Press release
HVAC Control Market to Reach $24.57 Billion by 2030 | Driving Energy Efficiency & Smart Building Solutions
According to a new report published by Allied Market Research, titled, "HVAC control market by system, implementation type, and end user: global opportunity analysis and industry forecast, 2021-2030," The global HVAC control market size was valued at $14,252.4 million in 2020, and is projected to reach $24,575.3 million by 2030, registering a CAGR of 5.5% from 2021 to 2030.Advent of IoT-enabled HVAC systems, surge in demand for building automation systems (BASs), and development of the construction market have boosted the growth of the global HVAC control market. However, low adoption of HVAC controls and complications in upgrading the existing HVAC systems hinder the market growth. On the contrary, increase in demand for cloud computing in HVAC is expected to open new opportunities in the future.
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Commonly observed types of HVAC control are temperature control systems, ventilation control systems, humidity control systems, and integrated control systems. Among these, the temperature control system segment accounts for the largest market size by value in 2020, owing to increase in demand from various industries such as construction and manufacturing. The market is analyzed with respect to different applications in industrial verticals such as industrial, commercial, and residential. The market is mainly driven by global economic growth and development in residential, commercial, & industrial sectors. However, fluctuation in raw material prices limit of the HVAC control market growth.
In 2020, Asia-Pacific dominated the global HVAC control market, in terms of revenue, accounting for around 49.6% share of the global HVAC control industry, followed by Europe and North America. Moreover, the market in Asia-Pacific is growing with high CAGR, owing to urbanization and economic development in developing countries.
Moreover, favorable government policies to promote industries such as automotive and food & beverages across the globe drives demand for the HVAC control market. In addition, increase in infrastructure spending and growth in demand for cooling and heating in the residential and commercial sector propels demand for painting tools such as HVAC controls.
Furthermore, on the basis of end users, the commercial segment is anticipated to grow rapidly, with a CAGR of 6.2% during the forecast period, owing to rise in industrial projects and growth in initiatives for smart cites.
For instance, in February 2020, the government of UAE has passed a tender of $2.7 billion for infrastructure projects under its public-private partnership (PPP) model. These infrastructure projects include residential and commercial structures. Similarly, in October 2020, the government of South Korea and Inter-American Development Bank (IDB) collaborated to invest around $1.3 billion in Latin American smart city projects.
However, during the pandemic lockdown, various manufacturers in the HVAC control market had to stop their business countries such as China, the U.S., and India. This break directly impacted sales of HVAC control companies. In addition, lack of manpower and raw materials also constricted supply of equipment of HVAC controls. However, reopening of production facilities and introduction of vaccines for coronavirus disease are anticipated to lead to re-opening of HVAC control companies.
The key players profiled in the HVAC Control market report include Carrier Global Corporation, Daikin Industries, Danfoss, Delta Controls, Emerson Electric, Honeywell International Inc, Johnson Controls, LG Electronics, Schneider Electric, and Siemens.
Key Findings Of The Study
The report provides an extensive analysis of the current and emerging HVAC control market trends and dynamics.
Depending on system, the temperature control system segment dominated the HVAC control market, in terms of revenue in 2020 and the integrated control system segment is projected to grow at a significant CAGR during the forecast period.
By end user, the commercial segment registered highest revenue in 2020.
Asia-Pacific is projected to register highest growth rate in the coming years.
Depending on implementation type, the new construction segment dominated the HVAC control market, in terms of revenue in 2020, and retrofit segment is projected to grow at a significant CAGR during the forecast period.
The key players within the HVAC control market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the HVAC control industry.
The report provides an extensive analysis of the current trends and emerging opportunities of the market.
In-depth HVAC control market analysis is conducted by constructing estimations for the key segments between 2021 and 2030.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" 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.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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