HVAC Controls Market by Growth & Opportunities - Global Forecast to 2027

The HVAC controls market size is projected to reach USD 26.7 billion by 2027 from USD 17.2 billion in 2022; at a CAGR of 9.2% from 2022 to 2027.

The HVAC controls market is dominated by players such as Honeywell International Inc. (US), Johnson Controls (US), Siemens (Germany), Carrier (US), and Emerson Electric Co. (US).

A new HVAC system is an important investment decision for residential buyers as the cost of the device is propagated with the lifespan of the HVAC system. Huge investments are required to upgrade control systems and develop innovative HVAC control systems.

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Growing demand for cloud computing in HVAC

The increased adoption of cloud computing has offered benefits for various industry sectors by providing advanced Artificial Intelligence capabilities for various applications, including HVAC. The advanced application of cloud computing and IoT is Digital twin; a real-time-based simulation of the system model, which takes real-time operational data of the HVAC system and performs simulation to reduce operational cost; provides information on the optimal maintenance schedule of HVAC equipment and perform remote diagnostics. Digital twins can help create smarter buildings by automating processes through machine learning.

Smart building technologies such as building automation are increasingly being adopted as they automate processes and reduce human intervention, improve the efficiency of the HVAC systems, eliminate energy wastage, and diminish cost.

Asia Pacific held the largest share of the HVAC controls market in 2021; it is expected to register the highest growth rate from 2022 to 2027. Asia Pacific has been a major contributor to the growth of the overall HVAC controls market as this region has a huge market for the construction industry, which is the primary end-user of HVAC controls. The growing population in developing countries of this region, along with environmental awareness, is supporting the adoption of HVAC controls.

HVAC control sensors are expected to grow at the highest CAGR during the forecast period. Amogn the different sensors used, temperature and humidity sensors are the most widely used sensors in an HVAC control system. The rapid technological growth in IoT and Ai devices have propelled the market for smart sensors used in HVAC control systems.