The HVAC fan and evaporator coil market is expected to gain momentum over the coming years on account of improving the standard of living and increased spending on heating and cooling appliances. Rapid urbanization and industrialization across emerging economies could drive the demand for high-quality HVAC systems.
HVAC fan and evaporator coils are in demand in the residential, commercial and industrial sectors. Generally, residential air conditioner systems are portable and smaller compared to industrial and commercial systems. With heightening significance in the residential sector, reports estimate that the HVAC fan and evaporator coils may reach USD 1.7 billion by 2026. This growth can be ascribed to factors like an increase in urbanization and population growth, especially in the Middle East and Asia.
Global Market Insights, Inc., suggests that the global HVAC fan & evaporator coil market may record over USD 9.6 billion by 2026. Escalating concerns over indoor air quality and ventilation across industrial settings could encourage HVAC fan and evaporator coil manufacturers to develop new products and solutions. In 2020, industrial ventilation solutions manufacturer, Markair Inc., designed two high-performance air pollution control systems for Silica Grinding and Zinc Thermal Spray processes for a Florida-based electrical components producer.
Mentioned below are some of the key trends driving HVAC fan and evaporator coil market expansion:
Europe emerging as a lucrative business ground
The European HVAC fan & evaporator coil market is expected to account for over 20% of the global market share by 2026, with over 4% CAGR. The region is one of the early adopters of air conditioning systems. With stern environmental norms and an incremental increase in demand for eco-friendly heating and cooling solutions, the demand for energy-efficient HVAC systems could grow a steady rate across Europe, positively influencing fan and evaporator coil suppliers and manufacturers.
Rising aftermarket sales
Compared to the residential sector, the demand for aftermarket HVAC parts are relatively higher in the industrial and commercial sectors. In the residential sector, it is less costly and easier to change the whole air conditioning system as they are smaller and less expensive.
However, the costs to replace systems parts is relatively higher in the commercial and industrial sectors as these systems are bulky and complex. Given potential growth prospects in the industrial and commercial sector, it is estimated that the aftermarket segment could record a CAGR of more than 4.5% in the upcoming years.
Growing demand for HVAC fan coils
The demand for HVAC fan coils is anticipated to increase at a substantial rate as a result of robust growth in the residential and commercial construction industry of the Middle East and Africa (MEA). The tourism sector, as well as commercial construction, is growing rapidly in the Middle East. Africa is also experiencing a considerable rise in population and residential construction activities, which may boost the demand for HVAC fan coils in the region.
Source: Global Market Insights, Inc.