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Key players in the smart HVAC controls market include:
These players are continuously investing in the development of innovative products that are technologically advanced and can be integrated with other products such as smart lighting. For instance, Nest Labs developed Learning Thermostat, a sensor-driven, programmable, and Wi-Fi-enabled thermostat that can be adjusted according to heating & cooling requirements. Growing consumer inclination toward smart devices may force players to innovate new devices in order to gain a competitive advantage in the market.
Robust penetration of Internet of Things (IoT) and integration of HVAC systems with IoT would foster the industry in the upcoming years.
The industry share of smart HVAC controls is projected to witness 19% growth rate during 2018 to 2024.
The market size of smart HVAC controls was valued over USD 7 billion in 2017.
Various citizens across Germany are extensively adopting systems which enable them to take hold of sunlight, humidity, and temperature with an intent to augmenting the in-house comfort.
Key players in the smart HVAC controls industry include Nest Labs, United Technologies, Lennox Intl, Haier Group, Ingersoll-Rand PLC, LG electronics, Daikin Industries Ltd., Honeywell International, Delta, Lenox International, Siemens, Distech, Hitachi Ltd., KMC Keen Home, Schneider Electric, and Johnson Controls.
Thermostat's low cost, ease of installation, and easy configuration and integration with smart home appliances is anticipated to let the product gain massive momentum across the globe.