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Global HVAC Packaged Unit Market Segmented By Air condenser HVAC packaged unit and Water condenser HVAC packaged unit with technology such as Equipment using electromechanical controls (EMC) and Direct digital control (DDC) systems
The worldwide HVAC packaged unit market is growing at a high pace due to the increasing preference for energy efficiency, availability of favorable government incentives, and the rising focus on the reduction of operating costs. HVAC packaged unit are air conditioners used for conditioning in places such as restaurants, homes, telephone exchanges, small halls and others.
Thus, the all unit cooling coil, air filter, air handling unit and compressor are all lodged in a single casing. These are installed primarily on the rooftop and include both an air handler and condensers in single cabinet.
There are two types of HVAC packaged unit available in the market including air packaged air conditioners with water cooled condenser and packaged air conditioners with air cooled condensers. The HVAC packaged unit market is growing with the escalated demand at commercial and residential bases of these products.
A positive change in the living standards along with an improving macroeconomic scenario has led to significant surge of various organized retail stores worldwide. The rapid growth of the organized commercial sector characterized by the rising number of hypermarkets, supermarkets, etc., is expected to boost the growth of the overall commercial chain, which in turn is expected to boost the overall sale of HVAC packaged unit.
Most of the companies are focusing on technological advancements to meet with future customer requirements and to comply with global competence, which will further drive the demand in the HVAC packaged unit market.
Matured markets exhibit a high demand for elated demand for phonologically advanced and more energy-efficient HVAC packaged unit. This has made HVAC packaged unit a preferred choice, despite the fact that they are relatively high priced than the conventional one. Growing urbanization is also one of the reasons behind the HVAC packaged unit market growth. Over the last decade, there has been a rapid increase in retail stores globally.
The expansion of existing facilities and setting up of new stores are expected to increase the demand for HVAC packaged unit, which in turn is expected to result in increased capital expenditure on these products. HVAC packaged units are excellent with the constrain space in commercial buildings and residential applications.
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The North America market is expected to hold major share in the global HVAC packaged unit market. Over the past few years, there has been a substantial change in consumer habits towards the living preferences. Increasing disposable income and improvements in the standard of living have resulted in an increase in HVAC packaged unit usage. Europe is also projected to have high growth opportunities in the global HVAC packaged units market.
There has been a significant rise in the number of manufacturers in the Western Europe HVAC packaged unit market, this would be a major growth opportunity for HAVC packaged unit market globally. APEJ region has been a lucrative market for HAVC packaged units, owing to rapid urbanization and rising income levels in countries, such as India, China and South Korea. Latin America followed by MEA HVAC packaged unit markets are expected to have moderate growth over the forecast period.
Examples of some of the key market participants of the global HVAC packaged unit market are: