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Key Emerging Trends in the HVAC Fire Protection Insulation Market
Heating, Ventilation, and Air Conditioning (HVAC) and fire protection insulation play a crucial role in shielding buildings from tough environmental conditions like extreme temperatures, dust, noise, fire, and air leaks. Having proper insulation in the HVAC system not only helps in maintaining a comfortable and safe environment but also reduces heat loss or gain. It also absorbs vibrations and prevents the spread of fire. As the construction industry continues to evolve, there is a substantial increase in the demand for HVAC and fire protection insulation.
The construction sector is a major player in the economy, contributing significantly to the Gross Domestic Product (GDP). Numerous building projects are on the horizon, including the renovation of existing structures and the construction of new ones in various countries. These investments in the construction industry are set to propel the global HVAC and fire protection insulation market forward. According to the Ministry of Commerce & Industry in India, the country's construction industry is expected to become the world's third-largest by 2022. Globally, the volume of construction output is projected to surge by 85%, reaching USD 15.5 trillion by 2030, especially in the United States, China, and India, as reported by Global Construction Perspectives and Oxford Economics in the UK.
An example of this growth can be seen in the UK, where in November 2020, Kier Group plc awarded a substantial contract worth around USD 125 million for the construction of Marylebone Square in Central London. The expansion of the construction industry is fueled by improving global economic conditions and the increasing demand from residential, commercial, and industrial sectors. This surge in demand for construction is, in turn, boosting the need for HVAC and fire protection insulation. Consequently, the growth in the construction sector is poised to steer the global HVAC and fire protection insulation market towards positive trajectories in the foreseeable future.
Covered Aspects:| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | Stringent regulatory regulations |
| Market Dynamics | The increasing requirement for fire safety solutions and government support in form of tax rebates and credits |
HVAC Fire Protection Insulation Market Highlights:
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