Press release
HVAC Electronics Market Increasing Demand, Emerging Trends, Growth Opportunities 2031
HVAC Electronics Market
One of the most important components of HVAC electronics is the thermostat. The thermostat is a temperature-sensitive switch that controls the operation of the HVAC system based on the desired temperature. Modern thermostats are typically electronic and have a digital display that shows the current temperature and allows users to set the desired temperature.
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In 2021, Asia-Pacific accounted the highest HVAC Electronics Market share in terms of revenue, followed by Europe and North America. Moreover, the market in Asia-Pacific is growing with a high CAGR, owing to urbanization and industrial development in countries such as China, India, and Japan.
Moreover, favorable government policies to promote industries such as automotives and food & beverages across the globe drives demand for the HVAC electronics market. In addition, increase in infrastructure spending and growth in demand for cooling and heating systems in the residential and commercial sectors propel demand for HVAC electronics.
Furthermore, on the basis of end users, the commercial segment is anticipated to grow rapidly during the forecast period, owing to rise in commercial projects such as malls, hotels, and resorts as well as growth in initiatives for smart cities. For instance, in February 2020, the government of the UAE passed a tender of $2.7 billion for infrastructure projects under its public-private partnership (PPP) model. These infrastructure projects include industrial and commercial structures. Similarly, in October 2020, the government of South Korea and the Inter-American Development Bank (IDB) collaborated to invest around $1.3 billion in Latin American smart city projects. Such factors drive the HVAC electronics market growth.
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Key Players:
ABB, Carrier Global Corporation, Daikin Industries, Ltd., Danfoss, Delta Controls, Emerson Electric Co., Hitachi Air Conditioning, Honeywell International Inc., Johnson Controls International Plc., Lennox International, LG Corp., Mitsubishi Electric Corporation, Nortek Inc., Raytheon Technologies, Samsung Electronics, Schneider Electric, and Siemens AG.Top of Form
Key Findings of The Study
The report provides an extensive analysis of the current and emerging global HVAC electronics market trends and dynamics.
Depending on type, the cooling equipment segment has dominated the market, in terms of revenue in 2021 and ventilation equipment segment is projected to grow at a significant CAGR during the HVAC electronics market forecast period.
By end user, the commercial segment has registered the highest revenue in 2021.
By installation type, the new construction segment has registered the highest revenue in 2021.
Asia-Pacific is projected to register the highest growth rate in the coming years.
The key players within the global HVAC electronics market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the HVAC electronics industry.
The report provides an extensive analysis of the current trends and emerging opportunities of the market.
In-depth global HVAC electronics market analysis is conducted by constructing estimations for the key segments between 2022 and 2031.
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