Demand in the global HVAC sensors and controllers market is expected to increase with increasing urbanization. The increasing demand for resilient air conditioning technologies has created a multitude of opportunities for market growth. Several industrial, commercial and residential complexes are equipped with high-quality air conditioning and heating systems. Additionally, the need to maintain air quality across the global indoor spectrum has fueled the growth of the global HVAC sensor and controller market. The next decade is expected to play a crucial role in the emergence of air conditioning technologies.
- HVAC systems are used in smart housing associations and buildings. No other technology will replace the benefits these systems provide for smart homes. In addition, a large number of people tend to use heating and cooling technologies that refine and refresh the indoor climate. This is a critical factor in market growth and maturity.
- Large networks are developed in large commercial and industrial buildings, primarily to develop an integrated HVAC system for the entire building. In addition, convention halls, gyms, and large meeting rooms are equipped with HVAC systems that can provide improved cooling. The presence of an ever-growing smart technology industry is believed to be a vital part of market growth.
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- Automation technologies and artificial intelligence have become the buzzwords today. As a result, automated systems and devices have replaced manual devices and technology in key industries. The influx of large volumes of sales into the global HVAC sensors and controllers market is due to the need for ambient cooling technologies in public spaces. Shopping malls and shopping complexes are among the largest consumers of high-end HVAC systems. The ability of HVAC sensors to self-adjust the temperature for the entire room has created a new demand in the market.
Global HVAC Sensors and Controllers Market Outlook
The demand for HVAC sensors and controllers will increase sharply between 2016 and 2024 in the non-residential and automotive segments. The world market is expected to be further strengthened by increasing government support in the form of incentives and raising consumer awareness of energy-saving measures. Integrating HVAC sensors and controllers into an intelligent electronic system that can help reduce energy consumption and improve construction processes is driving demand across industries.
The combination of these factors can be expressed in the 6.9% CAGR that the global HVAC Sensors and Controllers market shows from 2015-2024. This market is projected to exceed $ 9 billion by the end of 2024 and to be valued at $ 5.18 billion in 2015.
North America maintains global dominance for HVAC sensors and controllers, with players also looking to the Asia-Pacific region
North America held over 33% of the regional sales share of the global HVAC sensors and controllers market in 2015. Europe and Asia Pacific rank second and third, respectively, while the rest of the world had the lowest proportions this year. In addition, North America will grow the fastest and will maintain its leading position through 2024. This region is strongly driven by the need to reduce power consumption and replace older HVAC systems with modern systems with better connectivity. The industrial sectors in North America are also implementing heavy duty HVAC equipment to get the most out of their systems in terms of efficiency.
From a development perspective, the North American market for HVAC sensors and controllers is already mature. As a result, global players are now looking for growth opportunities in other regions, namely Latin America and the Asia-Pacific region. Both regions recorded rapid growth in both the industrial and residential sectors, which offers both global players and regional newcomers a multitude of opportunities to enter these regions. While North America will continue to dominate the market in 2024, Asia Pacific and Latin America will have faster growth rates by then.
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Transportation and logistics keep the dominance of the HVAC sensors and controllers
In 2015, over 38% of the global market for HVAC sensors and controllers was held by the transportation and logistics application segment. The market dominance was followed by commercial applications in second and residential applications in second and third place. The industrial applications segment held the lowest share in 2015 at just over 25%. All four segments are expected to maintain these positions through the end of 2024 as they are affected by uniform market drivers.
As the reduction of energy consumption becomes a major driver of the growth in the global HVAC sensor and controller market, there is increasing demand for intelligent HVAC systems to be integrated into buildings. This is especially true for commercial buildings where investment improvements can introduce modern and increasingly effective HVAC sensors and controls. The industry views the global HVAC sensor and controller market not only as a means of saving energy, but also as an added security to data and workplace safety. Many players in the global HVAC Sensors and Controllers market can also provide industries with better customization, allowing greater flexibility in operation.
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