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HVAC Controls Market Segmentation by Type (Temperature Control, Ventilation Control, Integrated Control, and Others); and by End-User (Commercial, Residential, Industrial, and Others) – Global Demand Analysis & Opportunity Outlook 2030

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Extensive insights into the Growth of HVAC Controls Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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Global HVAC Controls Market Highlights over 2022 – 2030

The global HVAC controls market is estimated to grow at a CAGR of ~6% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing adoption of heating, ventilation and air conditioning systems at homes, offices, and other end-user places. The rising construction of houses to accommodate the growing population will increase the demand for heating and cooling systems, which, in turn, is estimated to boost the market growth. According to the data by the World Bank, the growing population may cause a housing deficit, which can affect 1.6 billion people by 2050. To combat this, expenditure on residential construction activities is expected to rise. For instance, in the U.S., expenditure of construction of new houses crossed an estimate of USD 200 billion, which is estimated to reach around USD 430 billion by 2024. Moreover, increasing demand for HVAC controls in commercial structures, such as, hotel, hospitals, banks and others, to facilitate the centralized control of HVAC systems, is estimated to boost the market growth. Furthermore, the rising global temperature, and extreme climatic conditions are a crucial factor estimated to promote the use of HVAC equipment, resulting in the growth of the market.

HVAC Controls Market

The market is segmented by type into temperature control, ventilation control, integrated control, and others, out of which, the ventilation control segment is anticipated to hold a notable share in the global HVAC controls market over the forecast period on account of rising awareness regarding proper ventilation in buildings, post the COVID-19 outbreak. The fact, that coronavirus can spread rapidly in poorly ventilated environment, has propelled the demand for efficient ventilation, which is estimated to boost the growth of the segment. CLICK TO DOWNLOAD SAMPLE REPORT

Major Macro-Economic Indicators Impacting the Market Growth

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The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.

Global HVAC Controls Market Regional Synopsis

On the basis of geographical analysis, the global HVAC controls market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness modest growth over the forecast period on the back of increasing regional population, especially in China and India. According to the data by the World Bank, the total population of India crossed 1.38 billion, and population of China reached 1.402 billion, in 2020.

The market in the North America region is anticipated to gain the largest market share throughout the forecast period on the back of rising residential construction activities in United States, and Canada, backed by the growing urban population. The U.S. construction sector valued at around USD 1.4 trillion in 2020. Moreover, the colder climate of the region, is another factor estimated to boost the HVAC controls market growth.

HVAC Controls Market

The global HVAC controls market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Market Segmentation

Our in-depth analysis of the global HVAC controls market includes the following segments:

By Type

  • Temperature Control
  • Ventilation Control
  • Integrated Control
  • Others

By End-User

  • Commercial
  • Residential
  • Industrial
  • Others

Growth Drivers

  • Increasing Penetration of HVAC systems
  • Rising Construction of Residential Buildings

Challenges

  • High Cost of HVAC Controls

Top Featured Companies Dominating the Market

  • Honeywell International Inc.
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Schneider Electric SE
  • Siemens AG
  • Daikin Industries, Ltd.
  • Johnson Controls
  • Carrier Global Corporation
  • Trane Technologies plc
  • Emerson Electric Co.
  • Lennox International Inc.
  • Distech Controls Inc.

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