Chicago, Sept. 02, 2022 (GLOBE NEWSWIRE) — HVAC Controls Market by Component (Sensors, Controllers, and Controlled Equipment), System, Implementation Type (New Construction, Retrofit), Application (Residential, Commercial, Industrial) and Region – Global Forecast to (2022-2027)”, The HVAC controls market is dominated by players such as Honeywell International Inc. (US), Johnson Controls (US), Siemens (Germany), Carrier (US), and Emerson Electric Co. (US).
- Expected Market – $26.7 Billion by 2026
- Projected to grow from – $17.2 billion in 2021
- At a CAGR – 9.2%
- Market Size Available for Year – 2018-2027
- Base Year – 2021
- Forecast Period – 2022-2027
- Segments Covered – By Component, System, Implementation Type, Application
- Geographic regions covered – North America, APAC, Europe, and RoW
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Browse in-depth TOC on “HVAC Controls Market”
197 – Tables
246 – Pages
Honeywell International was ranked first in the HVAC controls market in 2021, with an approximate share of 8–9% in the market. The company has a diversified product portfolio, which gives it a competitive advantage over its peers. Indirectly, this helps reduce the companys dependence on a single market for revenue generation. The company offers controls and displays for heating, cooling, indoor air quality, ventilation, humidification, combustion, lighting, and home automation systems. It also offers software solutions that help monitor and manage heating, cooling, ventilation parameters, and indoor air quality.
Johnson Controls held the second position in the HVAC controls market in 2021, with an approximate share of 7–8% in the market. The company conducts its business through four business segments: Building Solutions North America, Building Solutions EMEA/LA, Building Solutions Asia Pacific, and Global Products. The company’s strategically balanced product offerings reduce business risks and enable the company to tap opportunities in new and existing markets. The company focuses on expanding its business in developing countries and increasing its customer base outside the domestic market. The company has centers (both manufacturing and distribution) in over 60 countries across the world.
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The study categorizes the HVAC controls market based on component, system, implementation type, application at the regional and global levels.
HVAC controls market, by component
- Controllers and controlled equipment
HVAC controls market, by system
- Temperature control system
- Ventilation control system
- Humidty control system
- Integrated control system
HVAC controls market, By Implmenetaion Type
HVAC controls market, By Application
Temperature control systems automatically control the temperature of a zone or an area. They sense and measure the temperature of an indoor area and accordingly to the temperature set as input by the user. They heat or cool the area to reach the set temperature levels. These systems use various HVAC equipment, such as air-conditioners, space heaters, and coolers, to change the area’s temperature. A temperature control system consists of sensors, controllers, and HVAC equipment. The thermostat is a prime example of a temperature control system. In 2016, only 11% of US households owned a smart thermostat. By January 2022, the number reached 24% and is still growing. Energy efficiency and long-term cost savings are usually among the top reasons homeowners are demanding smart thermostats.
The increased adoption of cloud computing has offered benefits for various industry sectors by providing advanced Artificial Intelligence capabilities for various applications, including HVAC. The advanced application of cloud computing and IoT is Digital twin; a real-time-based simulation of the system model, which takes real-time operational data of the HVAC system and performs simulation to reduce operational cost; provides information on the optimal maintenance schedule of HVAC equipment and perform remote diagnostics. Digital twins can help create smarter buildings by automating processes through machine learning.
HVAC System Market by Cooling Equipment, Heating Equipment, Ventilation Equipment, Implementation Type, Application (Residential, Commercial, Industrial) and Region (North America, Europe, APAC, RoW) (2021-2026)