HVAC Fan And Evaporator Coil Market Analysis by Emerging Trends, Regions and Growth Forecast to 2026

The HVAC fan and evaporator coil market is likely to exceed a valuation of $9.6 billion by the end of 2026.

The HVAC fan and evaporator coil market is projected to witness a period of remunerative business growth over the coming years due to the changing lifestyles of the global middle-income population. Additionally, increasing demand for advanced AC systems in regions like Europe and North America, owing to environmental regulations, would stimulate industry outlook further.

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The rapidly growing application scope of evaporators across a plethora of industrial avenues is likely to augment HVAC fan and evaporator coil market revenue margins. Evaporators are extensively used in industries such as food and beverage, pharmaceuticals, as well as wastewater management. Today, owing to the ongoing COVID-19 pandemic, the role of evaporator coils in the pharmaceutical sector has become more important than ever.

The commercial construction sector in the Middle East has been witnessing strong growth due the region’s rapidly expanding tourism industry over the past couple of years. On the other hand, Africa too has been witnessing a healthy expansion rate since the past few years due to the region’s flourishing residential construction industry, which is being driven by the surging regional population.

With respect to industry, the residential sector is estimated to register an impressive CAGR of approximately 4.5% through the analysis timeframe and hit an overall valuation of $1.7 billion by the end of 2026. Residential AC systems are smaller and more portable when compared to industrial and commercial systems, which further limits the use of coil in such systems. However, the consistently expanding construction industry across the Asia Pacific, particularly due to growing urbanization and population, would impel the demand of the product throughout the residential segment.

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The MEA HVAC fan and evaporator coil market is slated to expand at a distinguished rate in the near future owing to the increasing demand for HVAC fan coil in the region. Rising number of residential construction projects across Africa and proliferating commercial construction sector in the Middle East are expected to foster regional growth.

In terms of distribution, in 2019, the aftermarket segment held a valuation of $2 billion and is slated to foresee similar growth over the coming years. In fact, the segment is projected to expand at a CAGR of more than 4.5% through the analysis period. Aftermarket sale is higher in the industrial and commercial sectors than it is in the residential sector. Changing a full AC system is easier in residential settings as these systems are less expensive and smaller in size. Instead, replacing an AC system in the industrial and commercial sectors is highly difficult as they are costly as well as bulky. Owing to this, most of the users replace the coil and not the complete system, which results in high demand for aftermarket coil across industrial and commercial sectors.

Moreover, technological advancements in the field coupled with market players’ focus on opening new research and development labs to innovate better product choices for customers would further complement the overall HVAC fan and evaporator coil market share. Citing an instance, in June 2020, Carrier, renowned heating, ventilation, and AC company, announced the inauguration of its new fan coil testing laboratory. The company has started a new service that allows consumers to test their fan coil equipment before installation by developing an exact replica of the system inside its laboratory.

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The competitive landscape of the HVAC fan and evaporator coil market is inclusive of players such as Grupporeco, H.C. Coils, Ekocoil, EVAPCO Alcoil, Inc., Markair, Inc., D.P. Engineers, Neha Enterprises, Yeh Jeh, Coilmaster, Spirotech Heat Exchanger Pvt. Ltd., Mistcold, and Lloyd among others.

Several pharma companies are focusing on developing and commercializing a vaccine as soon as possible and this requires them to ensure that they are working with sophisticated equipment and also have components on standby in case of system failures. Additionally, as countries become more aware of the economic toll of a pandemic, it is expected that they would make heavy investments towards setting up better infrastructure capabilities. This would greatly shape the future of HVAC fan and evaporator coil market.

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