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.
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
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.
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.
The global HVAC controls market is further classified on the basis of region as follows:
Our in-depth analysis of the global HVAC controls market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increasing penetration of HVAC systems, and rising construction of residential buildings to boost the market growth.
The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2022 – 2030.
High prices of HVAC controls are estimated to hamper the market growth.
The market in the Asia Pacific region is estimated to gain largest market share over the forecast period, owing to the increasing construction activities backed by the rising population and growing urbanization.
The major players in the market are Schneider Electric SE, Siemens AG, Daikin Industries, Ltd., Johnson Controls, Carrier Global Corporation, Trane Technologies plc, Emerson Electric Co., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, end-user, and by region.
The residential segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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