Pune, India, Jan. 13, 2022 (GLOBE NEWSWIRE) — The global fire rated duct market size is expected to gain momentum by reaching USD 3,165.3 million by 2028 while exhibiting a stellar CAGR of 4.8% between 2021 to 2028. In its report, titled, “Fire rated duct Market, 2021-2028,” Fortune Business Insights mentions that the market stood at USD 2,212.1 million in 2020 and is expected to reach USD 2,280.3 million in 2021.
In recent times, evaporative cooling and controlling technology ducts are in demand over traditional ones. These are efficient as well as cost effective. Many key players of the market are improvising the heat recovery ventilators, air filters, etc. with advanced and programmable controls to boost its sales. Moreover, several building professionals are utilizing building automation systems that include Internet of Things (IoT) lighting controls, smart thermostats etc. This in turn, is creating lucrative opportunities for the growth of this market.
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The pandemic crippled the global economy, however, amid crisis demand for FRD was moderately affected. As only few ventilation and air conditioning activities were at halt amid pandemic. The market suffered loss due to unavailability of workers. Several industrial reports suggest that around 45% of the HVAC companies lost their periodic sale, due to fewer installation of recovery ventilators in the U.S. However, the market witnessed regaining installation momentum of fire rated duct, air filters, to provide fresh indoor air in extreme hot or cold environmental conditions with maintained humidity. Moreover, the world has entered the unlock phase, so the market is expected to revive in the forecast period.
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REPORT SCOPE & SEGMENTATION:
|Forecast Period 2021 to 2028 CAGR||4.8%|
|2028 Value Projection||USD 3165.3 million|
|Market Size in 2021||USD 2,280.3 million|
|Historical Data for||2017 to 2019|
|No. of Pages||160|
|Segments covered||Type, Shape, Penetration, Application, Region|
|Growth Drivers||Growing Installation of New HVAC Technologies and Green Buildings is Placing Groundwork for Upcoming Market Growth|
|COVID-19 Pandemic: Halted Manufacturing Activities and Fewer Installation to Reduce Market|
|Improved Fire Stopping Methods in HVAC Systems by Installing Fire Rated Ducts to Enhance Market Growth|
|Pitfalls & Challenges||Unavailability of Proper HVAC Systems Coupled with Below Standard Installation of Fire Rated Duct Concerns Across Applications|
By type, the market is divided into galvanized steel duct, aluminum (Al) duct, flexible duct, fabric duct & others. By shape, it is segmented into round, half round, square/rectangular, triangular & others. By penetration, the market is divided into walls, floor, decks & others. By application, the market is segmented into public facilities, commercial facilities, industrial facilities, & others.
Based on Application, the commercial facilities segment held the market share of 45.4% in 2020. This is attributable to rising per capita spending.
Finally, based on region, the market is categorized into North America, Europe, Asia Pacific, the Middle East & Africa and South America.
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The market report for fire rated duct offers a methodical evaluation of numerous aspects such as the vital drivers and constraining factors that shall affect growth. Moreover, the report offers visions into the regional examination that covers different regions, contributing to the growth of the market. It comprises the competitive landscape that includes the leading companies and the implementation of approaches to present novel products, declare collaborative strategies, and mergers to contribute to the market growth.
Demand of Advanced Fire Stopping Method over Traditional Ones to Drive Market Growth
In recent times, demand for advanced fire stopping methods are in demand over traditional ones. Moreover, the incessant training & development as well as educational exertions, are propelling demand for fire rated duct market growth. Further, many manufacturers are employing qualified technical personnel in order to describe subtle nuances of fire stopping. Also, employing skilled personnel who can provide more specific training, along with proper installation of these ducts.
On the other hand, unavailability of efficient HVAC Systems and below standard installation of these ducts is the major market constraint.
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Asia Pacific to Dominate Backed by Rising Infrastructure
Asia Pacific is projected to remain at the forefront and hold the highest position market during the forecast period owing to the rising infrastructure in major countries such as China, South Korea, India, Malaysia, and so on. Furthermore, amid COVD-19, the rising demands of these ducts in hospitals, airports, shopping malls, and so on. across the countries in the Southeast Asian part. The region’s market stood at USD 1,033.5 million in 2020.
North America is expected to showcase significant fire rated duct market share in upcoming years, owing to the steady reconstruction of numerous commercial and public facilities across the U.S. & Canada.
Key Players to Focus on Facility Expansion to Strengthen Market Growth
The market is associated with prime companies determined to preserve their position by emphasizing on novel launches, mergers & collaborations, procurements and facility extensions. Such tactics taken up by vital players are anticipated to fortify its market opportunities. Below mentioned are the industry developments:
- June 2021: ROCKWOOL, which is a French company, is opening novel manufacturing facility in France. This will aid in extended capacity to meet the rising demand of insulation products.
List of Key Players Profiled in Report
- Unifrax (U.S.)
- Lindab (Sweden)
- DuraSystems (U.S.)
- THERMAFLEX (U.S.)
- SAUDI AKHWAN DUCTING FACTORY CO LTD (Saudi Arabia)
- KAD AIR CONDITIONING (BIN DASMAL GROUP) (UAE)
- FabricAir (Denmark)
- CMS Group of Companies (UAE)
- France Air (France)
- Aldes Group (France)
Table Of Content:
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Force Analysis
- Global Fire Rated Duct Key Players Market Share Insights and Analysis, 2020
- Key Market Insights
- Companies Profiled
- Key Management
- Headquarters etc.
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