Rapidly growing demand from commercial and residential construction projects and prominence of automation in HVAC systems are some of the vital driving factors for the HVAC packaged units market. Substantial increase in implementation of packaged units, owing to minimal space requirement and efficient operations, is expected to ascend demand for HVAC packaged units over the coming years.
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The global HVAC packaged units market is estimated to expand at a CAGR of around 6% by value over the forecast period of 2020-2030.
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Key Takeaways from HVAC Packaged Units Market Study
- In recent years, the residential and commercial construction industry has witnessed substantial growth, and this growth is expected to persist over the coming years. In addition, space constraints are expected to boost sales of HVAC packaged units
- Consumers are becoming more informed, tech-savvy, and environmentally-aware. There is a growing need of consumers wanting to monitor HVAC systems in real time, and be able to control these systems remotely. This change in behavior will result in increases demand for high-end HVAC packaged units with increased connectivity.
- Implementation of smart and environmentally-beneficial HVAC packaged units is giving satisfactory benefits to customers as well as manufacturers. Use of smart technologies in HVAC systems is an emerging trend in the HVAC packaged units market.
- North America and East Asia collectively account for nearly one-third share in the global HVAC packaged units market. This can be attributed to the prevalence of a large number of manufacturers coupled with the booming construction industry in these regions.
- The commercial segment is expected to witness maximum growth during the forecast period, on the back of increased implementation of HVAC packaged units over split HVAC systems in the commercial sector due to space constraints.
- The COVID-19 pandemic is negatively affecting the progress of the HVAC packaged units market, due to lockdowns, trade restrictions, and supply chain disruptions.
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