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HVAC Controls Market to hit $20,126.56 million, Globally, by 2028 at 17.63 % CAGR: The Insight Partners

07-01-2022 04:27 PM CET | Industry, Real Estate & Construction

Press release from: The Insight Partners

/ PR Agency: The Insight Partners
The Insight Partners

The Insight Partners

According to The Insight Partners' research, the HVAC Controls Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Component Type, Installation Type, System, and End-User" the market is expected to grow from US$ 6,500.0 million in 2021 to US$ 20,126.56 million by 2028; it is estimated to grow at a CAGR of 17.63 % from 2022 to 2028.

With the ongoing trend of urbanization, various governments are taking initiatives to develop smart cities in their respective economies. For instance, in 2021, under the smart city initiative in Singapore, the government announced to build 42,000 homes connected to a single central air conditioning unit. Moreover, the Indian government's Smart Cities Mission was launched in 2015 to promote sustainable and inclusive cities that offer essential infrastructure and a decent quality of life, with a sustainable and clean environment and application of 'Smart' solutions. The initiative of the governments toward green and smart cities is adding impetus to the present HVAC industry globally for the development of energy-efficient and economical HVAC systems, which is resulting in shifting the focus of HVAC market players to the developing markets, thereby creating regional clusters for HVAC equipment manufacturing. Moreover, the European Commission (EC) aims to significantly promote energy-efficient and low-carbon technologies under its smart cities initiative. The increasing focus of governments worldwide on the development of smart cities is creating a demand for HVAC controls.

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A cloud platform simplifies updating information about the project, customer requirements, and equipment and control selection. The same information can also be referred to in the future. Cloud computing has made following laws, selecting energy-efficient HVAC systems and controls, assessing HVAC load, storing sales data, and preserving data for technicians a lot easier. Thus, the rising adoption of cloud computing in HVAC will likely create opportunities in the HVAC controls market.

The global HVAC Controls market is segmented into component type, installation type, system, end-user, and geography. Based on component type, the market is segmented into sensors, controllers, smart vents, and others. In 2021, the controllers segment led the market with the larger HVAC controls market share. Based on installation type, the HVAC controls market is bifurcated into installation and retrofit. In 2021, the new installation segment is dominate the market during the forecast period. Based on system, the HVAC controls market is categorized into temperature control system, humidity control system, ventilation control system, and integrated control system. Based on end user, the market is segmented into residential, commercial, and industrial. The commercial segment is expected to dominate the market throughout the forecast period. Geographically, the market is divided into five regions North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. Asia Pacific dominated the overall market in 2021. Furthermore, North America contributed the second-largest share of the HVAC Controls market in 2021, followed by Europe.

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Growth in Construction Sector

With significant investment in commercial construction, infrastructural and institutional projects such as railway stations, bus terminals, airports, and educational institutions, the construction sector is expanding dramatically in emerging countries of Asia Pacific, the MEA, and SAM. The building industry's growth is due to the rapidly expanding urban population's desire for a higher standard of living. Moreover, the development of commercial structures, including office buildings, movie theatres, retail malls, and recreational facilities, is accelerating the installation of HVAC systems. A few economies intend to expand their industrial sectors by fostering a welcoming business environment for foreign investors and aiding domestic firms. Further, a few measures were launched by governments to assist industrialization, such as Made in China 2025, Make in India, Saudi Arabia's National Industrial Development & Logistics Program, and the UAE Strategy for the Fourth Industrial Revolution. Moreover, several multinational companies are moving their manufacturing operations to low-cost economies in ASEAN, accelerating the number of industrial buildings. As one of the essential systems in the construction process, HVAC system deployment is rising with the expansion of construction activities. The HVAC controls should benefit as a result of this element. Thus, growth in the construction sector is driving the demand for HVAC controls.

The List of Companies - HVAC Controls Market

Carrier, Daikin, Delta Controls, Distech Control Inc., Emerson Electric Co., Honeywell International Inc, Johnson Controls, Lennox International Inc, Siemens, and Schneider Electric are key players operating in the HVAC Controls market. Several other market players have been analyzed to understand the HVAC Controls market.

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Contact Us:

If you have any queries about this report or if you would like further information, please contact us:

Contact Person: Sameer Joshi

E-mail: sales@theinsightpartners.com

Phone: +1-646-491-9876

About Us:

The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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