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Commercial Facilities Using HVAC Equipment to Offer Comfort To Customers

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The construction sector of India, the U.S., Qatar, Saudi Arabia, and the U.A.E. is witnessing significant growth due to the soaring number of tourists and upcoming events, such as the FIFA World Cup 2022 and Dubai Expo 2020. To accommodate the rising number of tourists, sportspersons, and officials from around the world, these countries are focusing on the construction of hotels, restaurants, shopping complexes, airports, and skyscrapers at war footing. These facilities require heating, ventilation, and air conditioning (HVAC) equipment to offer comfort to customers.

Moreover, the surging number of government initiatives to replace old HVAC systems with energy-efficient variants will aid the HVAC market in exhibiting a CAGR of 4.8% during 2020–2030. The market was valued at $240.8 billion in 2019, and it is expected to generate $358.1 billion in 2030. For instance, the Ministry of Power, under the government of India, introduced the 'Eco-Niwas Samhita 2018', an Energy Conservation Building Code for Residential Buildings (ECBC-R), in December 2018. The code aims to limit heat loss and gain in residential and mixed-land-use buildings built on a plot area of ≥500 m2.

Additionally, even customers are showing a high preference for smart HVAC systems due to the mounting awareness about energy conservation and sustainable development. These solutions consist of intelligent thermostats, better controls, and advanced monitoring systems. In comparison to conventional HVAC models, the smart variants offer better temperature variability, produce lower noise, and generate cleaner air. Furthermore, these systems allow users to monitor their performance in real-time, thus making predictive maintenance possible, before any actual malfunctioning occurs.

Heating equipment, such as furnaces, unitary heaters, boilers, and heat pumps, and air conditioning equipment, such as chillers, room ACs, ducted split/packaged units, and variable refrigerant flow (VRF) systems, are being installed in residential, commercial, and industrial facilities across the world.

Additionally, end users are installing humidifiers/dehumidifiers, ventilation fans, air cleaners, and air handling and fan coil units for ventilation purposes. In recent years, commercial structures have emerged as the largest user of such equipment due to the flourishing hospitality sector and soaring number of buildings and offices worldwide.

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In recent years, HVAC equipment and service companies have been increasingly engaging in research and development (R&D) to offer more advanced HVAC systems. For instance, in November 2019, Danfoss A/S introduced six new refrigeration and AC components and systems for India. The new product portfolio includes Danfoss Intelligent Purging System (IPS)/air purger, Danfoss plate heat exchanger, Danfoss gas detector, ICSH 2-step solenoid valve, IFCD defrost module, and EKE 400. Likewise, in February 2020, Annexair Inc.

introduced an eco-friendly biocomposite-based ventilation system constructed with recycled plastic bottles.

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According to P&S Intelligence, Asia-Pacific (APAC) dominated the HVAC market in the recent past, and it is also expected to install HVAC systems at the highest rate in the forthcoming years. This can be attributed to the mounting number of construction projects and the surging urban population in the region.

Moreover, the rapid economic growth in APAC countries will fuel the adoption of HVAC equipment in the upcoming years, as will the escalating disposable income of people in China and India.

Thus, the soaring number of construction projects and rising government support for energy-efficient technologies will fuel the installation of HVAC equipment in the upcoming years.

This study covers

1. Historical and the present size of the HVAC market

2. Future potential of the market through its forecast for the period 2020–

2030

3. Historical and the present size of the market segments and understand their comparative future potential

4. Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings

5. Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders 6. Major players operating in the market and their service offerings

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