The global HVAC relay market is estimated to garner a large amount of revenue and grow at a CAGR of ~7% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the rising demand for heating, ventilation and air conditioning systems, increasing construction of non-residential buildings around the world, and growing investments to setup HVAC systems. It is calculated that the demand for HVAC equipment increased by approximately 7 percent since 2019, whereas the shipment for the same rose up by almost 6 percent every year since the same year. Along with these, escalating implementation of stringent government regulations associated with energy efficiency and savings is projected to bring a shift towards green buildings. This in turn is considered to be a crucial factor offering abundant growth opportunities to the market in the near future. Furthermore, growing demand for indoor air quality systems is also expected to drive market growth in the forthcoming years.
The market is segmented by type into electromagnetic, solid state, thermal, and hybrid relay, out of which, the electromagnetic relay segment is anticipated to hold the largest share in the global HVAC relay market on account of the fact that this type of relays can be effectively used with AC or DC currents, and their fast operation and reset, and ability to operate in milliseconds. Additionally, on the basis of application, the automotive segment is predicted to observe the highest market growth by the end of 2030, which can be credited to the surge in demand for HVAC equipment from commercial vehicles in heavy and light sections, and rising need for automotive climate control across the globe. Apart from these, increasing demand for passenger vehicles worldwide is also evaluated to boost market growth in the coming years.
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.CLICK TO DOWNLOAD SAMPLE REPORT
On the basis of geographical analysis, the global HVAC relay market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the North America is estimated to witness noteworthy growth over the forecast period on the back of the increase in demand for energy efficient and commercial buildings, and high usage of personal vehicles by people in the region. In 2018, the total number of LEED certified projects in the United States increased up to more than 66,000 in 2018, up from only 296 in 2006. In addition, presence of extreme weather conditions and lack of conventional heating methods are also predicted to boost the market growth in the future. Moreover, the market in Asia Pacific is assessed to occupy the largest share during the forecast period in view of the improvements in standards of living of the population, and increasing investments in the residential sector in the region.
The global HVAC relay market is further classified on the basis of region as follows:
Our in-depth analysis of the global HVAC relay market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are rising demand for heating, ventilation and air conditioning systems and increasing construction of non-residential buildings around the world.
The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2022 – 2030.
High installation and maintenance cost of HVAC relay is estimated to hamper the market growth.
North America will provide more business growth opportunities to the market owing to the increase in demand for energy efficient and commercial buildings, and high usage of personal vehicles by people in the region.
The major players in the market are ABB Ltd., Control & Switchgear Electric Limited, TE Connectivity Limited, Siemens AG, General Electric Company, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, and by region.
The electromagnetic relay segment is anticipated to hold largest market size in value and is estimated to grow at a steady CAGR over the forecast period and display significant growth opportunities.
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