HVAC Controls Market by Application (Industrial, Commercial, and Residential), by System (Humidity Control, Temperature Control, Integrated Control, and Ventilation Control), and by Component (Sensors and Controllers & Controlled Devices): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 - 2024

Global HVAC controls market expected to generate around USD 29.20 billion in revenue by the end of 2024, growing at a CAGR of around 14.25% between 2018 and 2024. The rapid technological advancements coupled with digitization are expected to propel the growth of the market for HVAC controls.

17-Oct-2018 | Number of pages: 110 | Report Code: ZMR-1455 | Report Format : | Status : Published

Analysis

HVAC controls are one of the crucial components in modern-day technology. The HVAC controls are designed in a way that they work in extreme conditions. HVAC systems can be described both as central systems and self-contained unit packages. A unit package or a single unit converts a primary source of energy, i.e., gas or electric current, and delivers the heating or cooling to space, whichever is necessary. Some examples of self-contained unit packages are air conditioning units for rooms, rooftop HVAC systems, and air-to-air heat pumps. In the central systems, the primary conversion of energy takes place in a central location with the help of thermal energy. The output power is further distributed via buildings or any other facility. 

HVAC controls market is experiencing the highest growth rate in developed as well as developing countries. Technological advancements and declining sensors’ prices will boost market growth and development. Commercial buildings with clean and green energy will positively impact the market. Several government initiatives toward clean, green, and sustainable environment will lead to the growth of smart buildings in the urban and semi-urban areas. Moreover, the energy management techniques through wireless modular devices with sensors and other controlled devices will propel the growth of this market. The continuous development of vents and the growing inclination of customers toward smart lifestyle and living will fuel the expansion of this market. Increased customer expenditure and rapid industrial development across the globe might also help in the development of HVAC controls market. Implementation of IoT including automated controls will increase the revenue of this market on a global scale during the forecast period. 

Global HVAC Controls Market

On the basis of application, the HVAC controls market is segmented into industrial, commercial, and residential. Based on the system, the HVAC controls market is classified into temperature control, integrated control, humidity control, and ventilation control. On the basis of the component, the market is categorized into controllers and controlled devices and sensors.

North America is anticipated to grow with the highest rate in the global HVAC controls market during the forecast period. This region will probably continue with its regional domination during the forecast period. This regional market’s growth during the forecast period can be attributed to the improved infrastructure and ongoing technological advancements and the advent of less energy consumption in every building space coupled with increased efficiency. Europe is projected to contribute a substantial revenue share in the global market for HVAC controls. Government regulations for efficient and effective energy consumption coupled with increased penetration of techno-buildings in this region will boost the growth and development of the global HVAC controls market across the world.

Some key players of the global market for HVAC controls include Azbil, Lennox International, Emerson Electric, Schneider Electric, Delta Controls, Mitsubishi Electric, Ingersoll Rand, Siemens AG, Johnson Controls, and Honeywell International, among others.


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