What’s driving the HVAC control system market forecast? |by key players United Technologies, Lennox International, Ingersoll-Rand, Plc., Hitachi
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Smart thermostats are expected to gain a considerable share in the HVAC control system 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 HVAC Control System industry growth.
The growing adoption of IoT technology and building automation solutions is driving the HVAC control system 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.
High initial costs of these systems are expected to hinder the HVAC Control System 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.
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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Daikin Industries Ltd
2. Delta Controls
3. Distech Controls
6. Haier Group
HVAC Control System 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.
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Some of the key players in the HVAC Control System 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.
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