Pune, India, Jan. 23, 2023 (GLOBE NEWSWIRE) — The global Air Handling Units Market size was valued at USD 10.59 billion in 2021 and USD 11.26 billion in 2022. The market is expected to reach USD 18.17 billion by 2029 with a CAGR of 7.1% during the forecast period. Increasing demand for such systems from residential, commercial, and industrial spaces is expected to propel market growth. Growing urbanization and increase in the number of construction activities are anticipated to fuel market development. Increasing level of disposable incomes is propelling the growth of the market. Fortune Business Insights™ shares this information in its report titled “Air Handling Units Market, 2022-2029.”
Key Industry Development
February 2022: Salda UAB launched a new Amber Air Compact S-CX air handler system for industrial and commercial applications. It has various features such as easy to install, energy efficiency, and good material coating.
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List of Key Players Profiled in the Report
Daikin Industries Ltd (Japan)
Carrier (U.S.)
Trane Technologies Plc (Ireland)
Johnson Controls International Plc (Ireland)
Systemair AB (Sweden)
LG Electronics (South Korea)
Lennox International Inc (U.S.)
Munters AB (Sweden)
Investment AB Latour (Publ) (Swegon Group AB) (Sweden)
Trox GmbH (Germany)
Drivers and Restraints
Rise in Urbanization and Population to Increase Demand for the Product
Rise in urbanization and growth in population are projected to drive the air handling units market growth. Urban population is expected to increase and reach 68% by 2050, which is projected to increase the commercial and residential construction activities. Increasing awareness regarding the benefits of such systems is projected to drive market progress. Currently, around 55% of the population lives in urban areas. Technological advancements by the market players are estimated to propel market growth.
However, high maintenance and installation costs related with the product will impede the market expansion.
COVID-19 Impact:
Cessation on Manufacturing Activities Affected the Market Growth
The COVID-19 pandemic led to the imposition of many limitations, which led to closure of manufacturing facilities of air handling units. Halt on various manufacturing processes, construction activities, and supply chains negatively affected the global market.
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Report Scope and Segmentation:
Report Coverage
Details
Forecast Period
2022 to 2029
Forecast Period 2022 to 2029 CAGR
7.1% …
