Expanding residential sector to foster HVAC fan & evaporator coil industry growth through 2026

The fan and evaporator HVAC industry is expected to experience a period of profitable business growth in the coming years as a result of the changing lifestyles of the global middle-income population. In addition, the increasing demand for advanced AC systems in regions such as Europe and North America, due to environmental regulations, would further boost the outlook for the industry.

Moreover, technological advancements in the field, coupled with the focus of market players on opening new research and development labs to innovate, would further enhance the overall market share, providing better product choices for customers. Citing an example, Carrier, a renowned heating, ventilation and AC company, announced the inauguration of its new fan coil unit testing laboratory in June 2020. The company has launched a new service that allows consumers to test their fan coil units before installation by developing an exact replica of the system in the lab.

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According to a research report by Global Market Insights Inc. the HVAC fan and evaporator coil industry is likely to exceed a $9.6 billion valuation by the end of 2026.

With regard to industry, the residential sector is estimated to register an impressive CAGR of approximately 4.5% over the analysis period, reaching a total valuation of $1.7 billion by the end of 2026. Residential AC systems are smaller and more portable compared to industrial and commercial systems, further limiting the use of coil in such systems. However, the constantly growing construction industry in Asia-Pacific, mainly due to growing urbanization and population, is said to boost demand for the product in the residential segment.

Meanwhile, apart from Asia-Pacific, the MEA fan and evaporator coil industry is expected to grow at a rapid pace in the near future due to the increasing demand for HVAC fan coil units in the region. The rising number of housing projects in Africa and the growing commercial construction sector in the Middle East are expected to drive regional growth. The commercial construction industry in the Middle East has experienced strong growth in recent years thanks to the rapidly expanding tourism industry in the region. On the other hand, Africa has also experienced a healthy growth rate in recent years as a result of the region’s thriving housing industry, which is driven by the strongly growing regional population.

In terms of distribution, the aftermarket segment was valued at $2 billion in 2019 and will expect similar growth in the coming years. In fact, the segment is expected to grow at a CAGR of over 4.5% during the analysis period. Aftermarket sales are higher in the industrial and commercial sectors than in the residential sector. Changing a full AC system is easier in residential environments because these systems are less expensive and smaller. Instead, replacing an AC system in the industrial and commercial sectors is very difficult as they are both expensive and bulky. Because of this, most users replace the coil and not the complete system resulting in a high demand for aftermarket coil in industrial and commercial sectors.

In addition, the rapidly expanding scope of evaporators in a plethora of industrial avenues is likely to further expand market revenue margins. Evaporators are widely used in industries such as food and beverage, pharmaceutical and wastewater management. With the ongoing COVID-19 pandemic, the role of evaporator coils in the pharmaceutical industry is more important than ever today.

Several pharmaceutical companies are focused on developing and bringing a vaccine to market as quickly as possible and this requires them to ensure that they operate with advanced equipment and also have components on standby in case of system failure. In addition, as countries become more aware of the economic toll of a pandemic, they are expected to make heavy investments to build better infrastructure capacities. This would greatly determine the future of both HVAC fans and evaporator coil market.

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The competitive landscape of the HVAC fan and evaporator coil industry includes players such as Grupporeco, HC Coils, Ekocoil, EVAPCO Alcoil, Inc., Markair, Inc., DP Engineers, Neha Enterprises, Yeh Jeh, Coilmaster, Spirotech Heat Exchanger Pvt. Ltd., Mistcold and Lloyd among others.

Table of contents (ToC) of the report:

Chapter 1 Methodology and scope

1.1 Methodology

1.1.1 Initial data exploration

1.1.2 Statistical model and forecast

1.1.2.1 COVID-19 impact calculations on industry forecast

1.1.3 Industry insights and validation

1.1.4 Definitions and forecast parameters

1.2 Data sources

1.2.1 Primary

1.2.2 Secondary

1.2.2.1 Paid

1.2.2.2 Public

Chapter 2 HVAC Fan and Evaporator Coil Market Overview

2.1 HVAC Fan and Evaporator Coil 360° Overview, 2016 – 2026

2.1.1 Business trends

2.1.2 Application Trends

2.1.3 Industry Trends

2.1.4 Distribution Trends

2.1.5 Regional trends

Chapter 3 Market Insights HVAC Fan and Evaporator Coil

3.1 Industry segmentation

3.2 Company size and forecast, 2016 – 2026

3.2.1 The impact of COVID-19 on the industrial landscape

3.3 Industry ecosystem analysis

3.3.1 Profit Margin

3.3.2 Value Addition

3.3.3 Distribution Channel Analysis

3.3.3.1 Analysis of value chain disruptions

3.3.4 Supplier matrix

3.3.4.1 List of major manufacturers/distributors

3.3.4.2 List of important end users

3.4 Innovation & sustainability

3.4.1 Patent analysis

3.4.2 Technology landscape

3.4.3 Future trends

3.5 Industry impact forces

3.5.1 Growth factors

3.5.1.1 Raising living standards in emerging economies

3.5.1.2 Major HVAC Industry in North America and Europe

3.5.1.3 Increasing replacement rate

3.5.1.4 Increasing industrialization in Asia-Pacific

3.5.2 Industry pitfalls and challenges

3.5.2.1 Increasing environmental regulation

3.6 Regulatory landscape

3.6.1 US

3.6.2 China

3.6.3 Europe

3.7 Growth potential analysis, 2019

3.8 Regional price developments

3.8.1 Cost structure analysis

3.8.1.1 R&D costs

3.8.1.2 Production and equipment costs

3.8.1.3 Raw material costs

3.8.1.4 Distribution costs

3.8.1.5 Operating costs

3.8.1.6 Miscellaneous costs

3.8.2 Price per application

3.8.3 Price per sector

3.8.4 Price per distribution

3.9 Competitive landscape, 2019

3.9.1 Top players overview

3.9.2 Brand analysis

3.9.3 Main stakeholders

3.9.4 Strategic dashboard

3.10 Porter’s analysis

3.10.1 Supplier Industry

3.10.2 Copper Industry

3.10.3 Threat of newcomers

3.10.4 Threat of Substitutes

3.10.5 Competition in industry

3.11 PESTEL analysis

3.12 COVID-19 Impact on HVAC Industry by Regions

3.12.1 North America

3.12.2 Europe

3.12.3 Asia-Pacific

3.12.4 Latin America

3.12.5 Middle East and Africa

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