HVAC Control Systems Market size to grow by USD 9,335.64 million from 2022 to 2027; The advent of smart HVAC systems boosts the market

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16 Aug, 2023, 03:30 ET

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NEW YORK, Aug. 16, 2023 /PRNewswire/ -- The global HVAC control systems market size is estimated to grow by USD 9,335.64 million from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 7.7% during the forecast period. APAC held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 42%. For more insights on the historic market data (2017 to 2021) and forecast market size (2023 to 2027) - Request a sample report

What's New?

HVAC Control Systems Market - Segmentation AssessmentSegment OverviewTechnavio has segmented the market based on the product (sensors, controlled devices, and controllers), end-user (automotive, residential, commercial, and industrial), and geography (APAC, North America, Europe, Middle East and Africa, and South America).

Geography OverviewBy geography, the global HVAC control systems market is segmented into APAC, North America, Europe, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global HVAC control systems market.

Insights on the market contribution of various segments including country and region wise historic market data (2017 to 2021), and forecast market size (2023 to 2027) - Download a Sample Report

HVAC Control Systems Market – Market DynamicsKey factor driving market growthThe advent of smart HVAC systems drives the HVAC control systems market. The market is driven by factors such as the advancement in portable devices and monitoring systems such that end-users can manage their HVAC systems in a much more convenient and efficient way.

For instance, in June 2022, Midea Group Co., Ltd. (Midea) partnered with Taqeef Refrigeration and Air Condition Trading LLC (Taqeef), a UAE-based AC and cooling solutions provider, to offer the company's V8 Series with variable refrigerant flow rate (VRF) in the UAE, with the aim of unveiling a new blueprint for developing intelligent solutions that deliver the highest energy efficiency and comfort in the HVAC industry. Hence, such factors boost the HVAC control systems market during the forecast period.

Leading trends influencing the market

Increasing focus on integrated building management systems is an emerging HVAC control systems market trend. The demand for reducing operational and maintenance costs, as well as optimizing energy use in commercial and residential buildings, is increasing.

This results in 60% of energy consumption in buildings. For instance, the integration of lighting systems and HVAC systems in buildings under a single platform minimizes energy consumption and improves the efficiency of building management systems. Hence, such trends fuel the market growth during the forecast period.

Major challenges hindering the market growth

Cybersecurity issues in HVAC control systems challenge the growth of the HVAC control systems market. For instance, Wi-Fi-based thermostats, temperature sensors, relative humidity sensors, and flow sensors, are vulnerable to hacking.

The technological advances in HVAC systems including wireless technologies and connectivity features, are growing rapidly across the residential, commercial, and industrial segments. Hence, such challenges impede the HVAC control systems market during the forecast period.

Insights on Market Drivers, trends, & Challenges, historic period(2017 to 2021), and forecast period(2023 to 2027)- Request a sample report!

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HVAC Control Systems Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 7.7%

Market growth 2023-2027

USD 9,335.64 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

6.56

Regional analysis

APAC, North America, Europe, Middle East and Africa, and South America

Performing market contribution

APAC at 42%

Key countries

US, China, India, Japan, and Germany

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

ABB Ltd., Acuity Brands Inc., Azbil Corp., Computime Group Ltd., Delta Electronics Inc., Emerson Electric Co., Fr. Sauter AG, Generac Holdings Inc., Honeywell International Inc., Johnson Controls International Plc, KMC Controls Inc., Lennox International Inc., Mass Electronics Pty Ltd., Mitsubishi Electric Corp., NanoSense, Quest Controls Inc., Reliable Controls Corp., Schneider Electric SE, Siemens AG, and Trane Technologies plc

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of Contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Product

7 Market Segmentation by End-user

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

About UsTechnavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

ContactTechnavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: [email protected]Website: www.technavio.com

SOURCE Technavio