Smart HVAC Controls Market Size Detail Analysis focusing on Key Players like United Technologies, Lennox International, Ingersoll-Rand, Plc., Hitachi Ltd., Schneider Electric, Haier Group, and KMC Keen Home
The Asia Pacific smart HVAC controls market is expected to grow significantly over the forecast timespan due to the growth in construction activities in the region. Rapid urbanization and continuously growing population are increasing the construction of residential & commercial buildings, particularly in countries including India, China, and Japan. The governments in these countries are investing heavily in the infrastructure development projects, thus positively impacting the demand for these products. The growth in demand for properties in developing areas is propelling the real estate sector, aiding industry growth.
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Some of the key players in the smart HVAC controls market include United Technologies, Lennox International, Ingersoll-Rand, Plc., Hitachi Ltd., Schneider Electric, Haier Group, and KMC Keen Home. The industry is highly diversified due to the presence of several regional and global players. New players are finding it increasingly difficult to enter the market and compete with the existing players in terms of quality, features, and price. Also, constant technological advancements and high R&D capabilities allow the global players to retain a dominant position in the industry.
Smart thermostats are expected to gain a considerable share in the smart HVAC controls market as consumers are increasingly looking for ways to integrate intelligent heating and cooling with smart devices. In 2016, the Environmental Protection Agency (EPA) finalized the Energy Star specification for smart thermostats to improve energy savings. The manufacturers are developing systems that can be integrated with several consumer electronics such as Google Home and Amazon Echo. This will encourage consumers to adopt these systems, propelling the smart HVAC controls market growth.
Smart HVAC Controls Market is projected to surpass USD 25 billion by 2024. Continuously changing climatic conditions are encouraging the users to implement these systems in both old & new constructions. The growing need for energy efficiency in light of the growing awareness about reducing carbon footprints is driving industry growth. The governments of several countries have mandated the use of these systems to increase energy efficiency and reduce costs.
The growing adoption of IoT technology and building automation solutions is driving the smart HVAC controls market growth. The integration of the technology with the HVAC systems allows the real-time monitoring of environmental changes. Growing adoption of smart homes is encouraging users to adopt these systems owing to the ease-of-use and a high degree of flexibility offered by these systems. Furthermore, the implementation of these systems with IoT allows these systems to react fast and offer more comfort to users.
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High initial costs of these systems are expected to hinder the smart HVAC controls market growth over the next six years. Despite considerable energy & cost savings of these systems, high costs discourage small users in implementing these systems. Also, high maintenance requirements and complexity of these systems restrict the industry growth. The manufacturers are developing innovative products to increase the awareness of these systems by developing smartphone-based apps.
Table of Content:
Chapter 1 Methodology & Scope
Chapter 2 Executive Summary
Chapter 3. Smart HVAC Controls Industry Insights
Chapter 4. Smart HVAC Controls Market, By Product
Chapter 5. Smart HVAC Controls Market, By Application
Chapter 6. Smart HVAC Controls Market, By Region
Chapter 7. Company Profiles
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Global Advanced HVAC Control Market 2018 by Manufacturers, Regions, Type
and Application, Forecast to 2023
The worldwide market for Advanced HVAC Control is expected to grow at a CAGR of roughly 12.5% over the next five years, will reach 3180 million US$ in 2023, from 1570 million US$ in 2017, according to a new Research study. The programmable HVAC controls are devices which are programmable, that’s meaning the direct digital control program code may be customized for the intended use. The program features include time schedules, setpoints, controllers, logic, timers, trend logs, and alarms. Customers can change the options depend on their needs. Global advanced HVAC control industry, the industry structure is relatively concentrated. The half market share in revenue is grasped by the top four manufacturers, Honeywell, Johnson Controls, Nest and Schneider, which closes to 54.91 per cent totally. The United States giant Honeywell, which has21.25% market share in 2015, is the leader in the advanced HVAC control industry. The manufacturers following Honeywell are Nest and Johnson Controls, which respectively has 11.97% and 11.23% market share globally.
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