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Shaping Comfort: Growth Trends in the Automatic Environmental Control Market || Johnson Controls Inc., Schneider Electric, United Technologies Corporation
Automatic Environmental Control Market
The automatic environmental control market has exhibited robust growth, climbing from $17.57 billion in 2023 to $18.72 billion in 2024, with a Compound Annual Growth Rate (CAGR) of 6.5%. Forecasts indicate continued strength, with an anticipated growth to $23.76 billion by 2028, maintaining a solid CAGR of 6.1%.
Manufacturing Industries as Catalysts:
The automatic environmental control market is propelled by the burgeoning manufacturing sector, particularly in economies like India, China, and Brazil. Industrial manufacturing, encompassing machinery, construction materials, rubber and plastic products, and automation technology, is witnessing rapid growth. China and Brazil are expected to lead in manufacturing output growth, fostering a conducive environment for the automatic environmental control market.
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Smart Homes' Ascendancy:
The surging demand for smart homes is a significant driver for the automatic environmental control market. Smart homes, characterized by interconnected devices for remote operation, enhance living environments through improved ease, convenience, safety, and energy efficiency. Automatic environmental control in smart homes contributes to air quality improvement, energy savings, remote monitoring, and increased comfort. The global prevalence of smart homes, with 258.54 million reported in 2021, underscores the escalating demand driving market growth.
Smart Thermostats: A Pervasive Trend:
A notable trend in the automatic environmental control market is the prominence of smart thermostats. These devices leverage smart technology, allowing users to control temperature settings remotely through devices connected to the internet. Market leader Ecobee, with a 30% share in North America's smart thermostat market, has witnessed remarkable revenue growth, reaching $550 million by 2022.
Innovation with Environmental Sensors:
Leading companies in the market are focusing on innovation, exemplified by Ricoh's EH Environment Sensor D201/202. Environmental sensors, such as these, play a pivotal role in measuring and monitoring environmental conditions in various settings, including smart homes and industrial environments. Ricoh's innovative product eliminates the need for manual monitoring, batteries, and wiring, showcasing the industry's commitment to digital transition in environmental management.
Regional Dynamics and Market Segmentation:
The Asia-Pacific region dominates the automatic environmental control market, driven by robust industrial growth. North America holds the second-largest market share.
The automatic environmental control market covered in this report is segmented -
1) By Type: Heating Equipment, Refrigeration Equipment, Air Conditioning Equipment
2) By Product Type: Environmental Monitors, Environmental Monitoring Sensors, Wearable Environmental Monitors
3) By Application: Residential, Commercial, Industrial
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Automatic Environmental Control Global Market Report 2024 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Automatic Environmental Control Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on automatic environmental control market size, automatic environmental control market drivers and trends, automatic environmental control market major players, competitors' revenues, market positioning, and market growth across geographies. The automatic environmental control market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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