Press release
Global HVAC Electronics Market: Market Scope, Top Trends, and Industry Forecast 2022-2031
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According to Allied Market Research, the global HVAC electronics market was estimated at $21.9 billion in 2021 and is projected to reach $38 billion by 2031, growing at a compound annual growth rate (CAGR) of 5.7% from 2022 to 2031. The global HVAC electronics market is experiencing growth due to several factors, including the emergence of IoT-enabled HVAC systems, the growth of the construction industry, and increased demand for building automation systems (BASs). On the other hand, the low use of HVAC controls and the complexity of replacing existing HVAC systems are restricting market growth. On the contrary, the surge in demand for cloud computing in HVAC systems is creating a lucrative opportunity in the HVAC electronics market.
Competitive Landscape:
The report analyzes the profiles of key players operating in the HVAC electronics market such as Mitsubishi Electric, Delta Controls, Samsung Electronics Co Ltd, Daikin Industries, Nortek, Hitachi Ltd., United Technologies, ABB, Carrier Global Corporation, Johnson Controls, Honeywell, Schneider Electric, Siemens AG, Lennox, LG Electronics, Danfoss, and Emerson.
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Market Segmentation:
HVAC Electronics Market, By Type
Heating Equipment
Cooling Equipment
Ventilation Equipment
HVAC Electronics Market, By Installation Type
Retrofits
New Constructions
HVAC Electronics Market, By End User
Commercial
Residential
Industrial
HVAC Electronics Market, By Region
North America: U.S., Canada, Mexico
Europe: France, Spain, the U.K., Italy, Germany, Russia, and the rest of Europe
Asia-Pacific: Japan, China, India, South Korea, Australia, Thailand, Malaysia, and the rest of Asia-Pacific
LAMEA: Argentina, Brazil, UAE, Saudi Arabia, South Africa, Nigeria, and the rest of LAMEA
Top Trends in the Market for HVAC Electronics:
1. Smart HVAC Systems: The integration of smart technology into HVAC systems has been a significant trend in recent years. Smart HVAC systems use sensors, algorithms, and data analytics to optimize energy usage, improve indoor air quality, and provide remote control and monitoring capabilities.
2. Internet of Things (IoT) Integration: IoT integration is another trend in HVAC electronics. IoT devices and platforms enable HVAC systems to communicate and share data, improving responsiveness and adaptability to changing conditions.
3. Energy Efficiency: Energy efficiency has become a key driver in the HVAC industry. Manufacturers are developing HVAC systems that use less energy, comply with energy efficiency regulations, and reduce carbon emissions.
4. Air Quality Control: HVAC manufacturers are increasingly focused on improving indoor air quality. They are developing systems that can detect and filter out pollutants, allergens, and other harmful particles from the air.
5. Artificial Intelligence (AI) and Machine Learning (ML): The use of AI and ML in HVAC systems is gaining popularity. These technologies enable HVAC systems to learn from user behavior and adjust their settings to optimize energy usage and improve comfort levels.
6. Wireless Connectivity: Wireless HVAC systems are becoming more popular due to their ease of installation and flexibility. These systems use Wi-Fi or Bluetooth connectivity to communicate with other devices and can be controlled remotely.
7. Voice Control: Voice control is another trend in HVAC electronics. HVAC systems are being integrated with voice assistants like Amazon Alexa and Google Assistant, allowing users to control their HVAC systems using voice commands.
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Key Questions Answered in the Report:
What are the major driving factors and opportunities in the HVAC electronics market?
What are the upcoming trends in the HVAC electronics market around the globe?
Who are the major players in the HVAC electronics market?
What is the predicted growth rate of the HVAC electronics market?
Which region is expected to hold the highest market share?
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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