HVAC Controls Market size worth $ 30.19 Billion, Globally, by 2028 at 10.04% CAGR: Verified Market Research®

JERSEY CITY, N.J., Jan. 31, 2022 /PRNewswire/ -- Verified Market Research recently published a report, "HVAC Controls Market" By System (Temperature Control System, Ventilation Control System), By Implementation Type (New Construction, Retrofit), By End User (Residential, Commercial, Industrial), and By Geography. According to Verified Market Research, the Global HVAC Controls Market size was valued at USD 14.06 Billion in 2020 and is projected to reach USD 30.19 Billion by 2028, growing at a CAGR of 10.04% from 2021 to 2028.

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Browse in-depth TOC on "HVAC Controls Market"

202 - Pages
126 – Tables
37 – Figures

Global HVAC Controls Market Overview

Boom in the construction sector in the emerging countries is one of the major factors expected to boost demand for HVAC Controls. In countries such as India, the residential sector is expected to grow significantly, with the central government aiming to build 20 million affordable houses in urban areas across the country by 2022. States and cities in India are moving ahead with energy-efficient buildings owing to rapid urbanization. In recent years, due to rapid urbanization, the floor area of urban buildings has increased significantly, and the need for room cooling has increased.

Residential and commercial buildings in India already account for almost 30% of total electricity consumption and are projected to rise to 48% by 2042. Implementing the Energy Conservation Building Code (ECBC) across Indian cities is critical to saving energy, thus creating demand for HVAC Controls. Technological advancements, climate change, global warming, are some of the factors that have brought HVAC control systems in limelight. These factors have led to an increasing focus on energy-efficient solutions across various industries. In a study, it was found that the use of high-performance HVAC equipment can result in considerable energy, emissions, and cost savings (10%–40%).

According to the U.S. Energy Information Administration (EIA), in 2050, all commercial buildings in the US will use 6% less energy for heating. Increased adoption of HVAC sensors and controls will contribute to a 13% decline in energy consumption to heat offices across the United States. Thus, a lucrative opportunity lies ahead for HVAC control providers in the country. Due to the high cost of implementation of these systems, its presence is more in developed countries while it is less in developing countries. In addition, lack of expertise, budget, and awareness among contractors about the energy efficiency standards further hinders the market growth.

Key Developments

• In September 2020, Carrier launched the Weather Expert rooftop unit series, which features real variable-speed cooling capacity and control, including the variable-speed 48JC gas/electric and 50JC electric/electric versions that can cool down to 25% of typical capacity and up to 105 percent.
• In July 2020, Clivet SpA and Siemens collaborated to develop novel HVAC plant and building optimization solutions. Siemens is the developer of a software platform for building automation and IoT applications.
• In June 2020, Honeywell and SAP SE partnered to improve building performance using integrated cloud-based business and operational technology data, which delivers financial and operational analytics for corporate and real estate owners and operators.

Key Players

The major players in the market are Carrier Global Corporation, Daikin Industries, Danfoss, Delta Controls, Emerson Electric, Honeywell International Inc, Johnson Controls, LG Electronics, Schneider Electric, and Siemens.

Verified Market Research has segmented the Global HVAC Controls Market On the basis of System, Implementation Type, End User, and Geography.

• HVAC Controls Market, By System
• Temperature Control System
• Ventilation Control System
• Integrated Control System
• Humidity Control System
• HVAC Controls Market, By Implementation Type
• New Construction
• Retrofit
• HVAC Controls Market, By End User
• Residential
• Commercial
• Industrial
• HVAC Controls Market by Geography
• North America
• U.S
• Canada
• Mexico
• Europe
• Germany
• France
• U.K
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• Rest of Asia Pacific
• ROW
• Middle East & Africa
• Latin America

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