According to the new research report "Dedicated Outdoor Air System Market by Capacity (Less than 20, 20-40, 40-60, and greater than 60), Implementation Type (New Construction, Retrofit), Vertical (Commercial, residential, and Industrial), Requirement, and Geography - Global Forecast to 2024", the DOAS market is expected to grow from USD 3.7 billion in 2019 to USD 5.4 billion by 2024, at a CAGR of 8.0%. The growth of this market is mainly driven by factors such as increasing adoption of DOAS for various verticals, and growing government regulations and policies for energy saving. Growing demand for energy-efficient DOAS systems for new construction and retrofit site is expected to create significant growth opportunities for players in the DOAS market during the forecast period.
Market for new construction to grow at higher CAGR during 2019–2024
The market for new construction implementation type is expected to grow at a higher CAGR from 2019 to 2024. New construction and development projects play an important role in the continued existence of the DOAS industry. Growing urbanization, economic growth, and rising disposable income in emerging economies such as Asia, the Middle East, and Africa are fueling the growth of the DOAS industry. Governments are making large investments in real estates, such as hotels, hospitals, airports, and apartments to develop the infrastructure. These initiatives would have a positive impact on the DOAS market.
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20–40 ton capacity expected to be largest market during 2019–2024
20–40 ton capacity are expected to grow at the highest CAGR from 2019 to 2024. Increasing adoption of 20–40 ton capacity of DOAS in commercial and residential applications provides opportunities for DOAS to grow at a high rate during the forecast period. DOAS is an assembled packaged unit that can function within a wide range of ambient conditions and allow ventilation air into a building at neutral conditions. Hence, increasing usage of 20–40 ton capacity of system provides ample opportunities to grow at a higher rate during the forecast period.
Rising demand for energy-efficient system to boost demand for DOAS in APAC during forecast period
China and India are expected to be a major contributor to the growth of the DOAS market in APAC in the coming years. Growing construction activities in commercial and residential buildings are expected to propel the growth of the DOAS market in China during the forecast period. In China, there is a strong demand for DOAS to meet the rising need for energy consumption; the government is coming up with various initiatives to promote efficient energy consumption practices, which is driving the demand for DOAS in the country.
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Key players in the market include Johnson Controls (US), United Technologies Corp. (US), Greenheck Fan Corporation (US), Daikin Industries Ltd. (Japan), Nortek, Inc. (US), Ingersoll Rand Plc (Ireland), Mitsubishi Electric (Japan), LG Electronics (South Korea), SEMCO, LLC (US), and Samsung Electronics (South Korea). These players are increasingly undertaking product launches and developments, contract, partnerships, and agreements, mergers and acquisitions, and expansions to develop and introduce new technologies in the market.
Article author : MarketsandMarkets
Article source name : MarketsandMarkets
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