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According to the published report, smart HVAC controls market size is expected to reach 25 billion in 2024, while exhibiting a CAGR of 19% till 2024. It has also been fragmented into different segments on the basis of product, applications, regions, and competitive landscapes.
Rapid change in climate conditions have driven smart HVAC controls market share from application in both new and old buildings. There has been a rise in the awareness among people regarding the need to reduce carbon emissions which has encouraged the need for energy efficiency, driving the industry growth. These systems could be made compulsory for use by the governments of various countries in order to reduce costs and increase energy efficiency.
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There has been an increase in the adoption of IoT technology as well as the solutions for building automation that has been a key factor driving smart HVAC controls market forecast over the projected time period. The technology is incorporated with the HVAC systems that permit real-time monitoring of the changes in the environment.
Consumers have actively been seeking different ways to integrate smart devices for intelligent cooling and heating which will help fuel the demand for smart thermostats within the smart HVAC controls industry. The Environmental Protection Agency (EPA) had settled the Energy Star specification for smart thermostats in order to help enhance the energy savings in 2016.
Manufacturers have been involved in the development of systems that can be integrated within various consumer electronics like Amazon Echo and Google Home. This will help influence the consumers into buying smart control systems, driving smart HVAC controls market trends over the analysis time period.
Asia Pacific region has witnessed rapid urbanization with the steady growth of population that has encouraged construction activities for the residential and commercial buildings, especially in nations like Japan, India and China.
Heavy investments in various infrastructure development projects have been done by the government of these countries which has had a positive influence on the installation of modern HVAC systems. With the rise in the demand for properties in the steadily developing areas, the real estate sector has experienced significant growth in demand which, in turn, has helped boost the growth of the industry.
Smart HVAC controls market has a number of diverse market players both regionally and globally which has made it extremely diversified. Some of these key players comprising the competitive dynamics of the industry include Lennox International, Hitachi Ltd., Haier Group, KMC Keen Home, United Technologies, Ingersoll-Rand and Schneider Electric.
Owing to the massive penetration of the existing companies, new players find it hard to enter the market and compete for features, prices and quality. Rapid advancements in technology have changed the market landscape along with the sturdy rise in the research and development activities that will help launch better versions smart HVAC control systems and expand the distribution networks to bolster the company portfolio.
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Partial Chapter of the Table of Content
Chapter 4. Smart HVAC Controls Market, By Product (Revenue, Shipments)
4.1. Key trends in market by product
4.2. Thermostat
4.2.1. Market estimates and forecast, 2013 – 2024
4.3. Smart air vents
4.3.1. Market estimates and forecast, 2013 – 2024
4.4. Others
4.4.1. Market estimates and forecast, 2013 – 2024
Chapter 5. Smart HVAC Controls Market, By Application (Revenue, Shipments)
5.1. Key trends in market by application
5.2. Residential
5.2.1. Market estimates and forecast, 2013 – 2024
5.3. Commercial
5.3.1. Market estimates and forecast, 2013 – 2024
5.4. Industrial
5.4.1. Market estimates and forecast, 2013 – 2024
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