HVAC Controls Market by System (Temperature, Ventilation, Humidity, Integrated Controls), Component (Sensors, and Controllers & Controlled Devices), Implementation Type (New Construction, Retrofit), Application, and Geography - Global Forecast to 2023
“HVAC controls market is expected to grow at a significant CAGR between 2018 and 2023”
The HVAC controls market was valued at USD 13.63 billion in 2018 and is expected to reach USD 27.04 billion by 2023, at a CAGR of 12.1% between 2018 and 2023. Major driving factors of the market include the need for efficient use of energy in buildings, growing construction market, increasing adoption of IoT in the HVAC industry, and rising demand for building automation systems (BASs). However, complexity in upgrading the existing HVAC systems pose a challenge for the market growth.
“Market for integrated control system is expected to grow at the highest CAGR between 2018 and 2023”
The integrated control system is expected to grow at the highest CAGR between 2018 and 2023. The integrated control system includes the combination of temperature, ventilation, and other control systems. This combined effect enables users to benefit from different features of different controls. Integrated control systems are also expected to integrate communication modes such as Wi-Fi, cloud computing, and Internet of Things (IoT), which would help in virtually controlling, monitoring, and maintaining HVAC systems from anywhere.
“Market for controllers and controlled equipment is expected to grow at the highest CAGR between 2018 and 2023”
Controlled equipment is responsible for the execution process of an HVAC control system. This equipment carries out physical operations to alter the temperature, humidity, and flow of air, and achieve user-defined standards of internal atmosphere. Controllers receive data from sensors, convert the data into a compatible format, and then compares them with user-defined parameters to make logical decisions to turn on or off HVAC equipment, controlled equipment, control valves, and dampers. These two major components helps in the proper execution of the process of HVAC.
“APAC to hold the largest share of the global HVAC controls market during the forecast period”
APAC is expected to hold the largest share of the HVAC controls market between 2018 and 2023. In APAC, growth in building construction and strict regulations for maintaining high energy efficiency of the HVAC equipment in new buildings are increasing. China plans to have 50% of all the new buildings to be certified as green buildings by 2020. This requires an efficient utility of energy, which can be achieved with the use of energy-efficient HVAC systems and HVAC controls. India, being the second-most populated country, has a large number of infrastructure projects, including residential and commercial. Increasing awareness about energy preservation through the use of energy-efficient equipment is fueling the growth of the smart home industry in India. Initiatives such as Foreign Direct Investment (FDI), expansion of metro rail, smart city projects, and “Housing for All by 2020” are expected to boost the demand for HVAC controls in this country.
Breakdown of the profiles of primary participants for the report has been given below:
By Company Type: Tier 1 = 44%, Tier 2 = 32%, and Tier 3 = 24%
By Designation: C-Level Executives = 43%, Directors = 37%, and Others = 20%
By Region: North America = 45%, Europe= 22%, APAC = 24%, and RoW = 9%
Key players operating in the HVAC controls market are Honeywell (US), Johnson Controls (US), Siemens (Germany), Schneider Electric (France), Emerson (US), Delta Controls (Canada), Ingersoll-Rand (Ireland), United Technologies (US), Lennox (US), and Distech Controls (Canada).
The research report analyzes the HVAC controls market on the basis of system, component, implementation type, application, and geography. Based on system, the HVAC controls market has been classified into temperature, ventilation, humidity, and integrated control system. The market has been segmented on the basis of component into sensors and controllers & controlled devices. Based on implementation type, the market has been segmented into new construction and retrofit. Based on application, the HVAC controls market has been classified into residential, commercial and industrial. The report covers 4 major regions—North America, Europe, APAC, and RoW.
Key Benefits of Buying the Report:
Illustrative segmentation, analysis, and forecast of the market based on system, component, implementation type, application, and geography have been conducted to give an overall view of the HVAC controls market.
Major drivers, restraints, opportunities, and challenges pertaining to the HVAC controls market have been detailed in this report.
The report includes a detailed competitive landscape, along with the profiles of key market players.