Pune, July 05, 2024 (GLOBE NEWSWIRE) -- HVAC Control System Market Size & Growth:
“The HVAC Control System Market size was valued at USD 18.98 Billion in 2023. This is likely to reach USD 44.09 Billion by 2032, at a CAGR of 9.82% through the forecast period 2024-2032, Says SNS Insider.”
Technological Advancement and Green Life Style Accelerate HVAC Control System Market
The HVAC Control System market has been growing, driven by increased spending in construction activities and urbanization, coupled with rising disposable income. This has also helped to a great extent in increasing the adoption of these HVAC equipment which have become more than just optional. And adding to this is climate change with its rising temperatures and changing weather patterns. Control systems are an essential part of these HVAC equipment hence its demand is directly related with the growth in overall HVAC market.
The number of governmental programs aiming energy-efficient solutions promoting provides the substantial growth of the market. The Energy Policy Act of 2005 by U.S. government provides significant tax benefits for buildings that minimize their energy consumption thus facilitating a move to more advanced HVAC control systems. Severe measures worldwide are ultimately fostering the HVAC manufacturers to design energy-efficient.
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Major Players Analysis Listed in this Report are:
- Johnson Controls
- Daikin Industries, Ltd
- Mitsubishi Electric Trane HVAC US LLC
- Emerson Electric.
- Schneider Electric
- Honeywell International Inc.
- DELTA CONTROLS
- Carrier Global Corporation
- Siemens
- Johnson Controls
- ICM Controls
- Other Players
The rising geriatric population is boosting the market growth along with technological advancements. Because of this, smart HVAC control systems are becoming a more focus area due to manufacturers priorities being enabled with the Internet of Things (IoT) technology and connectivity for home automation. For example: Control Pad from Cool Automation Ltd. a simple smart HVAC controller for home automation with RS485 network and ASCII interface feature that is rigorous compatibility to standard communication type of various equipment types.
Another driver for the market is that of upgrading obsolete control systems with advanced controllers. The replacement and retrofit trend mainly prevail in developed countries, including the U.S., Germany, France, Japan and UK where well-established energy efficient technologies have been incorporated to support reduced operational costs. Progressing HVAC sensors that evaluate CO2, humidity, occupancy and temperature will likewise remain an imperative feature in driving market spiritedness.
HVAC Control System Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 18.98 Billion |
| Market Size by 2032 | US$ 44.09 Billion |
| CAGR | CAGR of 9.82% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Key Growth Drivers | • Concerns about energy use and environmental impact drive the demand for energy-efficient HVAC systems, boosting the market for performance-optimizing control systems. |
In February 2024: At ACREX India, held, Danfoss India unveiled its Microchannel Heat Exchanger (MCHE) technology as a means of attaining energy efficiency and minimal refrigerant usage. Next Gen Evaporator A 30% more efficient, cost and installation time-saving refrigerant flow optimization to address the industry's ESG commitments.
The change in load performance compared to MCHE may require HVAC control systems and strategies that perform differently. It might encourage the development of new control systems which are specifically adapted to MCHE's individual characteristics and, in turn innovate an entire segment within a market. The increased ESG performance associated with MCHE may further encourage building owners and contractors to utilize these systems. This will result in greater demand for HVAC controlled systems which can monitor and optimize the MCHE operations suitable to deliver as promised, environmental benefits.
Segmentation Analysis
On the basis of Component, The largest share was accounted by sensor segment in 2023 In the case of temperature and humidity, sensors measure those environmental variables or outputs inside a controlled environment so they can be communicated to controllers often as sensor signals. The sensors that are most frequently used, in decreasing order of frequency were: temperature, humidity; occupancy; economizer control, dew point and CO2 concentration.
The HVAC control systems market is segmented on the basis of Systems, which are categorized as Temperature and Humidity Control Systems, Ventilation Control System, and Integrated Control. Based on applications, the temperature and humidity control segment held nearly 42% of market with increasing incorporation of heating cooling systems across various verticals.
HVAC Control System Market Key Segmentation:
By Component
- Sensors
- Controllers
- Controlled Devices
By System
- Temperature Control Systems & Humidity Control System
- Ventilation Control System
- Integrated Control System
By Application
- Residential
- Commercial
- Industrial
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Key Regional Development: Asia-Pacific Takes the Lead
Asia-Pacific region is leading HVAC control system market. The major reason behind this dominance is the continual innovation and power-efficient products delivered by these companies. The increasing population in developing countries, along with rising environmental awareness are driving the growth of HVAC control systems. The growing trend towards green buildings and various government measures to promote energy-efficient practices in commercial sector is further propelling the regional market expansion. Nevertheless, some market growth has been slightly constrained by a global pandemic that interrupted construction activities and education rate lag behind in some sub-regions.
Future Growth
The HVAC control system Market Holds Great Prospect owing to Increasing Demand for Energy-efficient and Smart Solutions. Technological advancements like IoT integration amongst HVAC control systems will accelerate the product deployment and increase customer satisfaction through improved user interface. Policies and incentives for energy-saving solutions will also have a significant impact on the market enlargement. Furthermore, ongoing replacement and retrofitting of antiquated systems with next-generation controllers will remain instrumental in the growth of building automation market especially in developed regions.
Recent Development
In February 2024: Engineers at Birmingham University built a microwave-powered thermochemical system for EV air conditioning as part of an e-Thermal bank - enough to give the vehicle about 70% more range. Without an exhaust system or a battery needing to be tapped for HVAC duties, this serves as extra juice during those summer and winter months.
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Key Takeaways
- Gain valuable knowledge about the key factors propelling market growth, such as rising demand for energy-efficient solutions and government sustainability initiatives.
- Stay informed about the latest trends in the HVAC control system market, including the increasing adoption of smart technologies and sensor advancements.
- The HVAC control system market is expected to experience significant growth due to rising demand for energy-efficient solutions.
- Government initiatives promoting sustainability and technological advancements like IoT-enabled controls are driving market growth.
- The sensors segment holds the dominant market share due to the critical role sensors play in data collection and system operation.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Porter’s 5 Forces Model
6. Pest Analysis
7. HVAC Control System Market, By Component
8. HVAC Control System Market, By System
9. HVAC Control System Market, By Application
10. Regional Analysis
11. Company Profiles
12. Competitive Landscape
12.1 Competitive Benchmarking
12.2 Market Share Analysis
12.3 Recent Developments
12.3.1 Industry News
12.3.2 Company News
12.3.3 Mergers & Acquisitions
13. Use Case and Best Practices
14. Conclusion
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