Fan Coil Unit Market in Brief
- The global fan coil unit market is expected to register a CAGR of 5.5% (Volume) between 2019 and 2027. The market is projected to be driven by growing demand for fan coil units in commercial buildings.
- Not just offices, hotels, restaurants, and hospitals, but other end-users such as warehouse manufacturing, are also expected to boost the fan coil unit market in the near future.
- The global fan coil unit market is expected to reach US$ 8,339.9 Mn by 2027 from US$ 6,101.6 Mn in 2019.
- North America holds major share of the fan coil unit market in terms of volume and is anticipated to dominate the fan coil unit market during the forecast period, followed by Europe
- North America remains a prominent region in the fan coil unit market, with revenues in 2019 estimated at US$ 1,464.8 Mn.
- The fan coil unit market in Middle East & Africa and South America is also expected to show moderate growth during the forecast period.
- Asia Pacific is projected to expand significantly in terms of share in the global fan coil unit market during the forecast period. This is due to the stringent government regulations regarding energy consumption and rising number of commercial and residential projects. In addition, due to the growing number of construction projects, the requirement for HVAC systems in APAC countries is projected to rise considerably, which in turn is expected to boost the demand for fan coil units.
Fan Coil Unit Market – Definition
- The fan coil unit market report provides analysis of the global fan coil unit market for the period 2017 – 2027, wherein 2017 is the base year and 2019 to 2027 is the forecast period. Data for 2016 has been included as historical information.
- The study on the fan coil unit market would help clients in understanding the adoption analysis of fan coil units among different industries.
- Fan coil unit is a device that consists of a heating coil, cooling coil, and fan. It is a part of the HVAC system, used as a distribution system to deliver the required amount of air based on the desired environmental condition and is primarily used in commercial, residential, and industrial buildings. A fan coil unit is typically employed in small spaces that require individual control.
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North America Fan Coil Unit Market – Snapshot
North America is a developed region and hence innovation and new technologies are expected to be trends witnessed in the region in the next few years. North America held a significant share of the global fan coil unit market in 2018. For the same reason, North America is expected to see highest opportunity addition in the fan coil unit market globally, with Europe and Asia Pacific being the next closest regions.
Market Dynamics – Fan Coil Unit Market
Key Growth Drivers of the Fan Coil Unit Market
- Increase in Demand for Energy-efficient FCU Models
Growing consumer awareness about energy-efficient models primarily fuels the growth of the fan coil units market. Energy efficiency is the major concern associated with the use of conventional HVAC systems. Commercial, residential, and industrial sectors utilize about one trillion kilowatt-hours of electricity annually. Consumers are looking for an energy-efficient model that would consume less energy and lower the electricity bill, as well as carbon emission.
Governments of different countries are imposing stringent regulations to protect the environment and to stabilize the greenhouse gas levels in the atmosphere. 83 signatories and 192 member countries have signed the Kyoto Protocol with willingness to protect the depleting ozone layer and implemented the regulations in their respective countries. Such regulations would directly boost the growth of HVAC equipment such as fan coil units, as conventional equipment which emit harmful gases similar to chlorofluorocarbons (CFCs) and hydro chlorofluorocarbons (HCFCs) need to be replaced with advanced energy efficient equipment.
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- Asia Pacific the Growing Region of the Global FCU Market
Demand for fan coil units is estimated to be high in Asia Pacific from 2019 to 2027. China, India, and Japan are the main countries of the market in the APAC region. The market in Asia Pacific is expanding rapidly due to rise in industrialization in various developing countries of the region, which is expected to drive the fan coil unit market. Besides, rising urbanization in China and India have led to strong demand for air conditioning systems in recent years. This in turn is expected to accelerate the growth of the fan coil unit market. Fan coil unit is a device that consists of heating coil, cooling coil, and fan which is part of the HVAC system and is primarily used in commercial, residential, and industrial buildings.
In addition, high demand for infrastructure across Asia Pacific, so as to maintain the air quality in commercial buildings to ensure a healthy environment for workers, is expected to drive the need for fan coil units in order to maintain proper ventilation and heating & cooling systems across buildings. Furthermore, rising concerns about air quality and increasing HVAC applications in the air conditioning sector, and heating projects is expected to enhance the demand for fan coil units in the Asia Pacific region.
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Moreover, the large share of this region is due to the significant economic growth rate, followed by heavy investments across various sectors such as building & construction, data centers and warehouses, and hospitals. Additionally, initiatives taken by various governments for the inflow of foreign investments to support the domestic demand are also anticipated to drive the fan coil unit demand in this region.
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