HVAC Control Systems Market Size Hit US$ 37.5 Bn by 2027
LOS ANGELES, May 4, 2020 /PRNewswire/ -- The global HVAC control systems market size is projected to hit around US$ 37.5 Bn by 2027 and growing at a CAGR of 12.6% from 2020 to 2027. Acumen Research and Consulting, a global provider of market research studies, recently published a report titled "HVAC Control Systems Market (By Component: Sensors, Controllers, Controlled Devices; By System: System Outlook, Temperature & Humidity Control, Ventilation Control, Integrated Control; By Application: Residential, Commercial, Industrial) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027".
The market in North America is expected to account for major revenue share in the global market owing to high demand from various end use industries. In addition, demand for advanced temperature control system for food & beverage sector in order to ensure product safety is another factor expected to support the growth of target market.
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Moreover, major players focus on business development through strategic partnerships and agreements in order to increase the customer base and enhance the product portfolio is expected to support the growth of target market in this region.
- In 2017, Carrier, a world leader in high-technology heating, ventilating, air conditioning and refrigeration (HVACR) solutions established a joint venture with Midea in order to introduce residential ductless HVAC in North America. This will help the company to strengthen its position in North America.
The market in Asia Pacific is expected to witness faster growth over the forecast period due to increasing initiatives related to upgrading the present cooling system. In addition, high government spending on agriculture sector, coupled with adoption of advanced HVAC system in order to preserve the quality of products is another factor expected to support the growth of target market in this region.
Rapid industrialization in developed and developing countries, inclination towards adoption of building automation system, coupled with rapid technological advancements in HVAC control units are major factors expected to drive the growth of the global HVAC control systems market. Manufacturers are focused on adoption of energy efficient and cost-effective cooling system. With the changing environmental regulation manufacture are focused on lowering the environmental impact. With the availability of advanced sensors that are used to measure CO2, humidity, etc. will aid player to lower the environment impact.
Flourishing food & beverage industry a\across the globe and rising demand for advanced HVAC control system from food manufactures is another factor expected to support the growth of target market. Government is increasing the ruler and regulation related to food & beverage products. There are focused on providing consumer with safe and reliable products. For food & beverage manufactures it is important to maintain the temperature during the food processing in order to increase the shelf life of the product.
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In addition, new product launches by the major players is another major factor expected to impact the target market growth to a certain extent.
- In 2019, Telstar introduced Smart Cleanroom an innovative flexible solution for cleanrooms for pharmaceutical industry. This will help the manufacturers to reduce energy consumption and operation costs.
However, factors such as high initial investment and low awareness related to benefits of advanced HVAC system are expected to hamper the growth of the global control systems market. High cost is involved in installation of the HVAC system which creates a problem for adoption for mid-size players as it involves major loss of capital investment. In addition, high complexity involved in upgrading the present HVAC infrastructure further challenging the target market growth.
Technological advancements by the major player for product development, introduction of new innovative products with various features such as cloud computing are factors responsible to create new opportunities for players over the forecast period. In addition, strategic partnership and agreements between regional and international players is expected to support the revenue traction of the target market.
The global HVAC control systems market is segmented into component, system, and application. The component segment is bifurcated into sensors, controllers, and controlled devices. Among the component the sensors segment is expected to account for significant revenue share.
Players operating in the global HVAC control systems market are Ingersoll-Rand plc, Delta Controls, Johnson Controls, Schneider Electric, Nest, Honeywell International, and Mitsubishi Electric Corporation. The competitive scenario is high due to presence of large number of players operating on global level. In addition, major players inclination towards emerging economies and new product offerings is expected to further increase the competition to a certain extent.
Market Segmentation
Market By Component
- Sensors
- Controllers
- Controlled Devices
Market By System
- System Outlook
- Temperature & Humidity Control
- Ventilation Control
- Integrated Control
Market By Application
- Residential
- Commercial
- Industrial
Market By Region
North America
- US
- Canada
Europe
- UK
- Germany
- France
- Spain
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest if Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Meddle East & Africa
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