Market overview:
Many IT parks, business parks, commercial buildings, and industries have air conditioning facilities to maintain comfort air conditioning, which increases employee productivity and provides a pleasing sense to people. Rising industrialization is a major driver of air handling unit sales. Industrial production expenditures are rising in many areas.
The air handling unit market is expected to be worth USD 2.04 billion in 2021 and USD 10.90 billion by 2030, with a CAGR of 6.24% from 2023 to 2030.
This increase in industry activity will benefit the market. Air handling equipment is also in high demand in urban and business settings. It is yet another factor driving the market higher.
Furthermore, the demand for air conditioning and heating equipment increases as the number of homes and buildings increases. As a result of these considerations, competition for global handling unit market share will increase. The IoT is a scenario in which AHUs/HVAC systems are linked to the internet to allow data sharing. It gathers data, stores it in the cloud, optimizes operations for greater efficiency, and runs a predictive maintenance schedule. It also monitors, controls, and diagnoses the AHU and HVAC system remotely via the internet. Furthermore, IoT allows for low maintenance and repair costs for the HVAC system. IoT provides access to and correctly interprets real-time performance data from AHUs and HVAC systems.
Market segmentation:
The market is divided into segments based on type, effect, capacity, application, and geographic location. The global air handling unit market is expected to grow moderately during the forecast period.
In terms of application, the market is divided into two different sectors, i.e, commercial and residential.
In terms of end-users, the market is divided into packaged Industrial air handlers, modular air handling units, bespoke air handling units, and low-profile air handling units. Rooftop mounted air handling units and dx integrated air handling units.
Regional analysis:
This market, according to reports, is divided into four distinct regions: North America, Europe, Asia Pacific, Africa and the Middle East. Asia-Pacific is the largest market for air handling units. Increasing demand for air handling units from the Asia Pacific region's rapidly growing industrial sector is one of the major factors driving this region's market share and CAGR.
Rising urbanization and commercialization in Asia Pacific developing countries such as India, Australia, Thailand, and Taiwan are also expected to increase demand for air handling units. During the forecast period, India is expected to have the highest demand for air handling units in the Asia Pacific region. Increasing living standards and disposable income are driving the demand for comfortable living conditions, which drives the demand for air conditioning equipment.
Recent developments:
- Trane Technologies plc will establish a new operations base in Las Vegas, Nevada, in May 2021. The company will collaborate with local engineers, contractors, commercial building owners, and facility directors to provide energy management, HVAC systems, services, and aftermarket parts solutions.
- Daikin Industries, Ltd. announced in April 2020 that they had underwritten approximately USD 2 million for a capital increase by Locix, Inc., a Silicon Valley-based startup, through third-party allocation. By utilizing Locix's highly accurate local positioning technology, Locix LPS, Daikin Industries, Ltd. hoped to reduce labor hours at installation sites.
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