Press release
Smart HVAC Controls Market Growth Outlook & Forecast To 2024 - Schneider Electric, United Technologies, Emerson, Haier Group, Honeywell, Ecobee, Johnson Controls, Distech Controls, Lennox International, LG Electronics, Nest
Smart HVAC Controls Market
Tagged as one of the most profitable investment ventures of the recent times, smart HVAC controls market has made its presence felt owing to the ongoing trend of reducing energy consumption. Not to mention, the growing prominence of the Internet of Things (IoT) that has paved the way for building components to be connected to the Internet, resulting in the expansion of the building automation sector, has also led to smart HVAC controls industry retaining a profitable position worldwide.
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Top key players in the smart HVAC controls market include Distech Controls, Emerson Electric, Ecobee, Honeywell International, Johnson Controls, Lennox and Schneider Electric.
Smart HVAC systems provide the ability to fine-tune temperature, air quality, humidity, and several atmospheric factors in homes and offices. These systems are equipped with high precision sensors for regulating and maintaining air quality and temperature, further improving occupant's health and physical well-being. Indeed, the product can significantly reduce energy consumption and can easily adapt to changing environmental conditions while detecting need for maintenance. Using both advanced hardware and software technology these systems offer enhanced compatibility with smart devices while sustaining the concept of IoT, that has consequently propelled smart HVAC controls market trends.
The demand for smart thermostats has also helped uplift the smart HVAC controls market share, especially on account of the product's extensive demand in colder countries. Smart thermostats use high precision motion and door sensors to save energy by automatically turning off when residents are sleeping or away from home. These low cost, easy to install devices have reportedly gained popularity in colder countries including Russia, UK and Germany, UK. Easy configuration and integration with smartphones and other home appliances have encouraged users to implement these systems on a large scale, augmenting smart HVAC controls market size.
The International Energy Agency (IEA) predicts that adopting digitalization could save around 10% of total energy consumption in commercial and residential buildings by 2040, with efficiency gains largely depicting themselves in cooling and heating applications, specifically with the deployment of smart thermostats and sensors. This has gradually led to a rise in the number of more and more automated buildings, that would eventually result in the expansion of smart HVAC controls market.
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