smart homes and smart building systems. Building automation and energy management are essential aspects of modern infrastructure, enhancing sustainability and reducing energy consumption. In summary, HVAC terminal units are essential for maintaining optimal indoor environments while promoting energy efficiency and sustainability. The market for these units continues to grow, driven by urbanization, increasing construction activities, and the integration of advanced technologies like IoT and AI.
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Market Scope |
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Report Coverage |
Details |
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Page number |
146 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.64% |
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Market growth 2024-2028 |
USD 12.87 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
4.36 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 52% |
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Key countries |
US, China, Japan, South Korea, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Carnes Co., Carrier Global Corp., Celmec International Pty Ltd., Daikin Industries Ltd., Greenheck Fan Corp., Halton Group Oy Ltd, HTS, Johnson Controls International Plc., Nailor Industries Inc., Price Industries Inc., Warren Technology Inc., and Wozair Ltd. |
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Market dynamics |
Parent market analysis, market report, market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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