Press release
HVAC Sensors & Controllers Market: Integration of IoT to Provide Market with Lucrative Growth Opportunities Establishing Stronger Communication
Besides these companies operating at a global level, the market for HVAC sensors and controllers exhibits a largely fragmented vendor landscape. A majority of regions have a considerably long list of companies providing HVAC sensors and controllers.
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According to TMR, the global HVAC market is calculated to exhibit a CAGR of 6.9% from 2016 to 2024. Expanding at this pace, the market which stood at US$5.18 bn in 2015, is projected to reach IS$9.34 bn by the end of 2024. By application, the universal controllers segment led the market in 2015 with a valuation of US$2.14 bn. Regionally, North America is expected to continue leading the global HVAC sensors and controllers market, through the forecast period. It held over 33% of the revenue share in the market in 2015.
Installation of HVAC Sensors and Controllers to Rise Due to Growth of Non-residential Businesses
The global HVAC sensors and controllers market is driven by the impressive growth witnessed in non-residential businesses. Maintaining indoor air quality is a crucial concern for these businesses, which is achievable through HVAC sensors and controllers. As businesses switch from mechanical to electronic systems, the demand for HVAC sensors and controllers is expected to rise in response. This will subsequently provide opportunities for the entry of new players, thus aiding expansion of the global HVAC sensors and controllers market.
Implementation of IoT to Provide Market with Lucrative Opportunities
The market is projected to gain significantly from the implementation of the Internet of Things (IoT). Leading players are already aiming to optimally capitalize on IoT technologies over the next decade, to achieve significant growth in commercial and non-commercial sectors, alike. The building automation system is already included in most modern HVAC systems. Integrating IoT with the same, will enable HVAC sensors and controllers establish wider communication streams within related devices installed in a building.
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High Initial Investment Required for HVAC System Installation to Stagnate Growth
On the flipside the high initial investment incurred on installation could stagnate the market’s growth to an extent. Nevertheless, the continuing evolution of IoT will help the HVAC industry transform over the forecast period. Furthermore, the market also witnesses tremendous opportunities for growth across Asia Pacific and Latin America. India, Brazil, China, and Japan are among the nations showing high rate of infrastructure development. Technical advancements witnessed in both commercial and residential sectors provide immense opportunities for the growth of the global HVAC sensors and controllers market.
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