Portland,OR, Jan. 11, 2022 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global HVAC control market was accounted for $14.25 billion in 2020, and is estimated to hit $24.57 billion by 2030, growing at a CAGR of 5.5% from 2021 to 2030.
Advent of IoT-enabled HVAC systems, surge in demand for building automation systems (BASs), and development of the construction market have boosted the growth of the global HVAC control market. However, low adoption of HVAC controls and complications in upgrading the existing HVAC systems hinder the market growth. On the contrary, increase in demand for cloud computing in HVAC is expected to open new opportunities in the future.
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Covid-19 scenario:
- The Covid-19 outbreak negatively affected the HVAC control industry due to lockdown measures and delay in production and shut down of manufacturing facilities.
- As the Covid-19 infection cases begin to decline, equipment & machinery producers need to focus on protecting their staff and establishing new methods of working.
The report segments the global HVAC control market on the basis of system, implementation type, end user, and region.
Based on system, the temperature control system segment held the lion’s share in 2020, accounting for around one-third of the market. However, the integrated control system segment is expected to register the highest CAGR of 7.5% during the forecast period.
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On the basis of implementation type, the retrofit segment would showcase the highest CAGR of 5.8% during the forecast period. However, the new construction segment held the largest share in 2020, contributing to more than half of the market.
The global HVAC control market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific dominated in 2020, holding nearly half of the market. Moreover, the region is expected to manifest the highest CAGR of 6.1% from 2021 to 2030.
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Leading Players:
The global HVAC control market report includes an in-depth analysis of the prime market players such as Carrier Global Corporation, Daikin Industries, Danfoss, Delta Controls, Emerson Electric, Honeywell International Inc., Johnson Controls, LG Electronics, Schneider Electric, and Siemens.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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