HVAC Sensors & Controllers Market: Surge in Infrastructure Activities to Propel Growth
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TMR reports a healthy 6.9% CAGR to be witnessed by the global HVAC sensors and controllers market between 2015 and 2024, the forecast duration. The market was evaluated at a valuation of at US$5.18 bn in the year 2015, and is expected to surpass US$9 bn by the end of the forecast period.
Swift Industrialization to Propel Industrial Applications Segment Further
In the year 2015, more than 38% of the global HVAC sensors and controllers market was led by the applications segment of transportation and logistics. It was trailed by commercial applications and residential applications, respectively. The industrial applications segment held a 25% share in the year 2015. All market segments are expected to retain their respective positions till the end of the forecast duration.
As the reduced consumption of energy has become a major headwind for the global HVAC sensors and controllers market, the demand for integrating smart HVAC systems in buildings is surging. Commercial structures are at the forefront of driving demand on account of their pressing need to reduce operational and maintenance costs. Industrial sectors consider the HVAC sensors and controllers as to provide not only added data security, but also for being cost effective. Many players in the global HVAC sensors and controllers market can also offer better customization to industrial sectors, allowing a greater flexibility in operation.
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Introduction of IoT in Devices to Offer Rich Market Opportunity
The introduction of the Internet of Things (IoT) has been advantageous to many industries, including the electrical ones. Prominent players in the global HVAC sensors and controllers market are focusing on implementation of evolved IoT technologies over the coming years to enhance both non-commercial and commercial sectors. A number of recent HVAC sensors and controllers in the commercial sector are comprised of the Building Automation Systems integration. Adding IoT to this combination will allow HVAC sensors and controllers to gain greater and open communication streams among all the related devices inside a building.
Emerging economies such as India, China, Brazil and Japan, among others, are expected to demonstrate a high growth in the infrastructure and technological advances, creating a wide pathway for entry of local players in the global HVAC sensors and controllers market to fill.
However, the general low awareness regarding the benefits of using HVAC sensors and controlling systems such as its cost-savings feature and eco-friendliness; and the shift from wire to wireless networks are the factors that may restrain the growth of the market to some extent.
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