HVAC Controls Market Growth, Top Manufacturers, Regions and Forecast by 2027

HVAC controls market report share is estimated to be USD 17.2 billion in 2022 and is projected to reach USD 26.7 billion by 2027; it is expected to grow at a CAGR of 9.2% from 2022 to 2027.

The major factors driving the growth of the market include the consolidation trend of smart homes, the boom in the construction sector, the emergence of IoT-enabled HVAC systems, and the need to achieve energy efficiency in buildings.

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).

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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. Post-COVID-19, organizations have started resuming offices. Generally, offices are huge enough to accommodate a large number of employees. Hence, the energy consumption of conventional HVAC systems and lighting is very high in offices, resulting in high operational costs as the systems are continuously being operated. Hence, companies are focusing on reducing costs by implementing smart building automation technologies, which can detect the presence of an occupant in a specific room or an area. This will enable building automation systems to operate the HVAC and lighting systems in rooms in which employees are occupied, reducing energy consumption and thereby decreasing costs.

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.