The HVAC control market is projected to grow from USD 14.8 billion in 2020 to USD 24.4 billion by 2025; it is expected to grow at a CAGR of 10.5% from 2020 to 2025.
Consolidating trend of smart homes, accelerated further by COVID-19 situation to boost HVAC controls market growth, boom in construction sector fueling demand for HVAC controls, the emergence of IoT-enabled HVAC systems, and need to achieve energy efficiency in buildings are among the factors driving the market for HVAC controls. The report covers the HVAC controls industry segmented into implementation type, system, component, application, and geography.
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HVAC controls for residential application accounted for the second largest share of the market in 2019
The increasing awareness of energy conservation and efficiency and environmental protection has fuelled the adoption of energy-efficient HVAC controls. These solutions help in the optimum utilization of energy and maintain the most comfortable and healthy environment indoors. Favorable government regulations and tax credit facilities on the installation of HVAC systems and the growing focus of end users on reducing electricity bills have significantly contributed to the growth of the HVAC controls market for residential applications. COVID-19 has impacted the residential sector by affecting the individual economy, which will cause the market to slow down. The market is also impacted by the supply and demand disruptions in countries such as the US, Germany, China, and Australia. One of the key impacts on the HVAC controls market for the residential sector is the increased economic slowdown due to travel restrictions and reduced consumer demand due to lockdowns.
Sensors component segment to register with the highest growth rate during the forecast period
Sensors are responsible for sensing various elements in the atmosphere and sending this information accurately to controllers, which can then be processed for taking appropriate actions. These sensors also detect if the actions taken by controllers and controlled equipment have given the desired results. The development of wireless technology and its application in IoT and smart homes are the factors fueling the market for sensors in HVAC controls.
The HVAC controls market in APAC is projected to grow at the highest CAGR during the forecast period.
APAC held the largest share of the HVAC controls market in 2019. Technological advancements and inclination toward the use of energy-efficient products fuel the growth of the HVAC controls market in APAC. The growing population in developing countries in this region, along with environmental awareness, is supporting the adoption of HVAC controls. The rise in the adoption of green buildings and government initiatives to regulate energy-efficient practices across the commercial sector is also aiding the adoption of HVAC controls in this region. However, the APAC market is expected to see a dip owing to the halt of both ongoing as well as new infrastructure and construction projects due to COVID-19.
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Key Market Players
Honeywell International Inc (US), Johnson Controls (US), Schneider Electric (France), Siemens (Germany), Carrier Global Corporation (US), Emerson Electric (US), Trane Technologies Plc (Ireland), Lennox (US), Delta Controls (Canada), Distech Controls (Canada), KMC Controls (US), Daikin Industries (Japan), LG Electronics (South Korea), Jackson Systems (US), and OJ Electronics (Denmark) are some of the major players in the HVAC controls market.
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