Increased awareness among consumers regarding the adoption of the star-labelled HVAC products, high use of VRV, and invertor-based AC systems have boosted the growth of the HVAC system market in this region.
Northrook, IL -- (SBWIRE) -- 11/04/2019 -- The HVAC system market size is projected to reach USD 251.6 billion by 2023 from an estimation of USD 181.0 billion in 2018, at a CAGR of 6.8% during the forecast period.
What kind of opportunities will increasing investments in the construction sector present to the market?
The increasing urbanization has led in increasing construction activities which supports the growth of HVAC system market. For instance, in APAC, India is witnessing a significant growth in the infrastructure space. The Indian government initiated a lot of projects related to infrastructure, bullet trains, and developing smart cities. The boom in construction activities in India is expected to increase demand of HVAC systems. Chinese government has implemented "The National New-type Urbanization Plan (2014-2020)" which is categorized into 3 ways: new-type city construction, smart city construction, and humanities city construction. The new-type city construction projects will be focused on green building, green traffic, innovation in industrial parks, and the urban environment. The smart city construction will promote cloud computing and large data centers in the cities. The humanities city construction encourages localities to protect historical and cultural heritage in old cities. The construction of these buildings will increase the installation of HVAC system in the region.
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What challenges does the market face in terms of HVAC retrofit complexities?
Various governments have implemented several regulations and policies for the development of retrofits in existing buildings; however, it is a complicated process to identify and diagnose issues related to HVAC systems in existing buildings. The implementation of new control processes and the maintenance of HVAC systems are complex processes. For example, if an air distribution system is working with a high amount of air flow instead of the required amount, the reduction in the air flow can cause uneven cooling of the building. Another complex issue in retrofits is the upgrade of partial devices that creates the inability to understand the existence of an issue in the system.
Steps to retrofit HVAC systems are the analysis of a building, the detection of any deficiencies (such as cleaning filters, fixing any leaky chilled water pipes, and restoring and properly insulating ducts and pipes), and the adoption of low-cost retrofits (installing occupancy sensors and incorporating daylight strategies). All these steps make a direct impact on cooling loads and will enhance the performance of the systems. During retrofit in old buildings, the proper document of the building infrastructure is required, so that it provides the basic layout of a building. In some cases of retrofit, HVAC systems are not ideal for old buildings that create an issue for HVAC contractors. To overcome these issues, the contractors need to understand the exact issue and requirement in the system. Thus, the retrofit of new HVAC systems in existing buildings is a challenging factor in the HVAC system market.
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