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Automatic Environmental Control: Innovations Shaping the Market in 2024
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According to The Business Research Company's, The automatic environmental control market size has grown strongly in recent years. It will grow from $17.57 billion in 2023 to $18.72 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to industrialization and urbanization, energy efficiency concerns, regulatory standards, comfort and convenience, advances in sensor technology.
The automatic environmental control market size is expected to see strong growth in the next few years. It will grow to $23.76 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to climate change mitigation, smart buildings and iot, health and wellness focus, energy management, building renovations and retrofits. Major trends in the forecast period include building energy management, artificial intelligence and machine learning, occupancy and behavior sensing, energy storage integration, user-centric design.
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Market Drivers and Trends:
Rapid growth in manufacturing industries is a key factor driving the growth of the automatic environmental control market. In the Indian economy, industrial manufacturing is the major growing sector with diverse companies engaged in the manufacturing of machinery and equipment, building and construction materials, rubber and plastic products, electrical and mechanical products, cement, and automation technology products. Growth in manufacturing outputs in China and Brazil will be the highest in the next five years. The countries will grow at an annual growth rate of 7.1% and 5.0%, respectively. Therefore, the growth in manufacturing industries is expected to increase the growth of the automatic environmental control market.
The smart thermostat is a key trend in the automatic environmental control market. Smart thermostats use smart technology that can be operated using mobile phones, laptops, smart speakers, or other computers connected to the internet that allows for scheduling preferred temperature settings, and they can also be integrated into home automation systems. For instance, Ecobee was the first to introduce the smart thermostat solution into the market. The company has seen its revenues double every year, Ecobee revenue reached $550 million by 2022. Across North America, Ecobee holds 30% of the market share in smart thermostats.
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Major Key Players of the Market:
Johnson Controls Inc., Schneider Electric, United Technologies Corporation, Honeywell International Inc., Ingersoll Rand, Siemens AG, Emerson Electric Co., Agilent Technologies, Danaher, Thermo Fisher Scientific Inc, Shimadzu Corporation, PerkinElmer, 3M company, bioMérieux S.A., Merck KGaA, Forbes Marshall, Carrier Corporation, Daikin Industries Ltd., LG Electronics Inc., Mitsubishi Electric Corporation, Panasonic Corporation, Samsung Electronics Co. Ltd., Sharp Corporation, Toshiba Corporation, Trane Inc., York International Corporation, ABB Ltd., Eaton Corporation, General Electric Company, Rockwell Automation Inc.
Automatic Environmental Control Market 2024 Key Insights:
• The automatic environmental control market size is expected to see strong growth in the next few years. It will grow to $23.76 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%.
• Booming Manufacturing Industries Fueling Growth In The Automatic Environmental Control Market
• Smart Thermostats A Key Trend In The Automatic Environmental Control Market
• The Asia-Pacific was the largest region in the automatic environmental control market in 2023
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