HVAC Control Systems Market by End-users, Product, and Geography - Global Forecast and Analysis 2019-2023
Global HVAC Control Systems Market: About this market
Technavio’s HVAC control systems market analysis considers sales from products like sensors, controlled devices, and controllers. Our analysis also considers the sales of HVAC control systems in APAC, Europe, North America, South America, and MEA. In 2018, the sensors segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as significant investment in R&D to develop and enhance temperature sensor functionalities will play a significant role in the sensors segment to maintain its market position. Also, our global HVAC control systems market report looks at factors such as advances in temperature control systems, inorganic growth of global HVAC control systems market, and rising demand for efficient and fail-proof HVAC controls. However, the need for high R&D investments, cybersecurity issues in HVAC control systems, and lack of skilled labor in HVAC industry may hamper the growth of the HVAC control systems industry over the forecast period.
Global HVAC Control Systems Market: Overview
Rising demand for efficient and fail-proof HVAC controls
The demand for stable temperature maintenance and efficient monitoring of HVAC systems is increasing across several industries. This is increasing the demand for efficient and fail-proof HVAC controls, especially from cold storage plants, data centers, food processing facilities, medical, and pharmaceutical industry. The ability of HVAC controls to operate and maintain the temperature and environment at optimum levels is a key factor that increases the adoption of automation in HVAC controls, mainly in cold storage plants. Similarly, the increase in the number of data centers that comprise sensitive electronic components and require continuous monitoring of temperature, humidity, airflow, and other parameters is driving the demand for efficient and fail-proof HVAC controls. This will lead to the expansion of the global HVAC control systems market at a CAGR of almost 6% during the forecast period.
Personalization of HVAC controls
Building automation is becoming one of the fastest-growing segments in the automation industry. Advances in automation have led to the introduction of personalization in HVAC controls, which allows occupants in buildings to adjust the temperature, humidity, and various other parameters within a certain area. Further, personalized HVAC controls can also be integrated with analytics software to track user behavior. Moreover, the personalization of HVAC controls improves the energy efficiency of buildings. The rising need for energy efficiency in several commercial buildings across regions will increase the adoption of such types of HVAC control systems, which will positively impact the growth of the global HVAC control systems market during the forecast period.
For the detailed list of factors that will drive the global HVAC control systems market during the forecast period 2019-2023, click here.
With the presence of several major players, the global HVAC control systems market is fragmented. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading HVAC control systems manufacturers, that include Azbil Corp., Delta Electronics Inc., Emerson Electric Co., Honeywell International Inc., Ingersoll-Rand Plc, Johnson Controls International Plc, Lennox International Inc., Mitsubishi Electric Corp., Schneider Electric SE, and Siemens AG.
Also, the HVAC control systems market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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