HVAC Controls Market

Market Leader - HVAC Controls Market

The HVAC controls market is expected to grow from USD 13.63 Billion in 2018 to USD 27.04 Billion by 2023, at a CAGR of 12.1% between 2018 and 2023. Major factors driving the growth of the market include the need for efficient use of energy in buildings, growing construction market, increasing adoption of IoT in the HVAC industry, and rising demand for building automation systems (BASs). However, complexity in upgrading the existing HVAC controls poses as a challenge for the market growth.

The HVAC controls market for integrated control system is expected to grow at the highest CAGR between 2018 and 2023. The integrated control system is a complicated system as it comprises sensors and controlled devices. However, the integrated control system ensures higher energy efficiency and power-saving. Increasing smart homes and buildings, along with the implementation of IoT and IIoT, play a huge role in the rise of integrated control systems.

The Market for Smart Vents of HVAC Controls for Controllers and Controlled Equipment is Expected to Grow at the Highest CAGR Between 2018 and 2023. Smart vent is an innovative component of HVAC controls with a high scope of implementation in various applications of HVAC Controls. The implementation of a smart vent is highly economical as replacing a conventional air vent with smart vent is cheaper than changing an entire HVAC system. It also has an ease of installation as compared to the modification of an entire HVAC system.

The market for commercial application is expected to grow at the highest CAGR between 2018 and 2023. The Federal Energy Policy Act of 2005 set in the US provides tax credit to owners of new or existing commercial buildings on the implementation of heating, cooling, ventilation, or hot water systems, which help in reducing the overall energy consumption of the buildings. The application of HVAC controls in healthcare, education, and hospitality is based on the same principle that not all the areas are occupied at all times; hence managing the HVAC systems efficiently would conserve a lot of energy and would help in long term.

The HVAC controls market in APAC is expected to grow at the highest CAGR between 2018 and 2023. China also has a large construction industry, which is driven by the need to meet the increasing demand for HVAC in the country. Growth in building construction and strict regulations for maintaining high energy efficiency of the HVAC equipment in new buildings is increasing. China plans to have 50% of all the new buildings to be certified green buildings by 2020. This requires an efficient utility of energy, which can be achieved with the use of energy-efficient HVAC systems and HVAC controls.

Related Reports:

HVAC Controls Market by System (Temperature, Ventilation, Humidity, Integrated Controls), Component (Sensors, and Controllers & Controlled Devices), Implementation Type (New Construction, Retrofit), Application, and Geography - Global Forecast to 2023

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Report Code
SE 2314
RI Published ON
5/10/2018
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