Globale Marktgröße, Prognose und Trendhighlights für 2024-2036
The HVAC Relay Market size was valued at over USD 1.68 billion in 2023 and is expected to reach USD 3.86 billion by 2036, growing at a CAGR of approximately 6.6% during the forecast period, i.e., between 2024 and 2036. In 2024, the HVAC Relay industry size is estimated to reach USD 1.78 billion. The growth of the market is attributed to the increasing demand for heating, ventilation, and air conditioning systems, increasing construction of non-residential buildings across the globe, and growing investments in setting up HVAC systems. For example, it is calculated that the demand for HVAC equipment has increased by approximately 7 percent since 2019 while the shipment of the same has increased by nearly 6 percent every year since the same year. Furthermore, the incredibly increasing investments in the installation of the HVAC systems is another major factor that is expected to accelerate the growth of the global HVAC Relays market during the forecast period i.e. 2023-2035.
Furthermore, factors believed to boost the HVAC relay market growth include the rising trend of green buildings due to the increasing implementation of stringent government regulations related to energy efficiency and savings as green buildings consume less energy and water as compared to conventional buildings. For example, in 2020, there were more than 128,000 green-rated buildings worldwide. Moreover, a surge in industrialization across the globe is expected to further drive the market growth during the forecast period.
Globaler Markt für HLK-Relais: Wachstumstreiber und Herausforderungen
growth drivers
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Growing share of commercial construction – A structure is termed as commercial when neither permanent nor temporary space is used for human habitation. Over time, numerous buildings have been constructed for commercial purposes. Currently, there are numerous structures like hospitals, educational institutions, hotels and other commercial establishments and even the construction of several commercial buildings is still underway. It is estimated that a rise in numerous non-residential buildings will radically increase the installation of several cooling and ventilation systems thus the demand for HVAC relay systems is increasing to a significant extent. Therefore, it is estimated that this will boost the market growth throughout the forecast period. For example, in the US, the number of commercial buildings increased by almost 56 million by 2020.
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Increasing implementation of automation - Automation refers to technological applications where the amount of human input is reduced. This includes home automation, industrial automation, business process automation (BPA), and more. Automation can be used in any sector where repetitive operations are prevalent. Currently, automation is being used in almost all industries. Therefore, the increasing use of automation is significantly increasing the demand for HVAC relay systems. For example, almost 69% of companies worldwide are adopting business process automation technologies to increase end-to-end visibility across multiple systems.
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Increasing investments in the housing sector – The investment volume in the housing sector in Germany increased by around 125 billion US dollars in 2022.
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Technological innovations in HVAC solutions – For example, solar-powered HVAC systems are becoming increasingly popular. These HVAC systems heat and cool buildings by harnessing the sun’s energy and reducing the carbon footprint.
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Expansion in Internet of Things (IoT) – HVAC systems have been upgraded by implementing new technologies. The implementation of Internet of Things (IoT) is proving to be more helpful in real-time data collection. In this way, they help by collecting important data to simplify manufacturing operations and detect faults in production processes. Moreover, the use of IoT in HVAC equipment is very important to track vibrations, airflows, temperature fluctuations, pollutants, etc. Therefore, the increasing implementation of Internet of Things network in HVAC systems is another major factor that is expected to boost the market growth in the coming years. For example, by the end of 2021, nearly 198 million IoT-enabled smart thermostats were installed in the US.
challenges
- High installation and maintenance costs of HVAC relays – Since HVAC relays
- control and manage the flow of electricity to multiple parts of a system, the installation and maintenance cost of HVAC relays is higher. A thorough inspection of drains coils and components is part of routine HVAC maintenance. Examination of electrical connections motor movements and thermostat functionality of all these scenarios requires high maintenance costs. Therefore, this factor is estimated to hamper the market growth in the coming years.
- Fluctuations in raw material prices for HVAC relays
- Supply chain disruption due to geopolitical tensions
Globaler Markt für HLK-Relais: Wichtige Erkenntnisse
|
base year |
2023 |
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forecast year |
2024-2036 |
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CAGR |
~6.6% |
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Base year market size (2026) |
~ 1.68 million USD |
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Forecast year market size (2036) |
~ 3.86 million USD |
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Regional scope |
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Diesen Bericht anpassenGlobaler HLK-Relaismarkt Regionale Zusammenfassung
The HVAC relay market in Asia Pacific is projected to hold the largest market share of around ~40% by the end of 2036, along with the market in all other regions. The growth of the market is primarily attributed to the radically expanding automobile industry in the region coupled with the rising production of vehicles and increasing urbanization in countries like Japan, India, etc. For example, the Indian automobile industry manufactured around 25,930,380 vehicles including passenger cars and commercial vehicles between April 2021 and March 2022. In addition, the rapid rise in industrialization is also a major factor that is expected to boost the growth of the HVAC relay market in APAC region during the forecast time frame. Moreover, the rising economy and dynamic growth of the construction sector are expected to further boost the market growth during the forecast period.
The North America HVAC relay market is expected to hold the second largest market share of around ~23% during the forecast period. The growth of the market is primarily attributed to the increasing demand for energy efficient green buildings and high usage of personal vehicles by the people in the region. For example, the number of green buildings in the United States increased by around 128,215 by 2021. Furthermore, the increasing demand for energy efficiency in residential and commercial buildings is expected to further drive the market growth throughout the forecast period in the region. Furthermore, the presence of extreme weather conditions and lack of conventional heating methods are projected to boost the market growth in the future.
Furthermore, the market in the European region is projected to hold a majority share of around ~19% by the end of 2035, along with the market in all other regions. The growth of the market is mainly attributed to the rapid rise in urbanization followed by the radical expansion in commercial vehicles which is expected to boost the market growth in the region throughout the forecast period. Moreover, the recent expansion in the manufacturing of business aircraft is another major factor expected to skyrocket the growth of the HVAC relay market in the European region during the forecast period.
Die wichtigsten Unternehmen die den globalen Markt für HLK-Relais dominieren
- ABB AG
- Company Overview
- business strategy
- Important product offers
- Financial performance
- Key Performance Indicators
- risk analysis
- Recent Development
- Regional presence
- SWOT analysis
- TE Connectivity Ltd.
- C&S Electric Limited
- Eaton Corporation plc
- Supplier: Hitachi Ltd.
- Toshiba company
- Littelfuse Inc. (IXYS Integrated Circuits Division Inc.)
- OMEGA Engineering Inc.
- Rockwell Automation Inc.
- Siemens AG
In the News
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Siemens AG has launched the Sirius 3RQ1 series, a positively guided coupling relay for electrical systems in infrastructure and industry. The devices are easy to install, which reduces the overall time required to create control panels.
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Littelfuse Inc. has acquired Hartland Controls, a leading manufacturer and supplier of electrical components used primarily in heating, ventilation, air conditioning and refrigeration (HVAC/R) and other industrial and control systems.
Autorenangaben: Dhruv Bhatia
- Report ID: 3393
- Published Date: Jun 28, 2024
- Report Format: PDF, PPT
