Emerging markets in Asia Pacific and Middle East are expected to be the major contributors due to increased construction activity, manufacturing and toxic waste treatment necessities
The market for HVAC equipment was valued at $156.33 billion in the year 2017 and is estimated to reach by $242.59 billion by 2023 at an estimated CAGR of 7.6%.
Explosion proof equipment has become mandatory in areas with potentially explosive atmospheres considering the gases and fumes that are emitted during various industrial or mineral extraction processes which can easily be ignited.
Central air conditioners are widely used and generated a revenue of $76.83 million in 2017 and is expected to rise with a CAGR of 1.87% during 2018 â€“ 2023.
Schaeffler Group, Timken, NSK, NTN, SKF Limited and JTEKT together account for more than 50.0% of the global bearings market. Radial deep groove ball bearings are the type of rolling bearings, accounting for more than 25.0% of the world bearing demand. Asia-Pacific holds almost 45.0% of the global bearings market.
It is expected that Asia â€“ Pacific will have the largest market for industrial motors during the forecast period.
During the recent years, there has been a fundamental shift in the energy outlook of the continent, mainly driven by technology, innovation, investment and new policies.
The market for Mobile Crusher and Screener is estimated to be $ 1.49 billion in 2017 and is expected to grow at a compound rate of around 5.57% for the period 2018-2023.
The first AGV was developed by A.M. Barrett, Jr. in 1954 which navigated by following wires mounted in factory ceiling.
The global Elevator modernization Market generated revenue of $9,781.4m in 2017 and is projected to reach $12,832.8m in 2023 growing at a CAGR of 4.63%.