The demand for HVAC sensors and controllers is set to increase sharply between 2016 and 2024.This market is expected to cross US$9 bn by the end of 2024, and was valued at US$5.18 bn in 2015.
Albany, NY -- (SBWIRE) -- 08/26/2016 -- Most of the top companies involved in the global HVAC sensors and controllers market are playing an active role in the formation of collaborations and even strategic mergers and acquisitions to expand their consumer base and add to their product portfolio. According to the analytics of Transparency Market Research, companies such as Siemens AG, Emerson Electric, and Schneider Electric have already been working towards achieving a global presence with manufacturing and distribution centers across the world. For instance, Honeywell International, Inc., a popular player in this market, had created a landmark partnership with Earth Networks in 2015.
Apart from these global level companies, the global HVAC sensors and controllers market holds a largely fragmented player participation. Most regions have their own sets of regional players, creating a large list of companies that provide HVAC sensors and controllers.
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Non-residential Construction Drives Global HVAC Sensors and Controllers Market
This is a primary driver for the growth of HVAC sensors and controllers business scope, because the growth of non-residential businesses are usually in high requirement of HVAC sensors and controllers. Additionally they are also concerned over the maintenance of air quality indoors, a feature that can easily monitored through the various controllers and sensors in this market.
One of the results of increasing HVAC sensors and controllers adoption in non-residential business areas is the switch from mechanical systems to electronic ones. This is further providing a large scope for smart HVAC systems to be introduced into this sector.
IoT Opens Up Major Opportunities in Global HVAC Sensors and Controllers Market
The implementation of the Internet of Things has been beneficial for many industries, including the electrical ones. Players in the global HVAC sensors and controllers market are planning to harness evolved IoT technologies between 2015 and 2024 to achieve major improvements in both commercial and non-commercial sectors. Most modern HVAC sensors and controllers in the commercial sector already comprise the implementations of the Building Automation Systems. Adding IoT to the mix will allow the HVAC sensors and controllers to establish larger and more open communication streams within all the related devices inside a building.
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Emerging Nations Show Promise of Growth for Modern HVAC Implementations
The HVAC sensors and controllers markets of Latin America, Asia Pacific, and the Middle East are all expected to be the major proponents for the global market's growth rate in the coming years. China, India, Japan, and Brazil, among others, are showing a high rate of infrastructure and technological developments in both industrial and commercial sectors, thus creating a large gap for players in the global HVAC sensors and controllers market to fill.
North America will continue to hold its leading position in the global HVAC sensors and controllers market, owing to the rapid implementation of smart HVAC systems and the presence of multiple top players in the region. In 2015, North America accounted for over 33% of the revenue share in the global HVAC sensors and controllers market.
The global HVAC sensors and controllers market is thus calculated to expand at a CAGR of 6.9% between 2016 and 2024, in terms of revenue. It was valued at US$5.18 bn in 2015 and is expected to reach US$9.34 bn before the end of 2024. The leading controllers segment in 2015 was universal controllers, and was valued at US$2.14 bn. The leading application segment was transport and logistics at US$1.97 bn in 2015.
The above data was collated from a research report released by TMR, titled "HVAC Sensors & Controllers Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024."
Key Segments of the Global HVAC Sensors and Controllers Market
Global HVAC Sensors & Controllers Market, by Sensors
Gas and Volatile Organic Compounds Sensors
Global HVAC Sensors & Controllers Market, by Controllers
Global HVAC Sensors & Controllers Market, by Application:
Transportation & Logistics
Global HVAC Sensors & Controllers Market, by Geography: The market is broadly segmented on the basis of geography into:
Rest of Europe
Rest of APAC
Rest of the World