The global HVAC controls market is expected to grow from US$ 6,500. 0 million in 2021 to US$ 20,126. 56 million by 2028; it is estimated to grow at a CAGR of 17. 63 % from 2022 to 2028. The HVAC system is one of the major electricity consumers, particularly in commercial or residential buildings.
New York, July 20, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "HVAC Controls Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component Type, Installation Type, System, and End User" - https://www.reportlinker.com/p06295677/?utm_source=GNW
At present, air conditioners and electric fans contribute to ~20% of the total electricity consumption in a building.
Furthermore, as per International Energy Agency’s (IEA) report, the energy demand from air conditioners is expected to grow three times by 2050.According to the US Department of Energy (DOE), commercial buildings use energy worth US$ 190 billion annually.
The growing energy demands from HVAC systems are resulting in rising electricity costs. Therefore, the HVAC manufacturers are seeking ways to enhance their products’ energy efficiency and offer tools to customers that can help them monitor their devices/systems in the HVAC controls market.
Implementation of IoT into the HVAC sector enables remote appliance control and significantly better customer-centric services in the HVAC controls market.Integrating IoT in the energy sector is the operational insight into HVAC appliances and techniques to reduce energy usage in the HVAC controls market significantly.
For instance, HVAC contractors can get their devices to monitor occupancy inside the building by combining smart devices with motion sensors.The system might recommend that the customer dial down the heating (or cooling) to save energy through an app message when there is no movement for an extended time inside the building.
Moreover, the controls readily use the most recent networking and AI technologies, enabling them to gradually learn the preferences of the tenants and adapt to their comfort requirements.HVAC manufacturers aim to grow their market share by offering consumers intelligent HVAC solutions.
Lighting and HVAC systems use the most energy in commercial or residential buildings in the HVAC controls market. Implementing machine-to-machine (M2M) connectivity with IoT in various applications supports cost savings, resource conservation, predictive maintenance, comfort control, and healthy building performance in the HVAC controls market. As a result, there is a higher need for IoT-based HVAC control systems. Thus, implementing smart, connected, and energy-efficient IoT-enabled HVAC systems is driving the market growth of the HVAC controls.
Europe dominated the HVAC controls market owing to factors such as diverse climatic conditions, rising population, growing spending capability of people, availability of affordable systems, and rapid urbanization in the developing countries of Europe.Further, the presence of various HVAC systems and HVAC controls manufacturers in countries such as China and India influences the HVAC controls market growth in the APAC region.
North America is expected to witness significant growth in the HVAC controls market.However, the requirement to upgrade or replace outdated control systems with newer ones is propelling the HVAC controls market growth in the region.
A higher proportion of smart houses, especially in the US, is significantly affecting the market growth.Smart HVAC controls can be integrated into smart homes with the help of connected gadgets, making them easier to use and more efficient.
The region is also distinguished by OEMs, manufacturers, and a sizable consumer base. The market is expanding considerably due to regional businesses such as Johnson Controls, Nest, and Honeywell International. In Europe, the growth of the HVAC controls market is propelled by stringent government regulations for efficient building management systems. The need for HVAC control systems is driven by the growing emphasis on smart technologies in Europe. In residential, commercial, and industrial settings, the control systems aid in maximizing the management of air handling and chiller units in the HVAC controls market. The HVAC controls market is growing due to the requirement to adjust temperature settings per the outside atmosphere and the existing occupancy. The demand for HVAC controls is driven by the increasing construction activities in the MEA. Governments in the MEA countries are focusing on developing the tourism & industrial sectors, which is expected to boost the demand for HVAC systems in the region. Further, the high-technology adoption in the construction sector of GCC is witnessing robust demand for smart HVAC systems. Moreover, the extreme climate conditions and high electricity prices are increasing the demand for HVAC sensors. In SAM, the demand for HVAC controls is propelled by the rising urbanization and increasing capability of the middle-class population to install efficient HVAC systems.
Indoor environments are becoming more and more comfortable and efficient to maintain through the development of innovative technologies and networks of sensors that regulate heating, ventilation, and air conditioning systems.The sensor covers a wide range of application needs in the HVAC and refrigeration industries in the HVAC controls market.
Temperature, humidity, and pressure sensors are the most commonly used for HVAC and HVAC control applications.Temperature sensors can monitor ambient conditions, liquids, and gases used to heat and cool the medium.
The pressure sensor and transducer can work similarly to ensure efficiency.The humidity sensor can be integrated into a humidification or dehumidification system for increased comfort.
These factors result in the growth of the HVAC controls market during the forecast period.
Key companies in the HVAC controls market include Carrier, Daikin, Delta Controls, Distech Control Inc., Emerson Electric Co., Honeywell International Inc, Johnson Controls, Lennox International Inc, Siemens AG, and Schneider Electric. The report also comprises secondary research work on other companies that hold a significant share in the HVAC controls market share.
The overall size of the HVAC controls market has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the HVAC controls market.
The process also serves the purpose of obtaining an overview and forecast for the HVAC controls market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights into the HVAC controls market.
The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the HVAC controls market.
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