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Global HVAC Controls Market to Grow at a CAGR of 8.92% During 2021-2026, Aided by the Rising Deployment in Automobile Manufacturing

According to a new report by EMR titled, ‘Global HVAC Controls Market Report and Forecast 2021-2026’, the market attained a value of about USD 14.13 billion in 2020. The industry is further expected to grow at a CAGR of 8.92% in the forecast period of 2021-2026 to reach a value of nearly USD 23.58 billion by 2026.

The market growth for HVAC controls systems can be attributed to the rising concerns regarding environmental degradation owing to the toxins released by traditional air conditioning and heating systems. In addition, automobiles are considered to be contributing the most to the rising levels of air pollution. Thus, to curb the effects of environmental degradation from personal and passenger vehicles, automobile manufacturers are increasingly deploying HVAC control systems in automobile manufacturing, which is providing impetus to the market growth. Furthermore, owing to the presence of leading market players in the industry, automation in HVAC control systems are further accelerating the market growth. Features such as intelligent capabilities with enhanced diagnostics and robust sensors for feedback in closed-loop systems, along with performance motor drivers and efficient power supply, are propelling the market demand from the automobile sector, and hence contributing to the market growth of HVAC controls.

Honeywell International Inc. (NYSE: HON), a global leader in the market of HVAC controls, recently announced a new advanced technology in HVAC systems that detects airborne particles, allergens, and spores in December 2020. Driven by Artificial Intelligence (AI) and cloud computing, Honewell enables HVAC service providers and environmental testing professionals to better inform home and building owners of the quantity and type of particles present in the air. As a result of rising pollution levels and degrading air quality, Honeywell Air Detective is expected to be a breakthrough technology that can capture images and details of allergens and particles present in the air. With artificial intelligence (AI) technology, users have the advantage of checking the indoor air quality in residential and commercial settings via smartphones and tablets, thus enabling remote access. Such innovations by leading market players are thus expected to bolster the market growth of HVAC controls.

Market Analysis by Control Loop Type, System, Component, Control System Type, Implementation, Application, and Region:

  • The market, based on control loop type, can be divided into open-loop control and closed-loop control.
  • On the basis of system, the market can be segmented into temperature control systems, ventilation control systems, humidity control systems, and integrated control systems.
  • Based on component, the market can be categorised into sensors, and controllers and controlled devices.
  • On the basis of control system type, the market can be segmented into direct acting systems, electric/ electronic systems, and pneumatic systems.
  • The market, on the basis of implementation, can be categorised into new construction and retrofit.
  • Based on application, the market divisions include residential, commercial, and industrial.
  • The major regional markets for HVAC controls are North America, Latin America, Europe, the Asia Pacific, and the Middle East and Africa.

Key Findings of the Report:

  • The market for HVAC controls is being driven by rapid industrialisation and the consequent demand for cooling and heating equipment to reduce utility bills.
  • Introduction of technologically advanced HVAC control systems such as automatic control systems that allow remote access is bolstering the market growth.
  • The implementation of stringent government policies aimed at building a sustainable environment by promoting the use of energy-saving control systems is augmenting the market growth.
  • The expanding disposable incomes and the resultant increasing purchasing power of people are furthering the market for HVAC controls.

Key Offerings of the Report:

  • The EMR report gives an overview of the global HVAC controls industry for the periods (2016-2020) and (2021-2026).
  • The report also offers historical (2016-2020) and forecast (2021-2026) markets for control loop types, systems, components, control system types, implementation types, applications, and regions of HVAC controls.
  • It assesses the regional price trends for the (2016-2020) and (2021-2026) periods.
  • The report analyses market dynamics, covering the key demand and price indicators in the market along with an assessment of the SWOT and Porter’s Five Forces Model.

The major players in the global HVAC controls market are Honeywell International Inc., Siemens AG, Emerson Electric Co., Schneider Electric SE, and Lennox International Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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