Analysis of Potential Impact of COVID-19 on HVAC Relay Market
The global HVAC relay market is expected to become a lucrative industry in the following years, finds Transparency Market Research (TMR). Heating, ventilation, and air conditioning (HVAC) are important components of the indoor ecosystem. The uncontrolled spree of urbanisation has encapsulated a plethora of unprecedented trends and dynamics in recent times. The constructions industry has witnessed overhauling of basic practices, and central cooling and heating systems have become commonplace.
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Research related to central cooling systems has fetched key insights for the manufacturers. These manufacturers are focusing on customizing their offerings according to the needs of the market. Furthermore, actionable and automated systems for heating houses are the latest launch across the HVAC market. Discussions around building automation systems have given a point of reference to AC manufacturers. The HVAC relay market is projected to increase in size and revenues over the coming years. Popularity of digital logs in electronics is also a key trend across the HVAC market.
The growing popularity of heating and cooling systems across the constructions industry inspired analysts at Transparency Market Research (TMR) to draft a research report. The report on the global HVAC relay market manifests the congruence of the global HVAC relay market with global trends in the constructions industry. The utility of relays in air conditioners and ventilators has grown as electric circuits become more complex.
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Transparency Market Research (TMR) predicts that the global HVAC relay market would expand at a healthy CAGR of 7% over the period between 2018 and 2026. The value of the global HVAC relay market was US$ 3 Bn in 2017. The positive growth rate of this market over the forecast period can be explained in terms of the popularity of ventilation tubes across the industrial sector.
Changing Weather Conditions
Disruptions and imbalances in ecology have resulted in anomalous weather changes. Unanticipated heat waves and cold winds have created the need for heating, ventilation, and air conditioning systems across the residential sector. Building houses and flats with inbound cooling systems has become a key selling point for urban developers. Therefore, there is little doubt about the emergence new streams of growth within the global HVAC relay market.
Indoor Ambience and Comfort
As global scientists turn towards innovative solutions for comfortable living, HVAC systems becomes the catchphrase in the real estate business. Furthermore, automated temperature control, pressure maintenance, and district cooling/heating are other needs that have generated demand in the HVAC relay market. The favourable forces operating in the global HVAC relay market are suggestive of a revenue-centric HVAC industry.
North America to Spearhead Installation of HVAC Systems
On the basis of geography, the global HVAC relay market can be segmented into North America, the Middle East and Africa, Europe, Latin America, and Asia Pacific. The HVAC relay market in North America is slated to become a lucrative area. This majorly owes to the wide scale deployment of cooling/heating systems in the US and Canada. Furthermore, focus on proper ventilation by healthcare experts in the US, coupled with the changing archetypes in the constructions industry, has also aided regional market growth.
Some of the leading players in the global HVAC relay market are Control & Switchgear Electric Limited, TE Connectivity Limited, Eaton Corporation, General Electric, Siemens AG, ABB Ltd., Hitachi Ltd., Littlefuse Inc., Mitsubishi Electric Corporation, and Rockwell Automation, Inc.
The review is based on TMR’s report titled, “HVAC Relay Market (Type – Electromagnetic Relay, Solid State Relay, Thermal Relay, Hybrid Relay; Application – Automotive, Residential, Commercial, Industrial) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026”.
The global HVAC Relay Market is segmented as:
HVAC Relay Market, by Type
- Electromagnetic Relay
- Solid State
- Thermal Relay
- Hybrid Relay
HVAC Relay Market, by Application
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