July 02, 2020
According to the research report titled ‘Global HVAC Controls Market Size study with COVID-19 impact, by Component (Sensor, Controllers and Controlled Device), by System (Ventilation Control and Integrated Control), by Application (Residential, commercial, and Industrial) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global HVAC controls market was worth USD 14.70 billion in 2019 and is expected to record a CAGR of 12.20% over 2020-2026.
Heating ventilation and air conditioning or HVAC is a technology used to modify the humidity, temperature and air drift in an enclosed area. The system offers thermal comfort as it allows the room temperature to be adjusted and best works for indoor air.
Global HVAC controls market is witnessing a considerable growth owing to escalated demand for these systems from residential and commercial sectors as it enables consumers to modify the room temperature and fresh air circulation as per comfort. According to the data by International Construction Market Survey, in 2017, the growth rate of construction industry was 3.5% which rose to 3.9% in 2018. Likewise, FIEC (European Construction Industry Federation) annual report 2017 stated that Europe witnessed a growth of 2.2% in construction activities in 2016 as compared to 2015. Improved disposable income and swift urbanization are favoring HVAC controls market growth. Although, the hefty installation cost of HVAC system may impede the market growth over the analysis timeframe.
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The outbreak of COVID-19 pandemic has resulted in shutdown of various component manufacturing facilities across countries such as US, Japan, European countries, and China. Stunted production of HVAC units and decline in consumer demand will impede the growth of global HVAC controls market.
Considering the geographical hierarchy, the market landscape is divided into Latin America, Europe, North America, Asia Pacific, and rest of the world. North America led the global HVAC controls market in the recent past, pertaining to increasing industrialization and commercialization in the region.
Meanwhile, Asia Pacific market is anticipated to depict a remunerative growth trend in the approaching years. Rising purchasing power, rapid urbanization, and booming construction sector are driving HVAC controls market growth in APAC.
Trane, Siemens, Ingersoll-Rand plc, Nest Labs, Mitsubishi Electric Corporation, Lennox International Inc., Johnson Controls, Honeywell International, Delta Controls, and United Technologies Corporation are the major players in global HVAC controls market.