According to IMARC Group latest report titled “HVAC Control Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on HVAC control market report. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global HVAC control market reached a value of US$ 14.8 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 21.3 Billion by 2027 exhibiting a CAGR of 5.70% during 2022-2027.
The heating, ventilation, and air conditioning (HVAC) control system is used to regulate the operations of air conditioning and heating systems. It is frequently used to keep an enclosed space at the ideal temperature, monitor and adjust HVAC performance, and provide a comfortable environment. It comprises energy sources, sensors, control valves, and equipment in the HVAC controls market. It has sensors that allow them to compare the area’s actual temperature with a target temperature and take appropriate actions. Some widely used control systems are electronic, pneumatic, and direct-acting systems. These are extensively used due to the rising demand for improved air quality, performance, and environmental concerns in the market. These systems are employed in various business sectors, including hospitality, corporations, retail, and residential.
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Due to the COVID-19 pandemic, the HVAC market has witnessed a significant loss, with supply and demand declining simultaneously. The market’s growth slowed and made it complex to obtain HVAC equipment and other control components. Most HVAC control system key components, such as HVAC equipment, sensors, and controlled equipment, are manufactured in Asia-Pacific. Due to the increasing number of casualties across the APAC region on account of the pandemic, production activities were curtailed and halted, thus resulting in a significant reduction in the number of raw materials used by major HVAC players.
Market Trends:
The global market is majorly driven by the increasing demand for HVAC solutions from commercial establishments. In line with this, strict regulations considering environmental norms have enforced various commercial organizations and industries to install HVAC controls in their operational areas. Furthermore, rapid industrialization has led to a surge in demand for heating and cooling equipment across various industries, such as mining and power generation. Apart from this, the rising demand for remote access control systems, which are easy to operate, has considerably led to growth in investments by commercial, industrial, and residential end-users in HVAC systems. This significant growth in investments has led to the development of advanced HVAC control systems with various sensors. Moreover, continual developments in residential, commercial, and industrial building infrastructure have also increased the demand for HVAC controls. Besides this, the emergence of IoT-enabled HVAC systems is creating a positive outlook for the market. Additionally, rapid urbanization in developing economies is expected to accelerate the expansion of the industrial sector, which, in turn, is expected to raise demand for HAVC control in the future.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- Azbil Corporation
- Carrier Global Corporation
- Computrols Inc.
- Daikin Industries Ltd
- Danfoss
- Delta Electronics Inc.
- Emerson Electric Co.
- Honeywell International Inc.
- Johnson Controls International
- KMC Controls
- Schneider Electric SE
- Siemens AG
HVAC Control Market Segmentation:
Our report has categorized the market based on region, component, implementation type, system and end user.
Breakup by Component:
- Sensors
- Controllers and Controlled Devices
Breakup by Implementation Type:
- New Construction
- Retrofit
Breakup by System:
- Temperature Control Systems
- Ventilation Control Systems
- Humidity Control Systems
- Integrated Control Systems
Breakup by End User:
- Residential
- Commercial
- Industrial
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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