The latest report by IMARC Group, titled "HVAC Control Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," finds that the global HVAC control market size reached US$ 14.8 Billion in 2021. HVAC control comprises various devices and tools that are used to manage the operations of heating, ventilation, and air conditioning (HVAC) systems. It includes sensors, control valves, controlled devices, energy sources, and other control systems. It works by monitoring the temperature of the area through the sensing devices and comparing it with the target temperature to initiate a suitable action via the control systems. As a result, HVAC control units are widely installed in commercial and residential buildings to control the HVAC performance, provide a comfortable environment, and maintain an optimal temperature in enclosed spaces.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global HVAC Control Market Trends:
The increasing construction of residential, commercial, and industrial buildings across the globe represents the primary factor driving the market growth. Besides this, the escalating demand for enhanced indoor air quality and the growing need for energy-efficient building automation systems are other major growth-inducing factors. Additionally, governments of various countries are promoting the use of energy-saving equipment in residential and commercial sectors to create a green, clean, and sustainable environment. Along with this, the widespread adoption of HVAC systems due to the rising temperatures and unpredictable weather conditions has escalated the demand for HVAC control units. Furthermore, the leading players are making heavy investments to launch innovative and smart controls, such as the Internet of Things (IoT)-enabled HVAC control systems to support home automation and connectivity. Other factors, including the development of green technology, growing awareness regarding energy management, rising environmental consciousness, rapid industrialization, and technological advancements, are also creating a favorable market outlook. Looking forward, the market is expected to reach US$ 21.3 Billion by 2027, expanding at a CAGR of around 5.70% during the forecast period (2022-2027).
- Based on the component, the market has been bifurcated into sensors, and controllers and controlled devices.
- On the basis of the implementation type, the market has been classified as new construction and retrofit.
- Based on the system, the market has been divided into temperature, ventilation, humidity, and integrated control systems.
- The market has been segregated based on the end user into residential, commercial, and industrial.
- Region-wise, the market has been segmented into North America (Canada and the United States), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been examined, with some of the key players being Azbil Corporation, Carrier Global Corporation, Computrols Inc., Daikin Industries Ltd, Danfoss, Delta Electronics Inc., Emerson Electric Co., Honeywell International Inc., Johnson Controls, Inc., KMC Controls, Inc., Schneider Electric SE, and Siemens AG
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