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HVAC Controls Market is expected to reach US$ 20,126.56 Million by 2028 | The Insight Partners
HVAC Controls Market
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.
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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.
The List of Companies - HVAC Controls Market
1. Carrier Global Corporation
2. DAIKIN INDUSTRIES, Ltd.
3. Delta Controls
4. Distech Controls
5. Emerson Electric Co.
6. Honeywell International Inc.
7. Johnson Controls, Inc.
8. Schneider Electric SE
9. Siemens AG
10. Lennox International Inc.
According to our latest market study on "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.
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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.
Installation Type Segment Insights:
Based on installation type, the HVAC controls market is bifurcated into new installation and retrofit. Most retrofit projects result from nagging comfort, operational, and efficiency issues that cannot be resolved by changing the air distribution system or calibrating the equipment. The type of heating and cooling system currently installed in the building will significantly impact the HVAC commercial retrofit possibilities.
System Segment Insights:
The HVAC controls market analysis, based on system, is categorized into temperature control system, humidity control system, ventilation control system, and integrated control system. Especially in the summer, humidity is crucial to maintaining the ideal indoor atmosphere. Humidity control systems are largely used to manage HVAC humidity control. Humidifiers and dehumidifiers are the two categories of equipment.
End User Segment Insights:
Based on end user, the HVAC controls market is categorized into residential, commercial, and industrial. Buildings with commercial HVAC systems have interconnected systems that deliver heating, ventilation, and cooling to specific floors or other parts of the building. Due to the ongoing urbanization, there is surge in demand for HVAC Controls in residential and housing projects. HVAC Controls are also being adopted in rising commercial and industrial facilities.
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Impact of COVID-19 Pandemic on HVAC Controls Market
Governments in Asia Pacific nations implemented lockdown and physical distance regulations, which had a detrimental impact on the manufacturing industry, as part of numerous critical measures to stop the spread of the virus. With multiple manufacturers operating and supporting numerous industries worldwide, China has a sizably large number of electronics and semiconductor manufacturing companies. The Chinese HVAC Controls market participants noticed a significant influence on their businesses during the first quarter of 2020, which showed a sharp fall in revenue creation and led to losses in both the Chinese and APAC HVAC Controls markets. In addition, the vast majority of HVAC system producers are located in China.
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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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