According to the latest research study by Global Market Insights, Inc, the global air duct market is expected to record 3.1% CAGR during the forecast period 2019-2025
Selbyville, DE -- (SBWIRE) -- 05/22/2020 -- The air duct market is anticipated to record promising growth on account of surging consumer concerns over energy conservation and increasing number of investments in the construction sector. Air ducts provide better energy efficiency and superior performance, and are renowned for their ability to offer certain health benefits. This features have encouraged the product's acceptance across various industries worldwide.
Growing inclination towards green infrastructure along with rising consumer awareness pertaining to the benefits of green construction will boost the adoption of air ducts. Construction firms are nowadays investing in green building initiatives due to its environmental benefits like energy conservation.
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According to the latest research report by GMI, air duct market size is anticipated to surpass US$ 5.7 Billion by 2025. Growing use of HVAC systems across residential and commercial buildings coupled with surging rate of construction activities across the emerging economies like the Middle East & Africa and Asia Pacific could greatly enhance the business outlook of the air duct market. Increasing number of supportive federal initiatives to promote the use of energy-efficient systems could compel builders to implement HVAC equipment in their projects.
Countries in the MEA are also gradually shifting their primary dependency from the oil & gas sector to the construction sector, which could create promising opportunities for air duct manufacturers. Citing an instance, upcoming events like Expo 2020 and 2022 FIFA World Cup in Qatar would create a significant demand for HVAC technologies across the region.
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In terms of material, the air duct market is bifurcated into fiberglass, aluminum, galvanized steel, and polymers. Out of these, the fiberglass material segment is expected to attain over 20% of the overall volume share by 2025 pertaining to its ability to effectively distribute air. It is mainly used to maintain high indoor air quality and provides various features like acoustic control, better temperature control, better energy conservation, and condensation control.
Based on application, the industry is majorly categorized into airport & rapid transit, office spaces, hospitality, retail stores & shopping complexes, hospitals, multiplex/auditorium, and manufacturing. Among these, the airport segment is forecasted to be valued over USD 1.1 billion within the projected timeframe.
Airports are usually in contact with air pollutants generated from fuel delivery systems, in-premise operating buses, and exhaust gases from aircraft. Therefore, an effective heating & cooling system and fresh air circulation throughout the airport buildings is necessary.
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Companies operating in the air duct market are constantly focusing on implementing key strategies like product innovation, investment and merger to maximize their market and consumer share. Currently, firms like Set Duct Manufacturing, M&M Manufacturing, Rubber World Industries, Turnkey Duct, Linx Industries, and Hamlin Companies are dominating the air duct industry landscape.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.