The global Heating, Ventilation, and Air Conditioning (HVAC) controls market size was USD 16.74 Billion in 2021 and is expected to register a revenue CAGR of 9.5% during the forecast period, according to latest analysis by Emergen Research. Industrial transformation and incorporation of Internet of Things (IoT)-enabled devices in HVAC systems have significantly increased application of HVAC system in industrial and commercial facilities, which is a major factor driving market revenue growth. Primary benefit of incorporating IoT components, such as sensors and others into HVAC systems is that, operators can easily operate them from remote locations. In addition, it aids in providing customer-centric services, which thereby increases profitability and customer retention. Another major advantage of incorporating IoT-enabled devices in HVAC system is minimum energy consumption. IoT-enabled devices also aid in providing real-time data when connected to a computer system, which enables industrial professionals and engineers to perform critical maintenance during equipment downtime. IoT devices also provide benefits for HVAC industry professionals.
The study on the Global HVAC Controls Market is the latest report covering the impact analysis of the currently ongoing COVID-19 pandemic. The pandemic has directly affected the market by causing disruptions in the global supply chains and indirectly by inducing financial difficulties. The HVAC Controls market has witnessed dynamic changes in trends and demands owing to the ongoing COVID-19 pandemic. The report provides a detailed outlook on how the pandemic has affected the key segments of the HVAC Controls industry. The report includes an in-depth impact analysis of the COVID-19 pandemic on the overall HVAC Controls industry.
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Some Key Highlights From the Report
- The sensors segment accounted for a significant revenue share in 2021. Increasing demand for temperature and humidity sensors due to fluctuating weather conditions is a major factor driving revenue growth of this segment. In addition, increasing consumer awareness regarding specifications of various types of available sensors is contributing to segment’s revenue growth. Market companies, such as Epulse and others, are significantly investing in manufacturing cost-effective and highly accurate HVAC control components. For instance, a smart thermostat is increasingly used in HVAC systems to keep tenants comfortable. Moreover, they also support features such as voice control, in-depth programmability, air quality control, and others.
- The temperature control system segment accounted for a significant revenue share in 2021. Wide availability of cost-effective temperature control systems is a major factor driving revenue growth of this segment. A temperature control system is most widely used HVAC control system mainly due to their ability to adjust room temperature as per preference of users. In addition, market companies are significantly investing in research & development activities and manufacturing temperature control system components that significantly aid in lower operating costs and provide constant comfort. This is achieved by sensing or detecting temperature of an enclosed area and thereby heating and cooling accordingly. Increasing construction activities, rising global temperature, and increasing government support are among other factors that contribute to revenue growth of this segment.
- The commercial segment accounted for a significant revenue share in 2021. Significant investments in renovation of buildings and incorporation of building automation systems are major factors driving revenue growth of this segment. HVAC operation accounts for nearly half of a commercial facility’s energy consumption on average. Building owners can save a lot of money and energy by installing right HVAC control system. More importantly, as it provides temperature control, fresh air circulation, and filtration, HVAC control is responsible for comfort and health of a building’s occupants. Various equipment features offered by market companies have also played a key role in driving revenue growth of this segment. For instance, Computrols offers additional features, such as a lifetime warranty, integrations to open and proprietary systems, and others, with their HVAC control products available in the market.
Leading Companies of the HVAC Controls Industry and Profiled in the Report are:
Honeywell International Inc., Johnson Controls, Schneider Electric, Siemens, Emerson Electric Co., Delta Controls, Trane Technologies plc, Lennox International Inc., Daikin Industries, Ltd., Ecobee, Robert Bosch GmbH, and Jackson Systems & Supply.
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Furthermore, the report divides the HVAC Controls market into key segments and sub-segments to offer an analysis of the product type and application spectrum of the industry. It also offers predictions about the segments expected to show significant growth during the projected timeline.
Emergen Research has segmented the global HVAC controls market based on component, system, application, and region:
- Component Outlook (Revenue, USD Billion; 2019-2030)
- Sensors
- Controllers and Controlled Devices
- System Outlook (Revenue, USD Billion; 2019-2030)
- Temperature Control System
- Ventilation Control System
- Humidity Control System
- Integrated Control System
- Application Outlook (Revenue, USD Billion; 2019-2030)
- Residential
- Commercial
- Industrial
Regional Analysis:
The report sheds light on the region expected to dominate the HVAC Controls market in the coming years. The report estimates the market size in terms of volume and value and offers an accurate estimate of the market share each region is anticipated to hold during the forecast period. The report analyzes the spread of the HVAC Controls market in key geographies covering North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The regional analysis offers an idea about the production and consumption pattern, import/export, supply and demand ratio, revenue contribution, market share and size, and the presence of prominent players in each region.
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The report covers key points of the market, including the standards, regulations, and policy changes applied by the government on the industry for the coming years. The report encompasses thorough research carried out by the application of advanced analytical tools such as SWOT analysis and Porter’s Five Forces analysis to pinpoint the growth trends and patterns. Factors likely to influence the growth of the market, current trends, opportunities, restraining factors, and business landscape are discussed in-depth in the market study.
Key Points of HVAC Controls Market:
- Extensive coverage of the analysis of the HVAC Controls market
- Key insights into the regional spread of the industry in key geographies
- Radical insights into the vital market trends; both current and emerging trends, and factors influencing the growth of the market
- Comprehensive coverage of the impact of the COVID-19 pandemic on the overall growth of the HVAC Controls market
- Complete data about the key manufacturers and vendors in the HVAC Controls market
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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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