North America Smart HVAC Controls Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Product Type (Smart Thermostat, Smart Air Vent, and Others), Implementation Type (New Construction and Retrofit), and Application (Residential, Commercial, and Industrial)
The North America smart HVAC controls market was valued at US$ 2,743.4 million in 2019 and is projected to reach US$ 5,471.0 million by 2027; it is expected to grow at a CAGR of 9.2% from 2020 to 2027.
In North America, the US, Canada, and Mexico are major economies. The region is witnessing growth in its manufacturing and construction industries. Tech giants are continuously contributing to the technological advancements, which is creating a stir in the competitive North America smart HVAC controls market. Population in North America is more inclined toward technological developments due to high spending power. Therefore, companies in this region are continuously enhancing their overall business processes to meet customer demand for high-quality products and services efficiently.
North America led the global smart HVAC controls market in 2019. It is anticipated to be the largest revenue contributor to the market throughout the forecast period owing to the harsh climate conditions in a few continent areas and the large-scale adoption of smart homes. Customers adopt the product seamlessly to enable temperature and humidity control to improve their comfort at home. The demand for these products in the region is expected to propel rapid development in the building automation sector and widespread technology adoption. Moreover, for ensuring a sustainable future, the US Department of Energy (DOE) is investing in energy-efficiency standards across the country. By promoting transformative science and technology products, the DOE provides prosperity and security. This, in turn, boosts the implementation of energy-efficiency standards on air conditioners, refrigerators, ventilators, and so on. Further, green HVAC systems are adopted across North America to bring down energy consumption, lower costs and improve energy-efficiency.
Furthermore, the governments' energy management initiatives for environmental degradation are also expected to propel the North America smart HVAC controls market growth. Regulations have been introduced in several countries to ensure that buildings have smart heating and cooling systems to enhance their energy efficiency. According to a study conducted by the American Council for an Energy-Efficient Economic, the use of smart HVAC saves energy cost by approx. 5-15%. Also, a large number of well-funded startups is offering innovative HVAC solutions and services. With the presence of leading manufacturers—such as Daikin North America LLC, Honeywell International Inc., and Lennox International—focused on the R&D and production of smart HVAC controls, the US is expected to dominate the smart HVAC controls market in North America during the forecast period.
A few of the major players operating in the North America smart HVAC controls market are Carrier Global Corporation; DAIKIN INDUSTRIES, Ltd; Honeywell International Inc.; Emerson Electric Co.; Siemens AG; Haier Group Corporation; Hitachi, Ltd.; Lennox International Inc; LG Electronics; and Trane Technologies plc.
The overall North America smart HVAC controls market size 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 market. The process also serves the purpose of obtaining overview and forecast for the smart HVAC controls market with regard to all the segments. Also, primary interviews were conducted with industry participants and commentators to validate data as well as to gain more analytical insights into the topic. 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 smart HVAC controls market.
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