Key Opportunities and Challenges in the HVAC Controls Market

The HVAC controls market was valued at USD 11.71 billion in 2017 and is expected to reach USD 27.04 billion by 2023, at a CAGR of 12.1% during the forecast period. The base year considered for the study is 2017, and the forecast period is between 2018 and 2023.

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How will the growing demand for cloud computing in HVAC be an opportunity for the market?
Cloud computing helps in storing data, carrying out processes, and running businesses using internet servers located in a remote location. It has evolved to become an engine of enterprise technology innovation. In HVAC, contractors store various data such as information related to HVAC loads, equipment implemented in a building, proposals, maintenance activities, and others.

These data are created in a variety of systems, and these systems are disconnected from each other. Manual communication for acquiring these data within the company creates confusion, and there is a loss of data, which creates potential problems. To solve this problem, a common platform, i.e., cloud computing, can be used, providing access to everyone dealing with the project. Updated information regarding project, client requirement, and equipment and controls selection can be done easily with this platform. The same data can be used for future reference. Cloud computing helps in adhering to regulations, selecting energy-efficient HVAC systems and controls, analyzing HVAC load, storing sales data, and maintaining data for technicians.

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How will the complexity in upgrading existing HVAC systems pose a challenge to market growth?
Governments of various countries have made policies and regulations regarding the safety of old buildings and upgrade of their existing HVAC systems to meet environmental requirements. However, this upgrade requires a thorough study of exiting systems and a planning to include updated HVAC controls in current HVAC systems. The process includes design and implementation, which are very complex, time-consuming, and costly.

For example, if an air distribution system is working with a high amount of air flow instead of the required amount, the reduction in the air flow can cause uneven cooling of the building. This issue needs to be identified and diagnosed; also, a solution is required for the same. Another complex issue in retrofits is the upgrade of partial devices, which creates the inability to understand the existence of an issue in the system.

The overall upgrade of HVAC systems and the inclusion of HVAC controls in old buildings are complex, thus posing a challenge to the growth of the HVAC controls market.

Mr. Shelly Singh
MarketsandMarkets™ INC.
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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

This release was published on openPR.