Variable Air Volume (VAV) Systems Market Worth $16.0 Billion by 2024 - Exclusive Report by MarketsandMarkets™

CHICAGO, Aug. 22, 2019 /PRNewswire/ --  According to the new market research report "Variable Air Volume (VAV) Systems Market by Type (Single-duct VAV, Dual-duct VAV, Induction VAV, Fan-powered VAV), Application (Commercial building, Industrial building, Residential building), and Region - Global Forecast to 2024", published by MarketsandMarkets™, the Variable Air Volume (VAV) Systems Market is expected to grow from USD 11.8 billion in 2019 to USD 16.0 billion by 2024, at a CAGR of 6.3 % during the forecast period. The major factors driving the variable air volume (VAV) systems market include increasing construction activities, globally and rising awareness for reducing energy consumption.

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Single-duct VAV to dominate the global Variable Air Volume (VAV) Systems market during the forecast period

The variable air volume (VAV) Systems market has been segmented based on types into single-duct VAV, dual-duct VAV, induction VAV, and fan-powered VAV. Among these types, the single-duct VAV segment accounted for the largest share of the market in 2018 and is likely to witness significant growth over the forecast period. The growth in this segment is attributed to its increasing in various application such as offices, gymnasiums, cafeterias, lecture halls, auditoriums, large meeting rooms, churches, and arenas since it ensures reduced energy consumption, thereby contributing to the global need for energy efficiency.

These factors are expected to drive demand during the forecast period.

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Commercial building application is expected to grow at the highest CAGR in the global variable air volume (VAV) systems market during the forecast period

Commercial building application is growing rapidly owing to the rising demand for VAV systems installations in offices, hospitals, retail, warehouse and others due to the zonal effect of temperature control by the VAV systems in such places. Furthermore, the use of VAV systems in commercial buildings is defined majorly by their cost-effectiveness, energy-efficient nature, and the ability to control the humidity of an occupied space. These factors are expected to drive the demand for variable air volume (VAV) systems in commercial building application.

North America is expected to hold the largest market size in the global market during the forecast period

North America is estimated to be the leading variable air volume (VAV) systems market during the forecast period. The growth in the North American region can be attributed to the rising demand for VAV systems due to industrial growth, huge customer base, and high infrastructure spending.  The presence of a robust industrial base, favorable government policies, and the presence of leading VAV system manufacturers are further strengthening the Variable Air Volume (VAV) Systems Market in North America.

Ingersoll Rand (Ireland), Honeywell International Ltd (US), United Technologies Corporation (US), Daikin Industries Ltd. (Japan), Johnson Controls (US), Siemens (Germany), Emerson Electric Co (US),TROX (Germany), DAIKIN INDUSTRIES, Ltd., (Japan), KMC Controls (US), and Barcol Air Ltd. (Switzerland) are the key players operating in the variable air volume (VAV) systems market.

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