TheVariable Air Volume Box Market size is projected to grow from USD 4.7 billion in 2019 to USD 6.4 billion by 2024, at a CAGR 6.3%. The growing need for energy efficient and cost effective systems in commercial and industrial buildings has led to the demand for VAV systems and VAV box.
The development of the global construction industry is also expected to affect the HVAC market which in turn will accelerate the demand of VAV systems and VAV box. Further, other benefits of VAV box such as its availability in different variants as per the requirements of temperature, pressure, and space makes it highly preferred and ideal to be used in commercial spaces
Based on type, the VAV box market is segmented into Single-Duct VAV, Dual-Duct VAV, Induction VAV and Fan-Powered VAV. Single-Duct VAV is expected to be the largest as well as the fastest-growing type of the VAV box market. Single duct VAV box or terminal units are used to maintain the zone temperature by controlling the volumetric flow of the supply air.
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Single duct VAVs are ideal for use in cooling only zones with no heating requirement during occupied hours. The huge consumption of single duct VAV in commercial space, including offices, malls, and conference rooms, is expected to drive its demand during the forecast period.
Based on application, the VAV box market is segmented into residential, industrial and commercial building. Commercial building are expected to be the largest as well as the fastest-growing application of VAV box during the forecast period. VAV box are used in VAV systems which are then used in large and wide commercial spaces for heating and cooling or simply for cooling.
VAV is used in commercial buildings due to its cost effectiveness, energy efficient nature, and ability to control the humidity of the occupied space. VAV systems are preferred owing to the precise delivery of required air flow to different zones of a building with the help of its VAV box. Thus the superior properties of VAV system and VAV box along with the growth of commercial buildings has escalated the demand for VAV box.
The VAV box market in APAC is projected to register the highest CAGR between 2019 and 2024. The region is expected to witness heavy demand for VAV box during the forecast period owing to strong growth of the construction industry. A rapid increase in tourism, healthcare awareness, and retail and commercial real estate are some of the major factors contributing to the growth of the construction industry in the APAC region.
Moreover, the robust growth in manufacturing activities and logistic warehouse is also expected to drive the construction industry. India is expected to become a new global hub for construction in the emerging markets, growing almost twice as fast as China.
Apart from India and China, Japan is expected to register strong growth and is expected to become the third-largest construction market by 2021. This expected increase in construction activities in the APAC region is projected to drive VAV box market.