Northbrook, IL 60062 -- (SBWIRE) -- 02/07/2023 -- HVAC controls market report share is estimated to be USD 17.2 billion in 2022 and is projected to reach USD 26.7 billion by 2027; it is expected to grow at a CAGR of 9.2% from 2022 to 2027.
Asia Pacific held the largest share of the HVAC controls market in 2021; it is expected to register the highest growth rate from 2022 to 2027. Asia Pacific has been a major contributor to the growth of the overall market as this region has a huge market for the construction industry, which is the primary end-user of HVAC controls. The growing population in developing countries of this region, along with environmental awareness, is supporting the adoption of HVAC controls. The rise in the adoption of green buildings and government initiatives to regulate energy-efficient practices across the commercial sector are also aiding the adoption of HVAC controls in the region.
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HVAC Controls Market Players
The HVAC controls market is dominated by players such as Honeywell International Inc. (US), Johnson Controls (US), Siemens (Germany), Carrier (US), and Emerson Electric Co. (US).
The HVAC controls market for new construction is expected to grow at a higher CAGR from 2022 to 2027. Rapid urbanization and economic growth and high disposable income in emerging countries of Asia Pacific, the Middle East, and Africa are fueling the growth of the market for new constructions. Governments of various countries are investing in infrastructure development, which increases the demand for smart technologies. Additionally, the growing population in Asia Pacific, increasing focus on the tourism industry in the Middle East, and rising focus on human welfare development are other major factors driving the market for new constructions in these regions.
The HVAC controls market for commercial applications is expected to grow at the highest CAGR from 2022 to 2027. The commercial applications of HVAC controls include shopping malls, educational institutions, and healthcare institutions. The rise of globalization and the increase in investments for developing profitable commercial infrastructures, which include building automation systems and controls have contributed to the growth of the market for commercial applications. The growing tourism industry in Asia Pacific and RoW has accelerated the growth of the market for commercial infrastructure, wherein HVAC controls are installed across commercial buildings such as hotels and offices to ensure guest comfort. Moreover, growing investments by governments in the construction of commercial spaces is another crucial factor that will propel the growth of the market in the coming years.
The increased adoption of cloud computing has offered benefits for various industry sectors by providing advanced Artificial Intelligence capabilities for various applications, including HVAC. The advanced application of cloud computing and IoT is Digital twin; a real-time-based simulation of the system model, which takes real-time operational data of the HVAC system and performs simulation to reduce operational cost; provides information on the optimal maintenance schedule of HVAC equipment and perform remote diagnostics. Digital twins can help create smarter buildings by automating processes through machine learning.
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