HVAC Fan and Evaporator Coil Market Size By Application (Fan, Evaporator), By Industry (Industrial, Commercial, Residential), By Distribution (OEM, Aftermarket), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026

HVAC Fan and Evaporator Coil Market Size By Application (Fan, Evaporator), By Industry (Industrial, Commercial, Residential), By Distribution (OEM, Aftermarket), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026

HVAC Fan and Evaporator Coil Market Size

HVAC Fan and Evaporator Coil Market size valued at over USD 7.8 billion in 2019 and is estimated to exhibit a CAGR of more than 5% from 2020 to 2026. The growing demand on account of changing lifestyle is predicted to boost the industry demand.

Thermal environmental factors, such as temperature, humidity, and air pressure, change throughout the year. Adapting to these changes can often be a challenge, especially in urban areas where people live in closed spaces with inadequate ventilation. To cope with this inadequate ventilation and heat, air conditioners are used owing to which its demand in the urban areas will witness accelerated growth rate.

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The recent outbreak of COVID-19 is expected to hamper the HVAC fan and evaporator coil industry growth to a large extent in 2020 and perhaps even for the next few years. Major production facilities of HVAC equipment were shut down due to the COVID-19 pandemic.  The shutdown has created a disruption in the supply chain attributed to which the demand for fan & evaporator coil reduced in 2020 compared to 2019.
 

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The majority of the IT companies were closed because of the pandemic, which suggests decreasing growth trend in 2020. However, the industry will regain growth trajectory by 2026 led by the indispensable use to these coils in residential and non-residential buildings.
 

HVAC Fan and Evaporator Coil Market Analysis

The HVAC fan coil application crossed the valuation of USD 4.6 billion in 2019 and is projected to observe 5% growth rate till 2026. HVAC fans are used for cooling and to provide warm air during winter propelled by which they find applications in the industrial, commercial, and residential sectors.

These HVAC fans play a vital role in ensuring the safety of vital components, such as engines. The growing temperature and urban population across the globe are also paving the way for air-conditioned homes, which will ultimately spur the HVAC fan coil demand.

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The commercial segment is predicted to account for over 30% HVAC fan and evaporator coil market share in 2026 driven by the rapid urbanization coupled with the IT industry in countries including China, India, and Vietnam. However, increasing dominance of the e-commerce sector is set to hamper product demand in the commercial industry to some extent.
 

Growing renovation activities in North America and Europe are likely to boost product demand in the residential sector. According to the European Union, buildings are responsible for 40% energy consumption and 36% CO2 emission. To make them more environmental-friendly, several countries are upgrading their current infrastructure.
 

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The OEM segment in the HVAC fan and evaporator coil market exceeded USD 5.5 billion in 2019 driven by increasing rate of coil replacement in the HVAC industry. Traditionally, OEM is the major distribution channel for fan & evaporator coils in the HVAC industry. However, with the rising life of air conditioning systems, coil replacement rate in the industry is growing rapidly from the past few years.

The aftermarket product sale is poised to expand at more than 5% CAGR through 2026 impelled by the increasing rate of replacement. The industry supply chain has also improved over the period credited to the availability of original equipment has increased at the service stores.

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The demand for less energy-intensive and more environmental-friendly coils is growing rapidly in North America due to the increasing environmental regulations in the region. Major manufacturers are spending highly on R&D to launch new products, which can work more efficiently with less energy consumption. Furthermore, reduced tax rates in the U.S. on industries by the Trump administration are anticipated to fuel domestic production in the country, which, will spur product demand in the industrial sectors.

Asia Pacific HVAC fan and evaporator coil market size crossed over USD 3.2 billion in 2019. Large manufacturing industries in China and growing urbanization were the major attributes behind it. Low production cost owing to the easy availability of raw materials and competitive labor charges is poised to drive the regional market expansion.

HVAC Fan and Evaporator Coil Market Share

Major players operating in the industry are launching innovative products to obtain a competitive edge over competitors. For instance, Lloyd launched a grand heavy-duty AC series, which comes with a dual compressor. Copper tubes used in it have a corrosion-resistant coating, which makes air-conditioners more efficient and durable against corrosive elements such as rain and dust.

Other major manufacturers operating in the HVAC fan and evaporator coil market include

• Mistcold
• Spirotech Heat Exchanger Pvt. Ltd.
• Coilmaster
• Yeh Jeh
• Neha Enterprises
• D.P. Engineers
• Markair, Inc.
• EVAPCO Alcoil, Inc.
• Ekocoil
• H.C. Coils
• Grupporeco

These companies are launching innovative products to obtain a competitive edge over competitors.

This market research report on HVAC fan and evaporator coil includes in-depth coverage of the industry with estimates & forecast in terms of volume in million square feet and revenue in USD million from 2016 to 2026 for the following segments

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Market, By Application

• Fan
• Evaporator

Market, By Industry

• Industrial
• Commercial
• Residential

Market, By Distribution

• OEM
• Aftermarket

The above information is provided on a regional and country basis for the following

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • Malaysia
  • Indonesia
• Latin America
  • Brazil
  • Mexico
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE