The global HVAC control systems market size is expected to reach USD 29.2 billion by 2025, expanding at a CAGR of 12.2%, according to a study conducted by Grand View Research, Inc. The rise in demand for HVAC equipment and advent of smart controllers are some factors anticipated to positively affect market growth. The growing adoption of building management systems is also expected to impel market growth.
Advancements in the field of sensors is anticipated to offer opportunities for market growth over the forecast years. Numerous sensors including temperature and humidity form a core component of any HVAC system. These sensors gather real-time data and help smart functioning of the equipment by analyzing surrounding changes.
Technological upgrades in systems that improve energy efficiency of HVAC equipment are expected to further fuel the HVAC control systems market. For instance, Siemens provides Synco 700, a primary controller equipped with KNX communication standard. KNX helps in communicating energy related information and thus saves energy wasted in unnecessary heating/cooling. Such advancements are expected to increase adoption of energy efficient systems for controlling heating, ventilation, and air conditioning over the forecast period.
Furthermore, the rising demand for replacement and retrofit of controllers is expected to drive the market growth. Considering high installation costs, consumers seldom replace their heating, ventilation, and air conditioning equipment. However, just changing a unit used to operate the HVAC equipment can increase its efficiency. Thus, the demand for replacement and retrofit systems is anticipated to surge over the next six years.
The Asia Pacific market held largest market share in 2018 and is anticipated to continue its dominance over the forecast period. This is attributed to rising demand for heating, ventilation, and air conditioning in emerging economies such as India and China. In addition, rising disposable income among consumers will drive the regional market. The North America market is likely to exhibit more than 10% CAGR over the forecast period. This is attributed to rising adoption of smart homes in the region. In addition, presence of key market players in the region such as Nest and Honeywell will drive the market in this region.
Click the link below:
Further key findings from the report suggest:
- The global HVAC control systems market is gaining traction owing to increasing popularity of building management systems that provide ease of controlling all the connected equipment in a building
- The sensors segment accounted for a market share of over 30% in 2018 owing to the use of multiple sensors in HVAC controllers. These sensors are essential for measuring the environment condition and sending signals to the controller
- The integrated control segment is anticipated to grow at a substantial CAGR of more than 12.0% from 2019 to 2025 owing to ease and comfort it offers by combining functions of multiple controllers in a single unit
- The commercial segment is anticipated to witness healthy growth due to increasing demand across the hospitality sector
- Climate change and increasing awareness regarding energy conservation are the primary growth drivers for the Asia Pacific market.