South Africa HVAC Market Size Set to Reach USD 1.43 Billion by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the South Africa HVAC market size at USD 1.05 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the South Africa HVAC market size to grow at a CAGR of 5.28% reaching a value of USD 1.43 billion by 2029.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the South Africa HVAC market size at USD 1.05 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the South Africa HVAC market size to grow at a CAGR of 5.28% reaching a value of USD 1.43 billion by 2029. The undeveloped state of the South Africa HVAC market in comparison to other nations presents opportunities for HVAC system penetration. The South African HVAC market is also predicted to be driven throughout the forecast period by increased demand for energy-efficient systems among residential, commercial, and industrial buildings.
South Africa HVAC Market – Overview
Heating, ventilation, and air conditioning, or HVAC, is a system for maintaining and controlling the temperature, humidity, and purity of the air in a room or enclosed space. These systems are used in a wide range of commercial, residential, and industrial facilities, such as family homes, apartments, hotels, hospitals, trains, airplanes, ships, etc. Ventilation is a very important aspect of HVAC as it helps in maintaining indoor air quality, which involves the removal of moisture, odors, smoke, and dust, temperature control, and oxygen replenishment.
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South Africa HVAC Market
Segmental Information
South Africa HVAC Market – By Implementation Type
Based on implementation type, the South Africa HVAC market is split into new construction and retrofits. New construction accounts for a larger share of the South Africa HVAC market, owing to the rising construction of residential complexes as well as industries and commercial facilities for economic development. The retrofits also cover a substantial market share owing to the increasing developments in HVAC technologies and the rising penetration of smart home equipment equipped with technologies such as sensors.
Impact of COVID-19 on South Africa HVAC Market
The unprecedented COVID-19 pandemic negatively impacted the growth of the South Africa HVAC market. According to the International Food Policy Research Institute, the South African economy witnessed a 5 percent decline in its GDP by the end of 2020. Additionally, according to Statistics South Africa (2020), the unemployment rate increased from 23.3% to 30.0% in the third quarter of 2020, making it the highest rate recorded since 2008. This significant decline in the average disposable income of consumers or families directly resulted in slow demand for the HVAC system, particularly in the residential segment.
Competitive Landscape
Major players operating in the South Africa HVAC market include Legend HVAC (Pty) Ltd, Kwikot Manufacturing Ltd, Daikin Air-Conditioning South Africa (Pty) Ltd, Econo Heat Energy Efficient Appliances (Pty) Ltd, Rapid Allweiler Pumps (Pty) Ltd, Samsung Electronics, LG Electronics, Daikin Industries Ltd, Midea Group Co. Ltd, and Whirlpool Corporation.
To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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