May 02, 2022 11:07 ET | Source: Facts & Factors Facts & Factors
LONDON, UK, May 02, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “HVAC Controls Market By System (Temperature Control Systems, Ventilation Control Systems, Humidity Control Systems, and Integrated Control Systems), By Components (Sensors, Controllers, and Controlled Devices), By Implementation Type (New Construction, and Retrofit), By Application (Residential, Commercial, and Industrial), and By Region - Global and Regional Industry Trends, Market Insights, Data analysis, Historical Information, and Forecast 2022–2028” in its research database.
“According to the latest research study, the demand of global HVAC Controls Market size & share was witnessed US$ 15182.9 million in 2021 and it is expected to surpass around US$ 27340.5 million Mark, by 2028, at a compound annual growth rate (CAGR) of about 10.3% during the forecast period 2022 to 2028.”
What are HVAC Controls? How big is the HVAC Controls Market?
HVAC control is a method of controlling the operation of air conditioning and heating systems. It is essentially a control system with a sensing device that compares real states, such as temperature, to a goal state. Rapid industrialization has resulted in an increase in demand for heating and cooling equipment in various industries such as mining and power generation, as well as an increase in energy bills and strict regulations based on environmental norms, which have forced various commercial organizations and industries to install HVAC controls in their operating areas, are some of the major factors driving the market's growth during the forecast period.
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Global HVAC Controls Market: Dynamics
The surge in demand for simple-to-use remote access control systems has resulted in a significant increase in HVAC system investments by commercial, industrial, and residential end-users. This increase in investment has resulted in the development of advanced HVAC control systems with numerous sensors, which will contribute to the market's growth in the future years. The development of residential, commercial, and industrial building infrastructure has significantly boosted the demand for HVAC controllers. Moreover, growing urbanization in developing economies such as India, China, Mexico, Brazil, and others is predicted to accelerate the expansion of the industrial sector, which, in turn, is expected to raise demand for HAVC control in the coming years.
Similarly, governments all across the world are assisting in the construction of industrial infrastructure. During the projected period, this is expected to drive the growth of the HVAC control market. However, limited HVAC control adoption is hampered by a lack of understanding among end-users, the complexity of upgrading existing HVAC systems, and changes in raw material prices.
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HVAC Controls Market: Segmentation Analysis
The HVAC Controls Market is segregated based on System, Component, Implementation Type, and Application.
Based on System, the global market is distinguished into Temperature Control Systems, Ventilation Control Systems, Humidity Control Systems, and Integrated Control Systems. Based on Components, the global market is distinguished into Sensors, Controllers, and Controlled Devices. Based on Implementation Type, the global market is distinguished into New Construction, and Retrofit. Based on Application, the global market is distinguished into Residential, Commercial, and Industrial.
HVAC Controls Market: COVID-19 Impact Analysis
As a result of COVID-19, the sector has been dealt a significant blow, with both supply and demand declining at the same time. As a result of the present COVID-19 outbreak, the market's growth has slowed. It is difficult to obtain HVAC equipment and other control components as a result of the COVID-19 pandemic, which has caused widespread disruptions in the global supply chain. Consequently, the predicted growth of the HVAC controls market across a wide range of application areas is likely to be muted. Given that social distance is the most efficient method of limiting the spread of the disease, many HVAC businesses are being forced to close their doors, lay off employees, or move to a remote operating model.
When it comes to the HVAC industry, the Covid-19 issue has had an impact on the supply chain. The majority of HVAC control system key components, such as HVAC equipment, sensors, and controlled equipment, are manufactured in the Asia-Pacific area. Using the COVID-19 scenario, it was discovered that the region was overly reliant on crucial raw commodities from countries such as China, India, and the United States. Due mostly to the country's lengthy history of manufacturing HVAC devices and replacement components, this is the case. It has had a substantial impact on HVAC control manufacturers around Asia Pacific as a result of the suspension of activities in China and other Asia-Pacific nations. In light of the aforementioned, production has been curtailed, resulting in a significant reduction in the amount of raw materials used by the company.
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Some of the main competitors dominating the global HVAC Controls market include -
Key Insights from Primary Research:
Key questions answered in this report:
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During the projection period, the Asia Pacific market led the total industry. During the projected period, the regional market is expected to maintain its dominance. The expansion is being ascribed to rising demand from emerging economies such as China and India. Furthermore, increased disposable income, along with the availability of low-cost systems in these nations, is expected to increase regional rivalry. During the projection period, North America is expected to grow rapidly. Over the years, the regional HVAC equipment market has stabilized. The necessity to replace or upgrade existing aged systems with newer control systems, on the other hand, is expected to boost market expansion in the region.
Another important driver of predicted growth is an increase in the percentage of smart houses, notably in the United States. Furthermore, the region is defined by the existence of manufacturers, OEMs, and a sizable customer base. Companies based in the region, such as Honeywell International, Nest, and Johnson Controls, are significantly contributing to the market's growth.
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The global HVAC Controls market is segmented as follows:
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