Category : Semiconductor and Electronics | Published at : April-2020 | Delivery Format : PDF | Status: Published | Pages : 190
The global HVAC control systems market is anticipated to grow at a CAGR of around 12.6% during the forecast period 2020 to 2027 and to reach around US$ 37.5 Bn by 2027.
Market Dynamics
The wide applicability of the HVAC control system in various end-use industries such as food & beverage, pharmaceutical, agriculture, etc. are major factor expected to drive the growth of the global HVAC control system market. Food & beverage sector is flourishing across the globe, with the increasing number of manufacturers and innovative product offerings are factors responsible for target industry growth. Government is imposing various rules and regulations in order to provide consumer with safe and reliable food products. This is resulting in manufacture are focused on adoption advanced HVAC control system in order to deliver the customer the best products. HVAC help in maintaining the exact required temperature during the food processing.
Government of developing countries is spending high the development of agriculture sector they are providing various supports for business development. Major players are adopting the HVAC system in order to preserve the quality of your product.
Rapid technological advancements in pharmaceutical sector, high investment by the public and private players for R&D activities, coupled with introduction of new HVAC system from manufacturer are some other factors responsible to impact the target market growth to a certain extent. Pharmaceutical industry is witnessing rapid technological changes major players are focused on lowering operational efficiency and reduce the energy consumption.
- In 2019, Telstar introduced Smart Cleanroom an innovative flexible solution for cleanrooms for pharmaceutical industry. This will help the manufacturers to reduce energy consumption and operation costs.
In addition, strategic business development activities by the major player with the focus to increase the customer base and enhance the profit ratio is another factor expected to support the growth to target market to a certain extent. Major players across the globe are inclining towards increasing the business presence as with the high customer base the profit ration also increases.
- In 2017, Carrier, a world leader in high-technology heating, ventilating, air conditioning and refrigeration (HVACR) solutions established a joint venture with Midea in order to introduce residential ductless HVAC in North America. This will help the company to strengthen its position in North America
However, high cost of initial investment and complexity in upgrading the present system are major factors expected to hamper the growth of the global market. In addition, low awareness among consumers related to benefits of the advanced HVAC system is limiting the adoption of the product further challenging the growth of target market.
High investment by the major players for R&D activities and innovative product offerings is expected to further create new opportunities over the forecast period..
HVAC Control Systems Market Segment Analysis, 2019
The global HVAC control systems market is segmented into component, system, and application. The component segment is bifurcated into sensors, controllers, and controlled devices. Among the component the sensors segment is expected to account for significant revenue share.
Segment Analysis by Region
The market in North America is expected to account for major revenue share owing to high demand from various end use industries such as food & beverage, pharmaceutical, etc., coupled with presence of major players operating in the target market in this region.
In addition, innovative product offerings through strategic partnerships and joint ventures are factors another factor expected to support the growth of target regional market.
Asia Pacific is expected to witness faster growth in the near future Owing to high demand from agriculture sector. In addition, major players inclination towards the developing countries in order to increase the customer base is another factor expected to support the growth of target market in this region.
Competitive Landscape
Presence of large number of players operating on regional and international level is increasing the competition. In addition, business development activities and new product offerings are factors further augmenting the market competition.
Report coverage
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Market |
Global HVAC Control Systems Market |
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Analysis Period |
2016 – 2027 |
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Base Year |
2019 |
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Forecast Data |
2020 – 2027 |
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Market Stratification |
Component, System, Application, and Geography |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
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Report Coverage |
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis |
The market research study on “HVAC Control Systems Market (Component: Sensors, Controllers, and Controlled Devices; System: System Outlook, Temperature & Humidity Control, Ventilation Control, and Integrated Control; Application: Residential, Commercial, and Industrial) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026”, offers a detailed insights on the global HVAC control systems market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report provides insights on global HVAC control systems market, its component, system, application and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global HVAC control systems market size and segment markets by component, system, application, and geography along with the information on companies operating in the market. The HVAC control systems market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report. The players profiled in the report Ingersoll-Rand plc, Johnson Controls, Schneider Electric, Nest, Honeywell International, and Mitsubishi Electric Corporation.
Market Segmentation
Market By Component
- Sensors
- Controllers
- Controlled Devices
Market By System
- System Outlook
- Temperature & Humidity Control
- Ventilation Control
- Integrated Control
Market By Application
- Residential
- Commercial
- Industrial
Market By Region
North America
- US
- Canada
Europe
- UK
- Germany
- France
- Spain
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest if Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Meddle East & Africa
Frequently Asked Questions
Acumen Research and Consulting predict that, the global HVAC control systems market is poised to hit around US$ 37.5 Bn by 2027.
In the component segment the sensors segment is growing at faster pace.
The CAGR of the global HVAC control systems market from 2020-2027 is above 12.2%.
In the application segment Industrial is expected to grow faster.
Some of the players considered in the report scope are Schneider Electric, Nest, Honeywell International, and Mitsubishi Electric Corporation.
Food & beverage sector is flourishing across the globe, with the increasing number of manufacturers and innovative product offerings are factors responsible for target industry growth.
The market in North America is expected to account for major revenue share owing to high demand from various end use industries such as food & beverage, pharmaceutical, etc., coupled with presence of major players operating in the target market in this region.
