JERSEY CITY, NJ, January 31, 2022 /PRNewswire/ — Verified Market Research recently released a report, “HVAC Controls MarketBy system (temperature control system, ventilation control system), by type of implementation (new construction, renovation), by end user (residential, commercial, industrial) and by geography. According to a study by verified market, the global HVAC Controls market size was valued at $14.06 billion in 2020 and is expected to reach $30.19 billion by 2028, growing at a CAGR of 10.04% from 2021 to 2028.
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202 – Pages
126 – Tables
37 – Numbers
Global HVAC Controls Market Overview
The boom in the construction sector in emerging countries is one of the main factors expected to boost the demand for HVAC orders. In countries like India, the residential sector is expected to grow significantly, with the central government aiming to build 20 million affordable housing units in urban areas nationwide by 2022. India are moving towards energy efficient buildings due to rapid urbanization. In recent years, due to rapid urbanization, the floor area of urban buildings has increased significantly, and the need for room cooling has increased.
Residential and commercial buildings in India already account for nearly 30% of total electricity consumption and are expected to reach 48% by 2042. Implementation of Energy Conservation Building Code (ECBC) in Indian cities is key to saving energy. energy, creating demand for HVAC controls. Technological advancements, climate change, global warming are some of the factors that have brought HVAC control systems into the limelight. These factors have led to an increasing focus on energy efficient solutions in various industries. In one study, it was found that the use of high performance HVAC equipment can lead to considerable savings in energy, emissions and costs (10% to 40%).
According to the US Energy Information Administration (EIA), by 2050 all commercial buildings in the US will use 6% less energy for heating. Increased adoption of HVAC sensors and controls will contribute to a 13% drop in energy use to heat offices across United States. Thus, a lucrative opportunity presents itself to HVAC control providers in the country. Due to the high cost of implementing these systems, its presence is more in developed countries while it is less so in developing countries. Moreover, lack of expertise, budget, and lack of contractors’ awareness of energy efficiency standards further hinders the growth of the market.
- In September 2020, Carrier has launched the Weather Expert series of rooftop units, which offer true variable-speed cooling capability and control, including 48JC gas/electric and 50JC electric/electric variable-speed versions that can cool up to 25% of typical capacity and up to 105 percent.
- In July 2020, Clivet SpA and Siemens have collaborated to develop new solutions for optimizing HVAC installations and buildings. Siemens is the developer of a software platform for building automation and IoT applications.
- In June 2020, Honeywell and SAP SE have partnered to improve building performance using integrated cloud-based business and operational technology data that provides financial and operational analytics to business and property owners and operators.
Major market players include Carrier Global Corporation, Daikin Industries, Danfoss, Delta Controls, Emerson Electric, Honeywell International Inc, Johnson Controls, LG Electronics, Schneider Electric, and Siemens.
Verified Market Research has segmented the global HVAC controls market on the basis of system, implementation type, end user, and geography.
- HVAC Controls Market, By System
- Temperature control system
- Ventilation control system
- Integrated control system
- Humidity control system
- HVAC Controls Market, By Implementation Type
- New construction
- HVAC Controls Market, By End User
- HVAC Controls Market by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Latin America
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