Fan Coil Unit Market: Current Analysis and Forecast (2022-2028)
Emphasis on Type (Horizontal Concealed, Horizontal Exposed, Underfloor, and Wall Mounted); Component (Two Pipe and Four Pipe); Application (Residential, Commercial, and Industrial); and Region/Country
The global Fan Coil Unit Market is expected to grow at a significant rate of around 5% during the forecast period. A device that heats or cools a room without connecting to ductwork is known as a fan coil unit (FCU). Without utilizing ductwork, fan coil units cool and heat rooms by utilizing a fan and a coil. The market is expanding due to the rising demand for energy-efficient FCU models and the growing use of HVAC systems in both residential and commercial buildings. In addition, the market expansion is anticipated to be aided by the rising real estate demand for low-energy products.
Moreover, growing environmental concerns and permissive regulatory policies are positively influencing the market size of heat pumps. For instance, Domestic RHI and the Non-Domestic RHI, by the government of the United Kingdom is a financial incentive scheme set up to encourage the installation and usage of renewable heating technologies in existing homes. Such initiatives are expected to fuel market growth over the forecast period.
Barcol-Air (UK) Ltd, Crane Holdings Co., Haier lnc., Hitachi Ltd., Johnson Controls, LG Electronics, Midea Group, Mitsubishi Electric Corporation, Samsung, TROX GROUP are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst type, horizontal concealed category to witness robust CAGR during the forecast period”
Based on type, the market is segmented into horizontal concealed, horizontal exposed, underfloor, and wall mounted. Among them, the horizontal concealed category is to witness the highest CAGR during the forecast period owing to the high demand for horizontal concealed fan coils in hotels, apartments, dormitories, military barracks, assisted living, facilities, and offices because of its features such as highly compact, super lightweight design, high thermal efficiency, and lower operating costs.
“Amongst application, the commercial to hold a significant share in the market in 2020”
On the basis of application, the market is fragmented into residential, commercial, and industrial. Among them, the commercial category is anticipated to the significant growth during the forecast period. This is mainly due to the rising demand for FCUs in hotels and restaurants.
Fan Coil Unit Market Report Coverage
Moreover, with an increasing number of construction projects, the requirement for HVAC systems is projected to rise considerably, which in turn is expected to boost the demand for fan coil units during the forecast period. “North America to hold a significant share in the market”
For a better understanding of the market adoption of the fan coil unit industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the high demand for HVAC systems in residential or commercial buildings, growing construction projects, increasing demand for low energy consumption products in real estate, and rising concerns about air quality and increasing HVAC applications in the air conditioning sector and heating projects are expected to enhance the demand for fan coil units in the region.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global fan coil unit market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Fan Coil Unit Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global fan coil unit market were the three major steps undertaken to create and analyze the adoption of fan coil units in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global fan coil unit market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the fan coil unit market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the fan coil unit market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type, component, and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Fan Coil Unit Market. Further, we conducted factor analysis using dependent and independent variables such as various type, component, and applications of fan coil units. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the fan coil unit market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global fan coil unit market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the fan coil unit market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global fan coil unit market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global fan coil unit market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type, component, and application in the global Fan Coil Unit Market.
The main objective of the Global Fan Coil Unit Market Study
The current & future market trends of the global fan coil unit market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the fan coil unit market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of type, component, and application.
- Define and analysis of the regulatory framework for the fan coil unit
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the fan coil unit market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the Fan Coil Unit Market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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February 11, 2025
