The HVAC controls market is estimated to be valued at USD 17.2 billion in 2022 and is projected to reach USD 26.7 billion by 2027; growing at a CAGR of 9.2% from 2022 to 2027. Product launches, acquisitions, partnerships, collaborations, strategic alliances, and expansions are the major growth strategies adopted by the market players. These strategies have enabled them to efficiently fulfill the growing demand for HVAC controls from end-user industries and expand their global footprint by offering their products in all the major regions.
Key players operating in the HVAC controls market are Honeywell International Inc. (US), Johnson Controls (US), Siemens (Germany), Carrier (US), Emerson Electric Co. (US), Schneider Electric (France), Trane Technologies plc, (US), DAIKIN INDUSTRIES (Japan), Delta Controls (Canada), Distech Controls (Canada), Danfoss (Denmark), Lennox (US), Fr. Sauter AG (Switzerland), LG Electronics (South Korea), Mitsubishi Electric Corporation (Japan), KMC Controls (US), Jackson Systems & Supply (US), Astronics Corporation (US), OJ Electronics A/S (Denmark), Regin (Sweden), Azbil Corporation (Japan), Robert Bosch GmbH (Germany), Computrols, Inc (US), Cubic Sensor and Instrument Co., Ltd. (China), and Reliable Controls Corporation (Canada).
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Honeywell International was ranked first in the HVAC controls market in 2021, with an approximate share of 8–9% in the market. The company has a diversified product portfolio, which gives it a competitive advantage over its peers. Indirectly, this helps reduce the companys dependence on a single market for revenue generation. The company offers controls and displays for heating, cooling, indoor air quality, ventilation, humidification, combustion, lighting, and home automation systems. It also offers software solutions that help monitor and manage heating, cooling, ventilation parameters, and indoor air quality. The company provides a world-class range of building management solutions (BMS) field devices, which are energy efficient and are used across residential and commercial buildings. As a diversified technology and manufacturing company, Honeywell is uniquely positioned to blend physical products with software to serve customers worldwide across multiple domains.
Johnson Controls held the second position in the HVAC controls market in 2021, with an approximate share of 7–8% in the market. The company conducts its business through four business segments: Building Solutions North America, Building Solutions EMEA/LA, Building Solutions Asia Pacific, and Global Products. The company’s strategically balanced product offerings reduce business risks and enable the company to tap opportunities in new and existing markets. The company focuses on expanding its business in developing countries and increasing its customer base outside the domestic market. The company has centers (both manufacturing and distribution) in over 60 countries across the world.
The company’s business strategy is to sustain and expand its position as a global diversified technology provider and multi-industrial leader in HVAC, industrial refrigeration, and building management systems by offering a full spectrum of products and services for buildings worldwide. The company executes its strategy by creating growth platforms, driving operational improvements, and creating a high-performance culture.
Siemens held the third position in the HVAC controls market in 2021, with an approximate share of 7–8% in the market. The company offers automation and digitalization in the process and manufacturing industries, intelligent infrastructure for buildings and distributed energy systems, smart mobility solutions for rail and road and medical technology, and digital healthcare services. The company operates through six segments: Digital Industries, Smart Infrastructure, Mobility, Siemens Healthineers, Siemens Financial Services, and Portfolio companies.
The company offers HVAC controls through the Smart Infrastructure segment. Within the Smart Infrastructure segment, the buildings business subsegment addresses the needs of owners, occupants, operators, and users of buildings. It spans integrated building management systems and software; heating ventilation and air conditioning (HVAC) controls; fire safety and security products and systems; and solutions and services such as energy and performance services. It provides automation technologies and services for safe, secure, and efficient buildings and infrastructure systems.
HVAC Controls Market by Component (Sensors, Controllers, and Controlled Equipment), System, Implementation Type (New Construction, Retrofit), Application (Residential, Commercial, Industrial) and Region - Global Forecast to 2027
HVAC System Companies
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