Global HVAC valve market to grow at a CAGR of 4.2% over next 5 years

Global HVAC Valve Market 2020 is expected to grow at a CAGR of roughly 4.2 percent over the next five years, will reach 6,040 million USD in 2024, from 4,730 million USD in 2019, according to a new research report.

360 Research Reports provides key analysis on the global market in a report, titled “HVAC valve market by types (ball valve, globe valve, butterfly valve, others), applications (residential, commercial, industrial) and region – global forecast to 2024”.

According to the report, COVID-19 can affect the global economy in three main ways: by directly affecting production and demand, by creating supply chain and market disruption, and by its financial impact on firms and financial markets.

“In the coming years there is an increasing demand for HVAC Valve in the regions of USA and EU that is expected to drive the market for more advanced HVAC Valve. Increasing of spending on construction activities, retrofitting and renovation of old buildings, rising disposable income and increasing urbanisation, growth of smart cities, increasing adoption of advanced HVAC systems will drive growth in USA and EU markets,” the report said.

It adds, “Globally, the HVAC Valve industry market is not concentrated as the manufacturing technology of HVAC Valve is relatively matures than some high-tech equipment.”