HVAC Relay - Global Market Outlook (2019-2027)
According to Stratistics MRC, the Global HVAC Relay Market is accounted for $3.56 billion in 2019 and is expected to reach $7.04 billion by 2027 growing at a CAGR of 8.9% during the forecast period. Increase in demand for automobiles and growing awareness about the lower costs of HVAC systems operations are the major factors propelling the market growth. However, high-costs and complicated process of HVAC system installation are hampering the market growth.
HVAC systems play a key role in an assortment of industries such as plastics manufacturing, food processing, construction, and chemical production. End-user industries are seeking advanced HVAC systems for streamlining their production while complying with stringent government regulations on energy efficiency and greenhouse gas emissions. The increasing innovation in the HVAC systems market for the development of energy-efficient solutions is estimated to fuel HVAC relays market growth. Technological headways in the development of HVAC systems are creating ample opportunities for players operating in the HVAC relay market with demand for novel switches to be used in advanced systems surging.
Based on the application, the industrial segment is going to have a lucrative growth during the forecast period owing to the expansion in the industrial sector, especially in developing and under-developed countries. This, in turn, is anticipated to drive the demand for HVAC systems and HVAC relays in the application segment.
By geography, Asia Pacific is going to have a lucrative growth during the forecast period due to the rise in demand for HVAC systems in application segments in the region, as Asia Pacific is also a global leader in the HVAC industry. Furthermore, the market in the Asia Pacific is expected to expand at a significant pace during the forecast period, primarily due to the rise in demand and production of automobiles in the region along with the rise in infrastructure development and per capita disposable income in the region.
Some of the key players profiled in the HVAC Relay Market include ABB, Celduc Realis, Control Switchgear Electric, Eaton, General Electric, Hitachi, Littlefuse, Mitsubishi Electric, Omega Engineering, OMRON Corporation, Rockwell Automation, Schneider Electric, Siemens, TE Connectivity, and Toshiba Corporation.
• Electromagnetic Relay
• Hybrid Relay
• Solid State
• Thermal Relay
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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- Market share assessments for the regional and country-level segments
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- Covers Market data for the years 2018, 2019 2020, 2024, and 2027
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
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- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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