The global HVAC protection device market is capital-intensive. With the decline in the global economy, HVAC market vendors face difficulty in investing heavily in R&D activities and marketing campaigns. Also, many end-users struggle to purchase HVAC equipment as it requires a high initial investment coupled with high cost of maintenance. Many residential users in developing countries face a challenge in adopting domestic HVAC equipment such as household furnaces, ACs, and others.
One driver in the market is retrofitting and renovation of old buildings. Rising awareness about global warming and climate change has pushed governments worldwide to implement stringent regulations for cleaner, safer, and more energy-efficient workplaces. This has compelled building owners to renovate their old buildings and replace the existing older HVA
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