The global air duct market growth is driven by factors, including an increase in customer awareness regarding the importance of energy-saving, improved thermal comfort, and reducing greenhouse gas emissions.
Wilmington, DE, Oct. 20, 2023 (GLOBE NEWSWIRE) — Allied Market Research studied a report, titled, “Air Duct Market by Material (Non-metallic and Metallic), by Installation Type (Retrofits and New Installation), by End Use Industry (Commercial, Residential, and Industrial): Global Opportunity Analysis and Industry Forecast, 2021-2031.” According to the report, the air duct industry was valued at $13.9 billion in 2021 and is expected to reach $22.7 billion in 2031, with a compound annual growth rate (CAGR) of 4.8% between 2022 and 2031. The report offers an in-depth evaluation of the ever-evolving market tendencies, top market segments, the extensive investment pockets, the cost chains, the regional analysis, and the competitive landscape.
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Drivers, restraints, and opportunities:
The global air duct market growth is driven by factors, including an increase in customer awareness regarding the importance of energy-saving, improved thermal comfort, and reducing greenhouse gas emissions. However, low adoption of heating ventilation air conditioning (HVAC) controls restrains the market growth to some extent. On the other hand, an increasing need for cloud computing in the HVAC industry to bring lucrative opportunities in the upcoming years.
Report Coverage & Details:
|Market Size in 2022
|Market Size in 2032
|No. of Pages in Report
|Material, Installation Type, End-User Industry, and Region
|An increase in customer awareness regarding the importance of energy-saving
|Improved thermal comfort
|Reducing greenhouse gas emissions
|An increasing need for cloud computing in the HVAC industry
|Low adoption of heating ventilation air conditioning (HVAC) controls
The metallic segment to maintain the leadership status throughout the forecast period-
By material, the metallic segment held the major share in 2021, garnering four-fifths of the global air duct market revenue, and is estimated to maintain its leadership status throughout the forecast period. The growth is attributed to the increasing demand for commercial and residential construction around the world and the extensive use of metallic materials in the construction process. The non-metallic segment, on the other hand, is projected to estimate the fastest CAGR of 5.7% throughout the forecast period. The growth is attributed to the on-metallic materials that offer a lot of great benefits, like heat insulation, sound insulation, fire protection, and stability.
The new installation segment to dominate the market during the forecast period-
Based on installation type, the new installation segment held the largest market share in 2021, accumulating nearly three-fifths of the global air duct market revenue, and is predicted to retain its dominance during the forecast period. This is due to the global population rapidly expanding and urbanization accelerating. However, the retrofits segment would showcase the highest CAGR of 4.9% throughout the forecast period. This is because the extensive use of HVAC systems in the food processing and the pharmaceutical industry has caused the equipment to deteriorate and necessitate retrofitting.
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The commercial segment to rule the roost by 2031-
By end-user industry, the commercial segment held the major market share in 2021, contributing to more than two-fifths of the global air duct market revenue, and is projected to rule the roost by 2031. Due to a surge in the number of new offices, railway, and commercial buildings are being constructed. On the other hand, the residential segment would portray the highest CAGR of 5.4% from 2022 to 2031. This is due to the global population is projected to experience a significant increase in disposable income.
Asia-Pacific garnered the major share in 2031-
Based on region, the Asia-Pacific region held the major market share in 2021, holding nearly half of the global air duct market revenue, and is expected to maintain its dominance throughout the forecast period. This is due to the rapid growth of the industrial sector and the switch of urbanization in the nations of Asia leading to a significant increase in the need for construction services. However, the LAMEA region would cite the fastest CAGR of 5.9% over the forecast timeframe. Air ducts are in high demand in both residential and commercial sectors, which is expected to expand the market growth over the next few years.
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Leading Industry Players:
- Hennemuth Metal Fabricators
- Centuri Mechanical Systems
- Fabric Air
- Zinger Sheet Metal Co
- Schneider Electric
- Belimo Holding AG
- Siemens AG
- DMI Companies
- Aldes Group
- Carrier Global Corporation
- Honeywell International Inc.
- Imperia Manufacturing Group
- Breffni Air Ltd.
- Pinnacle ductwork
This report provides an in-depth evaluation of the leading players in the global air duct market. They have implemented key business initiatives consisting of strategic growth, new product launches, alliances, and collaborations to enlarge their geographical areas and enhance their position in the market. The report assists the stakeholders in understanding the market dynamics, segment performance, product portfolio growth in the market, and the contribution made by leading market players to market growth.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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Originally published at https://www.einpresswire.com/article/663101354/air-duct-market-is-projected-to-reach-a-value-of-22-7-billion-by-2031-at-a-compound-annual-growth-rate-cagr-of-4-8-allied-market-research