HVAC Controls Market Thriving at a Tremendous Growth

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.

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Opportunity: 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.

Challenge: Complexity in retrofitting HVAC controls in existing systems

Governments of various countries have made guidelines and regulations to upgrade their existing HVAC systems as part of environmental requirements. However, the upgradation of such systems is quite complex and cost intensive and time consuming. For instance, if a user installs new HVAC equipment in the existing ductwork of the house, it can affect the installation costs, depending on its ductwork condition. It would be not recommended to install a new central air conditioner if the ductwork has leaks or if the zone control systems are malfunctioning. Since the repair work must be done before the new air conditioner can be installed, it will increase the installation costs.