LONDON--(BUSINESS WIRE)--Jul 19, 2018-- analysts forecast the global industrial HVAC market to grow at a CAGR of around 5% during the forecast period, according to their latest market research report.
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Technavio has published a new market research report on the global industrial HVAC market from 2018-2022. (Graphic: Business Wire)
The growing adoption of R32 refrigerant in air conditioners is one of the major trends being witnessed in the . The global industrial HVAC market is moving toward the adoption of newer, advanced refrigerants that have better efficiency and are more environment-friendly than traditional refrigerants. All air conditioning and refrigeration systems use some form of refrigerant to absorb the heat from the air to cool.
According to Technavio analysts, one of the key factors contributing to the growth of the global industrial HVAC market is the increasing demand for energy-efficient HVAC systems:
Global industrial HVAC market: Increasing demand for energy-efficient HVAC systems
The need for energy-efficient equipment for different industrial processes has increased as end-user industries have been increasing their production volume to cater to the growing demand. On an average, almost 9% of the cost of production in most of the industries is spent on electricity. However, in energy-intensive industries such as oil and gas, the cost spent on electricity is almost 40%.
According to a senior analyst at Technavio for research on unit operations, “The increasing consumption of electricity in energy-intensive industries has propelled regulatory authorities to encourage the adoption of energy-efficient equipment. Regulatory authorities around the world have implemented many stringent guidelines related to energy efficiency.”
Global industrial HVAC market: Segmentation analysis
The global industrial HVAC market research report provides market segmentation by end-user (process industry and discrete industry), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the two major end-users, the process industry segment held the largest market share in 2017, contributing to around 68% of the market. This end-user segment will dominate the global market throughout the forecast period.
APAC held the largest share of the market in 2017, accounting for close to 42% share. It was followed by EMEA and the Americas respectively. The APAC region is anticipated to dominate the global market throughout the forecast period.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket sizing Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE: Technavio Research
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PUB: 07/19/2018 12:43 PM/DISC: 07/19/2018 12:43 PM