The Latin America, Middle East and Africa HVAC Actuators Market would witness market growth of 8.6% CAGR during the forecast period (2022-2028).
Several businesses are concentrating on the advancement of cloud computing technology in HVAC to maintain and grow their clientele. Rotary actuators used in HVAC systems are powered by motors. When the mechanisms are combined, the actuator is employed in motor limit switches, overload switches, speed reduction, opening transmitters, and manual handling. Due to the machinery's standardized building design and regulatory approval processes, it is widely used in numerous non-residential applications.
Furthermore, the demand for HVAC actuators is being driven by the increase in population and per capita income, which is boosting demand for appliances like heaters and air conditioners. The population of cities is also expanding quickly. According to projections, there could be an additional 2.5 billion people living in urban areas by 2050 due to urbanization, which is the gradual transition of people from rural to urban areas. Nearly 90% of this increase is expected in Africa. The number of people living in urban areas worldwide quickly rose to 4.2 billion in 2018 from 751 million in 1950.
In the Latin America region, commercial complexes like malls are emerging as a social hot spot. This shift is being driven by the expansion of the middle class in Latin America. This means that more Latin Americans are now more financially secure and have more money to spend. As more people visit malls, the demand for proper cooling and ventilation arises. This would further increase the demand for HVAC systems as well as actuators. All these factors are promoting the regional market's growth in the coming years.
The Brazil market dominated the LAMEA HVAC Actuators Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $96 Million by 2028. The Argentina market is experiencing a CAGR of 9.1% during (2022 - 2028). Additionally, The UAE market would showcase a CAGR of 8% during (2022 - 2028).
Based on Type, the market is segmented into Spring Return and Non Spring Return. Based on Technology, the market is segmented into Conventional and Smart. Based on Application, the market is segmented into Industrial Facilities, Commercial Building and Public Utilities. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global HVAC Actuators Market is Predict to reach $5.1 Billion by 2028, at a CAGR of 4.7%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Continental AG, Denso Corporation, Dwyer Instruments LTD.(Arcline Investment Management), Honeywell International, Inc., Johnson Controls International PLC, Robert Bosch GmbH, Schneider Electric SE , Siemens AG, ElectroCraft, Inc. (DMI Technology Corporation), and Rotork Plc.
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