Smart HVAC Controls Market to amass $ 25 Bn by 2024

September 20, 2019


Worldwide smart HVAC controls market is anticipated to exceed US $25 billion by the year 2024, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2024.
 

Increasing adoption of loT technology and implementation of building automation systems is fueling smart HVAC controls market growth. Integration of technology with HVAC systems permits the actual monitoring of environmental changes. Development of smart homes is encouraging consumers to adopt these systems due to high degree of flexibility and ease-of-use provided by these systems.
 

Constant change in climate conditions is encouraging the consumers to incorporate these systems in both new and old constructions. Rising concerns regarding carbon emission and energy dissipation, coupled with favorable government policies to address these concerns will further stimulate the adoption of smart HVAC controls, thereby aiding the market growth.
 

However, high installation cost of these systems will hamper the growth of smart HVAC controls market over the forecast timeframe. Despite considerable cost and energy savings of these systems, high prices demotivate small scale consumers in employing these systems. Furthermore, high complexity and maintenance requirements will also impede the market growth.
 

Based on the product type, smart thermostats segment is predicted to amass a substantial growth over the forecast period. The customers are looking for ways to integrate intelligent cooling and heating with smart devices. This is encouraging the manufacturers to develop system which can be integrated with smart devices like Amazon Echo and Google Home, thereby aiding industry growth.
 

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Speaking of the regional outlook, Asia Pacific smart HVAC controls market is predicted to increase substantially by the year 2024, owing to increased construction activities in the region. Rapid urbanization is boosting the construction of commercial and residential buildings, mainly in countries like China, Japan and India. The governments of these countries are investing highly in the infrastructural projects, thus stimulating the real estate sector and supporting regional market growth.

The prominent companies operating in smart HVAC controls market include KMC Keen Home, United Technologies, Haier Group, Lennox International, Schneider Electric, Hitachi Ltd., and Ingersoll-Rand.