Press release
HVAC Sensors & Controllers Companies Find Better Opportunities Through Booming Non-commercial Construction Activities
The importance of gesture recognition technology lies in developing efficient interaction between humans and machines. Increasing application of gesture recognition technology in consumer electronics is among the key factors boosting the gesture recognition market at the global level. 3D vision and gesture tracking solutions in gaming consoles along with 2D gesture recognition technology in smart TVs, PCs, and tablets is fueling the demand for touch less gesture recognition technology. Limited numbers of recognizable gestures along with inaccurate and inefficient systems are certain factors hindering the growth of the gesture recognition market globally. However, technological advancements in the gesture recognition market coupled with rising demand for this technology in smartphones are offering great opportunities for the major players in the gesture recognition market.
Development of 3D Vision and gesture tracking technology along with growing prominence of 2D gesture recognition technology in the consumer electronics is expected to have a huge impact on this market in the short, medium, and long term. Furthermore, rising number of strategic partnerships between various automobile and gesture recognition technology companies is having a positive impact on the growth of the gesture recognition market. Increasing adoption of gesture recognition solutions in the automotive industry is one of the prime reasons behind the growth of global gesture recognition market. In addition, growing gesture-based interaction in factory automation and increasing application of gesture recognition solutions in the industrial sector is fueling the demand for gesture control technology at the global level.
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The demand for HVAC sensors and controllers is set to increase sharply between 2016 and 2024 in the non-residential businesses and automotive industry segments. The global market is expected to be boosted further by increasing government assistance in the form of incentives and increasing consumer awareness regarding energy saving measures. The incorporation of HVAC sensors and controllers to form a smart electronic system that can help reduce energy consumption and improve building processes is creating a strong demand for them across industries.
The combination of these factors can be expressed in the 6.9% CAGR shown by the global HVAC sensors and controllers market from 2015 to 2024. This market is expected to cross US$9 bn by the end of 2024, and was valued at US$5.18 bn in 2015.
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