Global Fan Coil Unit Market: Overview
According to a new market report pertaining to the global fan coil unit market published by Transparency Market Research the global fan coil unit market is anticipated to reach volume of 11,378.2 thousand units by 2027. The fan coil unit market is projected to expand at a CAGR of 3.6 % from 2019 to 2027 in terms of sale. Growth of the fan coil unit market can be attributed to integration of smart technology into fan coil units which has triggered their demand globally. Over the forecast period, North America is anticipated to emerge as the leading fan coil unit market, followed by Europe and Asia Pacific.
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 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.
Fan Coil Unit Market: Market Taxonomy
The global fan coil unit market has been segmented in terms of configuration, design type, orientation, end-users, and region. Based on configuration, the fan coil unit market has been classified into two pipe fan coil unit (FCU) and four pipe fan coil unit (FCU). Among design types, the regular design type dominated the global fan coil unit market in 2018. Based on orientation, the fan coil unit market has been categorized into horizontal and vertical. In terms of end-users, the fan coil unit market has been classified into office spaces, hotels, restaurants, hospitals, retail {brand outlets/stores, departmental stores, and supermarkets}, logistics (warehouse), and others {manufacturing}.
Fan Coil Unit Market: Regional Outlook
In terms of region, the global fan coil unit market has been segmented into North America, Western Europe, Eastern Europe, Asia Pacific, Middle East & Africa, and South America. North America is anticipated to dominate the fan coil unit market during the forecast period. The U.S. is estimated to hold a notable share of the market in the North America region and the market in the country is projected to expand at a CAGR of 5.2% during the forecast period in terms of volume. Asia Pacific led the global fan coil unit market, accounting for a substantial share in 2019, with China, India, and Japan being the major markets in the region. The fan coil unit market in Middle East & Africa, Europe, and South America is also projected to increase moderately over the forecast period.
The report provides in-depth segment analysis of the global fan coil unit market, thereby providing valuable insights at macro as well as micro levels. Analysis of major countries which hold growth opportunities or account for significant share has also been included as part of geographic analysis of the fan coil unit market.
Fan Coil Unit Market: Competition Dynamics
The research study includes profiles of leading companies operating in the global fan coil unit market. Key players profiled in the report include Daikin Industries, Ltd., Carrier Corporation, Gree Electric Appliances, Inc., Barcol-Air UK Ltd, Crane Co., Haier lnc., Hitachi, Ltd., Johnson Controls, Inc., LG Electronics Inc., Midea Group, Mitsubishi Electric Corporation, Samsung Electronics Co., Ltd., and TROX GROUP.
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