Global HVAC Controls Market Report 2022: Surging Demand for Smart Building Automation in Homes and Offices Bolstering Growth
DUBLIN, Nov. 1, 2022 /PRNewswire/ -- The "Global HVAC Controls Market by Component (Sensors, Controllers, Controlled Equipment), System, Implementation Type (New Construction, Retrofit), Application (Residential, Commercial, Industrial) and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global HVAC controls market is estimated to be valued at USD 17.2 billion in 2022 and is projected to reach USD 26.7 billion by 2027; it is expected to grow at a CAGR of 9.2% during the forecast period. According to the Consumer Technology Association (CTA), the number of smart homes in the US is expected to reach ~35.2 million units by 2020. The growth in smart homes is expected to create demand for HVAC controls market. An HVAC controls is used in smart homes for controlling air temperature, humidity, and fresh air intake. It helps maintain better airflow and comfortable temperatures in every room. In a smart home, one can monitor the system performance and respond to system-generated alarms from local or remote locations.
Smart HVAC systems can automate the HVAC controls and predict when maintenance is needed before any major issue starts affecting the system. This new technology trend can change uninterruptedly downtime for regularly scheduled check-ups. New HVAC technologies, which use an Internet of Things (IoT) system are embedded with sensors, software, and connectivity that enables the HVAC system to exchange data with other connected devices. IoT systems improve preventative maintenance by sensing data on air quality and equipment status. New and affordable Internet of Things HVAC technology makes it significantly easier to gain insight across a range of equipment.
Sensors: The fastest component of the HVAC controls market
Temperature and humidity sensors are the most widely used sensors in an HVAC control system. These sensors measure the controlled medium and provide a controller with information related to the changing conditions of the medium in an accurate and repeatable manner. Temperature and humidity sensors are used in the anti-freezing and defrost mechanism of air ducts and refrigerant pipes to avoid condensation and the formation of ice in the HVAC system preventing damage to the system. Controlling humidity in buildings is critical for occupant comfort, and safety and protecting building infrastructure, production processes, stored goods, and environmentally susceptible articles such as artwork in museums.
Temperature control systems: Largest growing system of HVAC controls market
In 2016, only 11% of US households owned a smart thermostat. By January 2022, the number reached 24% and is still growing. Energy efficiency and long-term cost savings are usually among the top reasons homeowners are demanding smart thermostats. In January 2022, H2O Degree, a manufacturer of advanced two-way wireless submetering systems for tenant billing, leak/flood detection, utility conservation, and building automation system integration in multi-family and commercial facilities, announced the T1000 Smart Thermostat. The T1000 enables remote visualization and local control of conventional (forced air) heating/cooling, heat pumps, and hydronic heating, which is a direct replacement for conventional 24VAC thermostats. Such developments are expected to fuel the demand for temperature control systems across smart buildings in the future.
Commercial: Largest application of HVAC controls market
The commercial application segment is expected to hold the largest market share during the forecast period. HVAC systems consume a considerable amount of energy in commercial places; for instance, about 30% of the energy at a business place is consumed by HVAC systems. Commercial applications of HVAC controls are categorized into office buildings, education centers, healthcare facilities, hospitality centers, retail stores, and others. Office buildings mainly have a centralized HVAC system that is connected to rooftop units; thus, this system is the major consumer of power. An efficiently planned building would reduce energy consumption by HVAC and lighting controls.
Market Dynamics
Drivers
- Surging Demand for Smart Building Automation for Homes and Offices
- Increasing Government Initiatives for Sustainable and Energy-Efficient HVAC Systems
- Growing Need for Improving Indoor Air Quality of Buildings with HVAC Systems
- Integration of IoT in HVAC Systems
Restraints
- High Costs and Technical Complexities Involved in Implementing HVAC Systems
Opportunities
- Growing Demand for Cloud Computing in HVAC
- Increasing Trend of Integrating Smart Devices with HVAC Systems
Challenges
- Complexity in Retrofitting HVAC Controls in Existing Systems
- Low Adoption due to Lack of Awareness
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Types of HVAC Control Systems
7 Types of HVAC Control Loops
8 HVAC Controls Market, by Component
9 HVAC Controls Market, by System
10 HVAC Controls Market, by Implementation Type
11 HVAC Controls Market, by Application
12 HVAC Controls Market, by Region
13 Competitive Landscape
14 Company Profiles
15 Appendix
Companies Mentioned
- Astronics Peco
- Azbil Corporation
- Bosch
- Carrier
- Computrols
- Cubic Sensor and Instruments
- Daikin
- Danfoss
- Delta Controls
- Distech Controls
- Emerson Electric
- Honeywell International
- Intesis
- Jackson Systems
- Johnson Controls
- KMC Controls
- Lennox International
- LG Electronics
- Mitsubishi Electric
- Nexii
- OJ Electronics
- Regin Controls
- Reliable Controls
- Sauter
- Schneider Electric
- Siemens
- Trane Technologies
For more information about this report visit https://www.researchandmarkets.com/r/4rcupy
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SOURCE Research and Markets
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