Smart HVAC Controls Market Size, Industry Analysis Report, Competitive Market Share & Forecast by 2024: Global Market Insights, Inc.
Smart HVAC Controls Market size was valued at around USD 8.5 billion in 2015 and may exceed USD 17 billion by 2024, growing at 10.7% CAGR from 2016 to 2024. Government initiatives and tax credit schemes will fuel growth.
These devices are considered to be decision makers, they monitor temperature & flow of air and set temperature according to the weather conditions. As a result, they provide considerable convenience and energy saving over pneumatic regulators. Improved energy efficiency, cost effectiveness and environment sustainability is expected to drive smart HAVC controls market size. Increased use pf internet protocol technology and construction activities will boost advanced technology implementation.
High quality contributions and increase comfort will contribute to smart HVAC controls market growth. Remote access regulator demand for room thermostats and adoptions of green building concepts will propel demand. Energy management initiatives through wireless network by using controllers and sensors and improved usage of Wi-Fi will improve the adoption rate in the coming years. Development of innovative vents, increased consumer inclination and innovation in sensors & controls may catalyze industry growth.
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Pervasiveness of the internet-of-things (IoT) may boost industry growth. In addition, these devices eliminate interior airborne contaminants such as odors, volatile organic compounds produced from interior furnishing and chemicals, and provide fresh outdoor air, which will augment smart HVAC controls market growth.
The industry can be segmented into systems and controls. Temperature, ventilations, humidity and integrated are the key systems. Components are sensors and controllers & controlled devices that includes valves, heating & cooling valves, dampers, actuators, pumps & fans, and smart vents.
Residential, industrial and commercial buildings are key applications. Commercial buildings consist of office building, educations, healthcare, hospitality and retail centers. This sector is expected to witness growth in the coming years due to advancement in high technological building and energy efficient building. Building energy management systems (BEMS) monitor and control building energy need that can be applied to both residential as well as commercial buildings. This technology provides great energy efficiency and cost reduction that can influence smart HVAC controls market growth.
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U.S. smart HVAC controls market share occupied majority of the revenue share due to improved building structure and advancement in technology. Europe may also witness significant growth as they aim to mandate energy efficient system by promoting policies such as tax credits combined with increased penetrations of techno based buildings.
Asia Pacific smart HVAC controls market share is expected to witness considerable growth over forecast period due to increased demand of high quality energy efficient devices and constructions activities in countries like India, China, Korea and Japan.
The industry is highly fragmented, and can be differentiated on the basis of coil, compressors and fans. Important players are United Technologies, Ingersoll-Rand PLC, Lennox Intl, Daikin Industries Ltd, Haier Group, LG electronics, Delta, Honeywell International, Lenox International, Siemens, Distech, KMC Keen Home, Hitachi Ltd, Schneider Electric and Johnson Controls.