According to a recent report by Fact.MR, HVAC relay market is estimated to continue its bullish run during the 2018-2026 period with the market generating revenue of almost US$ 3 billion in 2017. The steady growth of the HVAC relay market can be attributed to the continuous addition of new features, burgeoning demand for HVAC systems across industries, and growing awareness about the cost-effective benefits of the products.
Fact.MR opines Asia Pacific will continue to retain the bulk of the HVAC relay market share during the forecast period. Burgeoning consumption of plastic in South Asia in addition to the increasing demand for processed food and chemical production are estimated to be the vital causes propelling the growth of the market in the region. Emerging economies in the region are constantly focusing on renovating and modernizing the existing infrastructure such as metros, trains, buses, hospitals, and corporate spaces. The rigorous developmental activities in the region are likely to fuel demand for HVAC systems in the region which is eventually estimated to augment to the HVAC relay market growth.
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Bolstering Technological Development to Uphold HVAC Relay Market Growth
Maintenance of HVAC systems is complicated and lack of technical expertise in facilities is increasingly being linked to the growing number of HVAC system failure incidences. Coupled with the high costs associated with HVAC system installation, the factor is a key deterrent to HVAC relay market growth. However, the development of the Industrial Internet of Things (IIoT) is allowing facility managers and administrators to leverage data analytics and internet of things to predict the requirement of maintenance. The widespread adoption of the technology can boost HVAC relay market growth substantially.
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Extensive Adoption of Geothermal HVAC Systems to Pave Way for Lucrative Opportunities
With sustainability, energy efficiency, and environmental protection gaining prominence in industrial production, demand for products operating using renewable sources of energy is on the rise. Consequently, geothermal HVAC systems are gradually gaining traction in residential as well as industrial applications. Geothermal systems use the heat from the earth to provide the desired temperature in systems while substantially reducing the carbon footprint relative to other HVAC systems. Growing consumer awareness about environmental concerns coupled with the imposition of stringent governmental regulations on energy efficiency and greenhouse gas production is estimated to bolster demand for geothermal HVAC systems along with other HVAC systems leveraging renewable sources of energy for operation. In order to capitalize on the surge in the demand for HVAC systems utilizing renewable sources of energy to function, manufacturers operating in the HVAC relay market are launching products specifically for the particular segment.
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Proliferating Electric Vehicles Market to Generate Demand for HVAC Relays
According to the report, the burgeoning production and demand for electric vehicles are estimated to contribute significantly to the HVAC relay market growth. With the performance of electric vehicles depending significantly on battery life, the HVAC systems used in electric vehicles are expected to showcase high energy efficiency. OEMs in the automotive industry are constantly working towards the development of energy-efficient HVAC systems for electric vehicles. For instance, Hanson Systems in collaboration with Kia Motors launched a novel cabin heating system specifically for electric vehicles. According to the company, the innovative HVAC system leverages two heat exchangers and coolant circuits to store heat when the vehicle is charging. When the vehicle is I n operation the HVAC system is turned off and it uses the stored in addition to the waste heat generated during the motor operation to produce the desired effect. Such developments in the segment are estimated to create demand for specialized HVAC relays which support the efficient performance of these systems.
In addition, demand for HVAC systems in conventional automobiles particularly passenger vehicles is expected to remain robust. The increasing demand for HVAC systems in automobiles can be attributed to the intensifying swings in temperature owing to global warming. The Fact.MR report tracks the HVAC relay market for the period 2018-2026. According to the report, the HVAC relay market is projected to grow at 7.3% CAGR through 2026.