HVAC Relay Market Projections & Future Opportunities Recorded for the Period until 2026 || Key Player - Siemens AG, ABB Ltd., Mitsubishi Electric Corporation, Toshiba Corporation, Schneider Electric, Eaton Corporation.
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HVAC systems play a key role in an assortment of industries such as plastics manufacturing, food processing, construction, and chemical production. End-user industries are seeking advanced HVAC systems for streamlining their production while complying with stringent government regulations on energy efficiency and greenhouse gas emissions. The bolstering innovation in the HVAC systems market for the development of energy efficient solutions is estimated to fuel HVAC relays market growth. Technological headways in the development of HVAC systems is creating lucrative opportunities for players operating in the HVAC relay market with demand for novel switches to be used in advanced systems surging.
Growing awareness about the lower costs of HVAC systems operations in addition to the improving efficacy of the products is causing a widespread adoption of HVAC systems in residential as well as commercial buildings. Building administrators are increasingly replacing conventional steam-based chiller systems with electric chillers, a trend which is estimated to propel HVAC relay market growth. Additionally, renovation and improvement of infrastructure around the world are projected to fuel demand for HVAC systems, in turn, contributing to HVAC relay market proliferation.
Manufacturers Focusing on Production of HVAC Relays with Value-Added Features
With competition in the HVAC relay market intensifying, manufacturers are working towards integrating value added-features into HVAC relays to gain a competitive edge. High momentary current bearing capacity, reliable circuit breaking, and smart capabilities are some of the key features gaining priority in the HVAC relay market. For instance, Schneider Electric launched a new product named the Easergy P3 relay which is equipped with smart capabilities. The company claims the relay system trips circuit breakers immediately in case of fault detection to protect equipment from severe damage. The product comes with a web-based application which allows users to conduct virtual simulation tests and simplify maintenance. Such developments are expected to aid in propelling HVAC relay market growth.
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Exponential growth in automation and Industrial Internet of Things (IIoT) is estimated to boost HVAC relay market growth. Leveraging automation HVAC relay manufacturers are successfully enhancing the quality and durability of the systems in addition to boosting production. Real-time data monitoring and collection is aiding manufacturers in collecting vital data to streamline production operations and detect faults in the production processes. Development of 3D printing and additive manufacturing is enabling companies to produce highly-efficient relay systems at lower costs and using sustainable materials. These factors are estimated to help companies in complying with government regulations and ensure large-scale production at lower costs.
High-costs and Complicated Process of HVAC System Installation to Stifle Market Growth
HVAC system installation involves making significant changes to the plumbing and ventilation systems of a building. The process is time-consuming and requires thorough planning for proper execution. Additionally, the presence of an old HVAC system in place may create additional problems in installation. Due to these reasons, the costs incurred for initially setting up HVAC systems is high. In addition to this, the infrastructural changes required for installation may result in a long period of downtime which can cause inconvenience and lower production rates in industries.
Lack of skilled technical managers in industries and buildings is increasingly being linked to the growing incidences of HVAC system failures around the world. The trend is likely to dampen sales of HVAC systems eventually denting HVAC relay market growth.
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