HVAC Controls as the New Industry Growth Driver
According to the new market research report "HVAC Controls Market by System (Temperature, Ventilation, Humidity & Integrated Controls), Component (Sensors and Controllers & Controlled Devices), Revenue Source (HVAC Controls & BEMS), Application, and Geography - Global Trend and Forecast to 2022", the HVAC controls market is expected to reach USD 17.51 Billion by 2022, at a CAGR of 10.8% between 2016 and 2022.
♦Download PDF Brochure:
Sensors market expected to grow rapidly during the forecast period
The market for the sensors component of HVAC controls is expected to grow at a higher CAGR as compared to the controllers and controlled devices market. The main factor driving the demand for sensors is the continuous technological development in the field for developing new types of sensor for the commercial and residential building markets. In the HVAC industry, sensor is an integral component which helps in conditioning the smart HVAC control efficiently. The major factor driving this market is growing need for sensors to adjust the environment according to the external climate and the occupancy in the building, which requires various sensors such as humidity, air flow, and air quality sensors.
Integrated control systems market to have potential growth by 2022
The market for integrated control systems is expected to grow at the highest CAGR during the forecast period. This is mainly because that they deliver the benefits of two to more controls within a single device. This helps in ensuring the smooth process of maintaining, controlling, and managing the temperature inside the building. It also eliminates the need to give different inputs for different functions, which is time-consuming. The high demand for integrated control systems in industrial buildings as well as the regulations in the residential and commercial buildings would drive the growth rate of the HVAC controls market in these applications as well.
Market in APAC expected to grow at the highest CAGR during the forecast period
HVAC controls are increasingly being implemented in APAC owing to the growing demand for high-quality energy-efficient devices and the increasing number of construction activities. Moreover, HVAC controls help in reducing the energy consumption as well as the cost required for the energy. The implementation of HVAC controls helps improve the efficiency of residential as well as commercial buildings.
The major companies involved in the development of HVAC controls include Delta Controls Inc. (U.S.), Distech Controls Inc. (U.S.), Emerson Electric Co. (U.S.), Honeywell International Inc. (U.S.), Ingersoll Rand Plc. (Ireland), Johnson Controls, Inc. (U.S.), KMC Controls Inc. (U.S.), Lennox International Inc. (U.S.), Schneider Electric SE (France), Siemens AG (Germany), and United Technologies Corporation (U.S.).
This research report categorizes the global HVAC controls market on the basis of system, component, revenue source, application, and geography. This report describes the drivers, restraints, opportunities, and challenges with respect to the HVAC controls market. The Porter’s five forces analysis has been included in the report with a description of each of the forces along with its respective impact on the HVAC controls market.