HVAC Controls Market size was valued at USD 17.49 Billion in 2023 and is expected to exceed USD 55.57 Billion by 2036, registering over 9.3% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of hvac controls is assessed at USD 18.98 Billion. The reason behind the growth is impelled by the increasing ratio of smart homes throughout the world. Smart homes have an impact on daily routines which utilizes a smart home system that can be operated remotely and automate operations to assure constant comfort in the home. This can lead to higher adoption of HVAC systems that can be integrated into home automation systems.
For instance, the proportion of smart homes surpassed around 178 million across the globe in the year 2022.
The globally rising construction of residential buildings is believed to fuel market growth. A radical increase in worldwide population has been observed which has doubled the construction of residential buildings within the past few decades in various regions of the world. Urban areas have been densely populated as a result of such a massive increase in the construction of residential buildings. Such an increase has been influencing the rise in the demand for HVAC control systems for the smooth functioning of several heating, ventilation, and cooling devices.
For instance, new residential construction in the United States was predicted to soar by approximately USD 89 billion in 2022.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
9.3% |
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Base Year Market Size (2023) |
USD 17.49 Billion |
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Forecast Year Market Size (2036) |
USD 55.57 Billion |
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Regional Scope |
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Type (Integrated Control, Temperature & Humidity Control, Ventilation Control)
The temperature & humidity control segment is estimated to hold 48% share of the global HVAC controls market in the coming years owing to the increasing adoption of heating and cooling systems such as air conditioners, furnaces, storage water heaters, and so on throughout the world. The ability of an HVAC system to remove humidity, maintain ideal indoor air quality, and guard against health and safety risks, has led to a higher demand for HVAC temperature & humidity control systems.
Moreover, it helps in efficiently regulating the temperature and also results in energy savings by lowering the need for excessive usage of heating and cooling systems. For instance, in the United States, the total shipments of gas-warm air furnaces reached approximately 379,295 units in December 2020. Whereas, the worldwide demand for room air conditioners grossed nearly 96.5 million units in 2021.
End-User (Residential, Industrial, Commercial)
The commercial HVAC controls market is set to garner a notable share of 50% shortly on the account of rapid globalization. As a result, there is more demand for HVAC systems in commercial settings since they are essential to control the environment in a business building to maintain comfortable working conditions. Moreover, commercial structures need to function well during their full lifespan, therefore they require HVAC control systems to optimize energy management in commercial buildings, which lowers running costs and ensures occupant comfort and health.
Our in-depth analysis of the global market includes the following segments:
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Type |
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Implementation |
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End-User |
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APAC Market Forecast
HVAC Controls market in Asia Pacific is predicted to account for the largest share of 45% by 2036 impelled by the expanding industrialization in the various countries. This would increase the need for efficient temperature regulation in residential and commercial spaces which may increase the demand for HVAC control in the region to ensure sustainable operations Bangladesh's industrial sector expanded by around 7.2% in 2020. In contrast, Vietnam saw a nearly 5% boost in the same.
North American Market Statistics
The North America HVAC controls market is estimated to hold the second largest of 25%, during the forecast timeframe led by the increasing frequency of commercial construction activities. HVAC systems are a crucial component of contemporary structures since large-capacity buildings require sufficient ventilation, this may increase the demand for HVAC control systems in the region to make sure that people who spend a lot of time in business buildings may do so in a relaxed and controlled setting. For instance, in 2020, the proportion of commercial buildings in the United States increased to around 6 million.
Author Credits: Richa Gupta
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