HOME › Research Insight › Global Variable Air Volume Market is driven by Increasing Number of New Product Developments and Expansions Adopted by the Leading Market Players
Global Variable Air Volume Market is driven by Increasing Number of New Product Developments and Expansions Adopted by the Leading Market Players
The market size for VAV is projected to reach USD 13.44 Billion by 2021, registering a CAGR of 6.56% between 2016 and 2021. Growing demand for VAV from the major end-use industries such as commercial, residential & industrial buildings in emerging economies in developed countries is driving the market.
New product development is the key strategy adopted by industry players to boost their growth in the VAV market. This strategy accounted for a share of 75.0% of all the growth strategies adopted by the market players, between 2012 and 2016. The market for VAV is fragmented with the presence of different end-use industries using VAV products for ventilation applications. Rising demand for VAV across various emerging economies and new product developments by market players to expand their product portfolio to include innovative products is paving the way to fulfilling the demand from consumers. Besides new product developments, companies are investing in expanding their VAV equipment manufacturing facilities in emerging regions across globe. This expansion strategy accounts for a share of 25.0% of all the developments witnessed between 2012 and 2016.
Asia-Pacific was the most active region from 2012 to 2016, in terms of strategic initiatives. New product launches is one of the preferred strategies in this region. Companies such as United Technologies Corporation (U.S.), Honeywell International Inc. (U.S.), Ingersoll Rand Inc. (Ireland) and Daikin Industries, Ltd. (Japan) made several new product launches and expansions in the region to expand their production capacity for VAV and serve their customers effectively.
Major manufacturers such as United Technologies Corporation (U.S.), Honeywell International Inc. (U.S.), Ingersoll Rand (Ireland), KMC Controls (U.S.), Johnson Controls (U.S.), Emerson Electric Co. (U.S.), Daikin (Japan), KAD Air Conditioning(U.A.E.), Barcol-Air Ltd.(Switzerland) and Bion Safety Controls Pvt. Ltd.(India) among others are profiled in this report. These companies have adopted both organic growth strategies such as expansions and new product launch.
United Technologies Corporation (U.S.), Honeywell International Inc. (U.S.), Ingersoll Rand Inc. (Ireland), and Daikin Industries, Ltd. (Japan) are the most active players in the global VAV market. These companies accounted for the highest strategy adoptions amongst other players in the global VAV market from 2012 to 2016.
United Technologies Corporation (U.S.) is the most active player in the VAV market. Carrier Corporation is a part of United Technologies Corporation Climate, Controls & Security a unit of United Technologies Corporation. It accounted for the largest share of all the developmental activities undertaken in the VAV market between 2012 and 2016. As part of its strategy, the company focuses on expanding its VAV business by investing into research & development activities. Carrier introduced the WeatherExpert 48/50LC, which helped the company to increase its customer base. The company is involved in innovation and research of new products.
Another company that has established a strong foothold in the VAV market is Honeywell International Inc. (U.S.). The company is focused on organic growth strategies and has enhanced its product portfolio new product launches, to meet the growing demand from its potential customers. Honeywell International Inc. mainly focuses on development of innovative products and expanding market reach through strategic alliances and distributor agreements. In the year 2016 the company’s strategy includes driving profitable growth through R&D, technological excellence and optimized manufacturing capability to deliver innovative products that customers value and driving organic growth through expansion of our localized footprint in high growth regions, including China, India, Eastern Europe, the Middle East and Latin America.
Variable Air Volume Systems Market by Type (Single Duct VAV, Dual Duct VAV, Induction VAV, and Fan Powered VAV), Application (Residential Buildings, Industrial Buildings, Commercial Buildings) - Global Forecast to 2021
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