Fort Collins, Colorado, Oct. 13, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the smart HVAC controls market size was valued at USD 9.4 Billion in 2022 and is expected to reach USD 25.5 Billion by 2032 at a CAGR of 10.6%.
The rising use of the Internet of Things (IoT) and HVAC systems are being integrated with IoT technologies by the manufacturers. With the support initiatives from the government across the geographies in the development of smart cities, projects from countries like India are driving the market for smart HVAC controls.
The government initiatives towards creating a clean, green, and sustainable environment have led to the increasing implementation of smart HVAC in projects like smart cities. Moreover, the financial incentives for encouraging the use of energy-efficient equipment in both residential and commercial settings is helping the market to grow. For instance, the United States government passed the Energy Policy Act 2005, which provides tax benefits up to USD 1.80 for new commercial buildings.
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Integrating data analytics and artificial intelligence with smart HVAC controls offers valuable insights for determining the performance of HVAC systems. These provide insights into the predictive maintenance requirements, detect inefficiencies in the systems, and optimize performance, thus creating new opportunities in the market.
Segmentation Overview:
The global smart HVAC controls market has been segmented into component, system, application, and region. The controllers dominate the market and is widely utilized in food processing and supermarkets for maintaining the optimum temperature of the refrigerators. This helps keep the edible and cold storage items fresh for longer. North America dominates the smart HVAC controls market. The growth in the region is attributed to the new constructions and developments in the region. This is further attributed to several advantages that a new HVA system offers.
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Smart HVAC Controls Market Report Highlights:
- The global Smart HVAC controls market growth is anticipated at a CAGR of 10.6% by 2032.
- The growing dependence on HVAC systems for SMART homes is a major factor boosting the market growth. In addition, the growing use of the Internet of Things and the integration of HVAC systems with IoT technologies encourages market development in the following years.
- The temperature & humidity control segment dominates the market owing to the enhanced security.
- Some prominent players in the smart HVAC controls market report include Honeywell, HID Global Corporation, Allegation PLC, Siemens, Identiv, Enterprise System Corporation, Ekran Systems, Johnson Controls, TED Systems, Imedia, Mace Security, Bosch, and others.
Industry Trends and Insights:
- In 2023, the Pilot Group, a Manchester sustainable technology expert, is partnering with Reznor, a global heating equipment manufacturer, to save their yearly costs on energy bills.
- IPD has renewed the master distribution agreement with ABB Motion Group in Australia to distribute, supply, and sell ABB HVAC drives.
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Smart HVAC Controls Market Segmentation:
- By Component: Sensors, controllers, controlled equipment.
- By System: Temperature & humidity control, ventilation control, integrated control.
- By Application: Commercial, residential, industrial.
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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