NOIDA, India, March 21, 2023 /PRNewswire/ -- According to a new report published by UnivDatos Markets Insights, theFan Coil Unit Market was valued at more than USD 3 billion in 2020 and is expected to grow at a CAGR of around 5% from 2022-2028. The analysis has been segmented into Type (Horizontal Concealed, Horizontal Exposed, Underfloor, and Wall Mounted); Component (Two Pipe and Four Pipe); Application (Residential, Commercial, and Industrial); and Region/Country
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The fan coil unit market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the fan coil unit market. The fan coil unit market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the fan coil unit market at the global and regional levels.
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Market Overview
A fan coil unit (FCU), or vertical fan coil unit (VFC), is a device that uses a coil and fan to heat or cool a room without ductwork. Fan coil units are standalone systems that circulate the existing air in a space. They can also be part of a large HVAC system. In recent years the growing demand for energy efficient FCU models fuels the growth of the fan coil unit market because energy efficiency is the major concern with the utilization of traditional HVAC systems. Also rising construction for commercial and industrial buildings globally is likely to increase the demand for fan coil units in the future.
The fan coil unit market is expected to grow at a steady rate of around 5% owing to the rising demand for renewable energy due to high power consumption and a growing focus on reducing carbon emissions creating a huge demand for the market. Rising technological advancements and product development by major key players is also contributing to the growth of the market. For instance, in 2020, Dunham-Bush launched a new generation of chilled water fan coil units - CR-CF. These fan coil units are designed to operate at low noise and high-efficiency performance.
Some of the major players operating in the market include Barcol-Air (UK) Ltd, Crane Holdings Co., Haier lnc., Hitachi Ltd., Johnson Controls, LG Electronics, Midea Group, Mitsubishi Electric Corporation, Samsung, TROX GROUP
COVID-19 Impact
The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The outbreak leads to an increase the spending a long time at home which has got people calling into question the quality of the air they breathe at home, leading to an increase in interest in new air filters and UV air purifying products. Therefore, the HVAC system industry is one of the less affected markets during covid-19 due to the rise in the importance of fresh air.
The global fan coil unit market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
- Based on type, the market is segmented into horizontal concealed, horizontal exposed, underfloor, and wall mounted. Among them, the horizontal concealed category is to witness the highest CAGR during the forecast period owing to the high demand for horizontal concealed fan coils in hotels, apartments, dormitories, military barracks, assisted living, facilities, and offices because of its features such as highly compact, super lightweight design, high thermal efficiency, and lower operating costs.
- On the basis of component, the market is categorized into two pipe and four pipe. Among these, the four pipe held a significant share of the market in 2020. The four-pipe FCU includes double supply and return piping and allows either hot or cold water to the unit at any given moment. Due to modern requirements of individual comfort, a high focus on energy efficiency, and rising construction of building projects, like classrooms in schools, offices, shop areas, patient-or staff rooms at hospitals, and many more, four-pipe fan coil units are found to be more popular which will drive the market growth.
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Fan Coil Unit Market Geographical Segmentation Includes:
- North America (United States, Canada, and Rest of North America)
- Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
- Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
- Rest of the World
North America is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the high demand for HVAC systems in residential or commercial buildings, growing construction projects, increasing demand for low energy consumption products in real estate, and rising concerns about air quality and increasing HVAC applications in the air conditioning sector and heating projects are expected to enhance the demand for fan coil units in the region.
The major players targeting the market include
- Barcol-Air (UK) Ltd
- Crane Holdings, Co.
- Haier lnc.
- Hitachi Ltd.
- Johnson Controls
- LG Electronics
- Midea Group
- Mitsubishi Electric Corporation
- Samsung
- TROX GROUP
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Fan Coil Unit Market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
- What are the latest trends, new patterns, and technological advancements in the fan coil unit market?
- Which factors are influencing the fan coil unit market over the forecast period?
- What are the global challenges, threats, and risks in the fan coil unit market?
- Which factors are propelling and restraining the fan coil unit market?
- What are the demanding global regions of the fan coil unit market?
- What will be the global market size in the upcoming years?
- What are the crucial market acquisition strategies and policies applied by global companies?
We understand the requirement of different businesses, regions, and countries, we offer customized reports as per your requirements of business nature and geography. Please let us know If you have any custom needs.
About UnivDatos Market Insights (UMI)
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Fan Coil Unit Market Report Coverage
Report Attribute | Details |
Base year | 2021 |
Forecast period | 2022-2028 |
Growth momentum | Accelerate at a CAGR of over 5% |
Market size 2020 | USD 3 billion |
Regional analysis | North America, Europe, APAC, Rest of World |
Major contributing region | North America to Dominate the Global Fan Coil Unit Market |
Key countries covered | United States, Canada, Germany, United Kingdom, Spain, Italy, France, China, Japan, India, and Australia |
Companies profiled | Barcol-Air (UK) Ltd, Crane Holdings Co., Haier lnc., Hitachi Ltd., Johnson Controls, LG Electronics, Midea Group, Mitsubishi Electric Corporation, Samsung, TROX GROUP |
Report Scope | Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Demand and Supply Side Analysis; Competitive Landscape; Company Profiling |
Segments Covered | By Type; By Component; By Application; By Region/Country |
About UnivDatos Market Insights
UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.
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