HVAC Electronics Market By Type (Heating Equipment, Cooling Equipment, Ventilation Equipment), By Installation type (New Constructions, Retrofits), By End User (Residential, Commercial, Industrial): Global Opportunity Analysis and Industry Forecast, 2021-2031
The global HVAC electronics market size was valued at $21,850.5 million in 2021, and is projected to reach $38,037.2 million by 2031, registering a CAGR of 5.7% from 2022 to 2031.
Heating, Ventilation, And Air Conditioning (HVAC) electronic is installed to regulate the operation of a heating, ventilating, and air-conditioning system. The sensing device are utilized to compare the actual state, such as humidity or temperature, with a target state. Ventilation is one of the most important aspects of HVAC systems as a lack of fresh air increases the concentration of air pollutants and decreases the oxygen level in indoor spaces. Such systems are adopted in the industrial, commercial, and residential sectors.
HVAC electronics consists of devices that enhance performance of heating, ventilation, and air conditioning equipment. HVAC electronics are installed in various industry verticals such as industrial, enterprises, retail, hospitality, and residential. Development of smart cities in emerging countries and government initiatives are expected to boost the building automation & electronics industry, which propels the HVAC electronics market growth. HVAC electronics systems are responsible for maintaining an indoor comfort level for occupants as well as reducing energy consumption. The popularity of integrated electronics systems has increased significantly owing to their ease of use, ability to improve efficiency of HVAC systems and increase in concept of smart homes & buildings.
Development of IoT-enabled HVAC systems, growth in the construction market, and rise in demand for building automation systems (BASs) are some factors that propel the market growth. Furthermore, rise in global temperatures has increased the frequency and intensity of heat waves, draughts, and rainfall. These factors affect relative humidity, thereby altering the performance and energy consumption of HVAC equipment. These factors are expected to boost the demand for effective humidity control systems in the coming years. However, fluctuations in raw material prices may hamper the market growth. Furthermore, rise in demand for cloud computing in HVAC offers lucrative opportunities for growth in the HVAC electronics market. Moreover, rise in government investments in construction sector is creating demand for HVAC systems and thus is expected to drive the HVAC electronics market growth. For instance, in October 2020, the government of India planned to spend around $1.4 trillion in next five years on infrastructural development.
The HVAC electronics market is segmented on the basis of type, implementation type, end user, and region. By type, the market is categorized into heating equipment, cooling equipment, and ventilation equipment. Depending on implementation type, it is fragmented into new construction and retrofit. On the basis of end user, it is categorized into residential, commercial, and industrial. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the hvac electronics market analysis from 2021 to 2031 to identify the prevailing hvac electronics market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the hvac electronics market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global hvac electronics market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Installation type
By End User
Rest of Europe
Rest of Asia-Pacific
Rest of LAMEA
Key Market Players
Samsung Electronics Co Ltd
Carrier Global Corporation
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