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HVAC Controls Market Analysis
Based on system, the market is segmented into temperature control system, ventilation control system, humidity control system, and integrated control system. The temperature control system segment dominated the market in 2023 with a share of over 30%.
- Advanced temperature control systems contribute to improved occupant comfort by maintaining consistent and desired temperatures within a space. This is crucial in residential, commercial & industrial applications, driving market growth as comfort remains a priority.
- HVAC control system providers are increasingly focusing on developing innovative temperature control solutions to gain a competitive edge. This fosters product development and market expansion, contributing to overall growth.
Based on application, the HVAC controls market is divided into below residential, commercial, and industrial. The residential segment is anticipated to register a CAGR of over 10.5% by 2032.
- The increasing trend of smart home adoption is driving the demand for HVAC controls. Homeowners seek energy-efficient and connected solutions, leading to the integration of smart thermostats & HVAC systems.
- HVAC control systems are increasingly designed to integrate seamlessly with broader smart home ecosystems. This integration enhances the overall home automation experience, making it easier for residents to manage multiple aspects of their home environment through a unified platform.
Asia-Pacific dominated the HVAC controls market with a share of over 30% in 2023. The Asia-Pacific market is expanding due to growing construction activities, increasing urbanization, and a growing emphasis on energy efficiency. Modern HVAC systems are witnessing an increase in demand from both residential and commercial buildings as the regional economy grows. Market expansion is further driven by government programs that support sustainable practices and the implementation of smart technologies. The Asia-Pacific market is expanding rapidly due to the requirement for temperature control solutions in various climates and rising environmental awareness.
How big is the HVAC controls market?
HVAC controls industry size surpassed USD 21 billion in 2023 and is set to expand at over 10% CAGR from 2024 and 2032 driven by rapid urbanization and ongoing construction activities with new buildings requiring efficient heating, ventilation & air conditioning systems.
Why is the demand for temperature HVAC control systems growing?
The temperature control system segment held over 30% share of the HVAC controls market in 2023 and is estimated to witness high demand through 2032 owing to their increasing use in residential, commercial, and industrial applications.
What is the size of the Asia Pacific HVAC controls industry?
Asia-Pacific held more than 30% revenue share of the HVAC controls industry in 2023 and is poised to expand at a notable CAGR through 2032 attributed to the growing construction activities, increasing urbanization, and the strong emphasis on energy efficiency across the region.
Which are the leading firms operating in the HVAC controls industry?
Some of the major HVAC controls industry players are Carrier Global Corporation, Daikin Industries, Johnson Controls, Honeywell International Inc., Schneider Electric, Trane Technologies, and Siemens, among others.