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Players operating in the market focus on implementing different growth strategies to strengthen their offerings and expand their market reach. These strategies involve new product developments & launches, partnerships & collaborations, mergers & acquisitions, and customer retention. These players also heavily invest in research & development to introduce innovative and technologically advanced solutions in the market.
Some of the major players operating in the HVAC controls industry are:
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.
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.
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.
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.