August 9, 2019 by Steve Blade
HVAC Relay Market Report, HVAC Relay Market Data, HVAC Relay Market Report, HVAC Relay Market Trends, HVAC Relay Market Overview, HVAC Relay Market Scope, HVAC Relay Market Trends, HVAC Relay Market Share, HVAC Relay Market, HVAC Equipment
According to a recent report by Fact.MR, HVAC relay market is estimated to continue its bullish run during the 2018-2026 period with the market generating revenue of almost US$ 3 billion in 2017. The steady growth of the HVAC relay market can be attributed to the continuous addition of new features, burgeoning demand for HVAC systems across industries, and growing awareness about the cost-effective benefits of the products.
Fact.MR opines Asia Pacific will continue to retain the bulk of the HVAC relay market share during the forecast period. Burgeoning consumption of plastic in South Asia in addition to the increasing demand for processed food and chemical production are estimated to be the vital causes propelling the growth of the market in the region. Emerging economies in the region are constantly focusing on renovating and modernizing the existing infrastructure such as metros, trains, buses, hospitals, and corporate spaces. The rigorous developmental activities in the region are likely to fuel demand for HVAC systems in the region which is eventually estimated to augment to the HVAC relay market growth.
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Burgeoning Demand for HVAC Systems in Industrial and Commercial Facilities to Uphold 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 bolstering 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 is creating lucrative opportunities for players operating in the HVAC relay market with demand for novel switches to be used in advanced systems surging.
Technological Headways to Enhance HVAC Relay Quality
Exponential growth in automation and Industrial Internet of Things (IIoT) is estimated to boost HVAC relay market growth. Leveraging automation HVAC relay manufacturers are successfully enhancing the quality and durability of the systems in addition to boosting production. Real-time data monitoring and collection is aiding manufacturers in collecting vital data to streamline production operations and detect faults in the production processes. Development of 3D printing and additive manufacturing is enabling companies to produce highly-efficient relay systems at lower costs and using sustainable materials. These factors are estimated to help companies in complying with government regulations and ensure large-scale production at lower costs.
HVAC Relay Market – Competitive Landscape Assessment
Some of the leading players operating in the market are Control & Switchgear Electric Limited, Eaton Corporation, Siemens AG, ABB Ltd., Mitsubishi Electric Corporation, Toshiba Corporation, Schneider Electric, Eaton Corporation, General Electric, Littlefuse Inc., Hitachi Ltd., Rockwell Automation, Inc., Zettler Electronics Inc., Omron Corporation, IXYS Integrated Circuits Division, Inc., Omega Engineering, Inc., Celduc Realis, and Vishay Intertechnology, Inc.
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