Press release
Global HVAC Controls Market Report To Be Driven By The Increasing Industrialisation In The Forecast Period Of 2023-2028
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter's Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
Historical Market Size (2021): USD 14.13 billion
Forecast CAGR (2023-2028): 92 %
Forecast Market Size (2027): USD 23.58 billion
Increased industrialisation is driving the worldwide HVAC controls sector, which is driven by increased demand for cooling and heating equipment in industries including mining and energy generation. Furthermore, strict government regulations to prevent rising pollution levels and to create a cleaner, greener, and more sustainable environment have prompted a number of industries and commercial organizations to install HVAC control in their operational areas in order to save money on electricity bills, further propelling industry growth.
Industry Definition and Major Segments
HVAC controls, also known as heating, ventilation, and air conditioning controls, are devices that manage heating and cooling conditions to help keep enclosed spaces at an ambient temperature. To enable the control system to take an action, a sensing instrument typically controls the actual temperature of the areas to a target temperature.
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The HVAC controls market, on the basis of loop type, can be segmented into:
Open-Loop Control
Closed-Loop Control
Based on systems, the market is divided into:
Temperature Control Systems
Ventilation Control Systems
Humidity Control Systems
Integrated Control Systems
Based on component, the industry is bifurcated into:
Sensors
Controllers and Controlled Devices
Based on control system type, the market can be classified into:
Direct Acting Systems
Electric/Electronic Systems
Pneumatic Systems
On the basis of implementation type, the HVAC controls industry is segmented into:
New construction
Retrofit
On the basis of its applications, the market is segmented into:
Residential
Commercial
Industrial
The regional markets include:
North America
Europe
Asia Pacific
Latin America
Middle East
Africa
Market Trends
End users in the industrial, residential, and commercial sectors are increasing their investments in HVAC controls due to the increased demand for easy remote-control systems. As a result, research projects for the development of novel HVAC control systems are on the rise. As the infrastructure of industrial, residential, and commercial buildings expands, so does the demand for HVAC controls. Rapid urbanisation and industrialisation are also resulting from exponential population growth in developing economies such as China, India, Brazil, and Mexico, among others, driving up need for HVAC controls.
The growth of the market has been supported by rising disposable incomes and increased consumer spending in key countries. Furthermore, rapid climate change is one of the key factors driving rising HVAC demand. HVAC controls technology is increasingly being employed in residential settings to improve air quality due to changing climate conditions and rising global temperatures as a result of rapid climate change. Furthermore, due to rising demand for cloud computing in the HVAC industry, the market is expected to rise rapidly throughout the forecast period.
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