Among HVAC systems’ one component, a safety device, protects HVAC system from any electrical hazards. Technavio’s analysts forecast the global HVAC safety devices market to grow at a CAGR of 5.89% during the period 2017-2021. An analyst from Technavio’s team said, “One trend in the market is adoption of VRF Systems. Variable refrigerant flow (VRF) is a system of air-conditioning, where there is one outdoor condensing unit and multiple indoor units. The term refers to the ability of the unit to control the amount of refrigerant flowing through the multiple indoor units.” According to the report, one driver in the market is – retrofitting and renovation of old buildings. Retrofitting also includes the use of equipment incorporated with the latest technology in the existing HVAC unit to make it more energy efficient, therefore boosting the market for HVAC safety devices.
Technavio recognizes the following companies as the key players in the global HVAC safety devices market: Eaton, Intermatic Incorporated, Mueller Industries, and Schneider Electric. Other Prominent Vendors in the market are: Carel Industries, Ditek Surge Protection, Global Controls, and Trane.
The global HVAC protection device market is capital-intensive.Further, the report states that a challenge in the market is high capital and installation costs for HVAC safety devices