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Hvac Actuators Market Is Expected to Generate $6.2 Billion by 2031: Allied Market Research
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According to the report published by Allied Market Research, the global hvac actuators market garnered $3.9 billion in 2021, and is estimated to generate $6.2 billion by 2031, manifesting a CAGR of 4.6% from 2022 to 2031.
Onkar Sumant, a Manager, Construction and Manufacturing at Allied Market Research, stated, "The global HVAC actuators market has witnessed significant growth over the past decade, owing to rise in infrastructure development, chemical and food and beverage business. The rise of manufacturing and automation sectors has led to increase in heating, ventilation and air conditioning requirements in industrial construction. The Asia-Pacific holds the largest share in the market owing to large scale production of HVAC systems in China, in addition to high production of HVAC actuators. Moreover, LAMEA is the fastest growing region as there is increase in industrialization and urbanization in the developing nations such as Brazil, South Africa and other nations in the region."
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Covid-19 Scenario:
The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global hvac actuators market, owing to implementation of global lockdown.
The pandemic caused a slowdown in commercial construction activities, which lowered the demand for air conditioning systems in commercial buildings such as industrial buildings, offices, malls and others, leading to decreased demand for HVAC actuators in 2020.
However, the market recovered by the end of 2021, as economies reopened for construction activities.
The research provides detailed segmentation of the global hvac actuators market based on type, technology, application, and region.
Based on technology, the conventional segment accounted for the highest share in 2021, holding more than half of the global hvac actuators market, and is expected to continue its leadership status during the forecast period. However, the smart segment is estimated to grow at the highest CAGR of 5.2% during the forecast period.
Based on application, the industrial facilities segment accounted for the highest share in 2021, contributing to more than two-fifths of the global hvac actuators market, and is expected to maintain its lead in terms of revenue during the forecast period. However, the commercial building segment is expected to manifest the highest CAGR of 5.1% from 2022 to 2031.
Based on region, Asia-Pacific held the largest share in 2021, contributing to more than half of the global hvac actuators market share, and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the LAMEA region is expected to manifest the fastest CAGR of 5.7% during the forecast period.
Leading market players of the global hvac actuators market analyzed in the research include Continental AG, Denso Corporation, Dwyer Instruments Inc, Electro Craft Inc., Honeywell International Inc., Johnson Controls International plc., Robert Bosch GmbH, Rotork Plc., Schneider Electric SE, Siemens AG.
Full Report With TOC: https://www.alliedmarketresearch.com/hvac-actuators-market-A09693
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to offer business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
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About Us
Allied Market Research (AMR) is a market research and business-consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services, and insights on markets across 11 industry verticals. Adopting extensive research methodologies, AMR is instrumental in helping its clients to make strategic business decisions and achieve sustainable growth in their market domains. We are equipped with skilled analysts and experts, and have a wide experience of working with many Fortune 500 companies and small & medium enterprises.
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