HVAC Controls Market worth $24.4 billion by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, Dec. 8, 2020 /PRNewswire/ -- According to the new market research report "HVAC Controls Market with COVID-19 Impact by System (Temperature, Integrated Controls), Component (Sensors, and Controllers & Controlled Devices), Implementation Type (New Construction, Retrofit), Application, and Geography - Global Forecast to 2025", published by MarketsandMarkets™, the market is projected to grow from USD 14.8 billion in 2020 to USD 24.4 billion by 2025; it is expected to grow at a CAGR of 10.5% from 2020 to 2025. HVAC controls are used to automate and control heating, ventilation, and air conditioning of various buildings. Controlled equipment, sensors, and controlling devices, such as thermostats, control valves, and controllers, are generally used for this purpose. The growth of this market is expected to be driven by the consolidating trend of smart homes, accelerated further by COVID-19 situation to boost HVAC controls market growth, boom in the construction sector, the emergence of IoT-enabled HVAC systems, and the need to achieve energy efficiency in buildings. These factors have helped the HVAC controls market to gain traction in applications, such as industrial, residential, and commercial.
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New construction segment held the largest share of HVAC controls market in 2019
The HVAC controls industry, based on implementation type, is led by the new construction segment (in terms of size). Rapid infrastructural developments, improved standard of living, and increased focus on developing energy-efficient HVAC systems are fueling the growth of the HVAC controls market for new construction. Various government regulations to implement energy-efficient HVAC systems and controls have resulted in the wide adoption of HVAC controls in new buildings.
The market for integrated control system is expected to register with highest growth rate during the forecast period
An integrated control system is a combination of temperature, ventilation, light, and other control systems. This combination provides users with the benefit of different features of different controls. Integrated control systems are also expected to integrate communication modes, such as Wi-Fi, cloud computing, and the Internet of Things (IoT), which would help in controlling, monitoring, and maintaining HVAC systems from virtually anywhere. The surge in the use of IoT in building infrastructures and the demand for smart homes are driving the growth of this market. Increasing demand for energy efficiency in buildings is also a major factor contributing to the growth of the market for integrated control systems.
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151 – Tables
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APAC accounts for the largest market size during the forecast period
APAC held the largest HVAC controls market share in 2019, followed by North America and Europe. China is among the fastest-growing economies in APAC, owing to its huge population, followed by India. Japan is a smaller country with respect to land size but is a developed country and technologically advanced compared with most countries in APAC. Technological advancements and inclination toward the use of energy-efficient products fuel the growth of the HVAC controls market in Japan. These factors are driving the growth of the HVAC controls market in APAC.
Some of the major HVAC controls manufacturers based in Asia Pacific are Daikin Industries (Japan), LG Electronics (South Korea), Azbil (Japan), and Cubic Sensor and Instrument Co., Ltd. (China).
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