HVAC Controls Market to grow $ 20,126.56 Mn at a CAGR of 17.63% by 2028 - Latest Exclusive Research by The Insight Partners
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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.
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 growing 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.
HVAC Controls Market: Competitive Landscape and Key Developments
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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