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Smart HVAC Controls Market Size
Smart HVAC Controls Market size was over USD 7 billion in 2017, growing at a CAGR of 19% from 2018 - 2024. The global shipments are expected to surpass 250 million units by 2024.
Smart HVAC controls market growth is expected to grow over the next six years due to the rapid penetration of Internet of Things (IoT). Manufacturers are integrating HVAC systems with IoT technology. Manufacturers are programming the systems to work in real-time with the other connected systems such as powered window shades and door locks. The increasing M2M connectivity is encouraging users to use intelligent systems in HVAC units. Moreover, the companies are using components including sensors to collect real-time information and monitor indoor environmental conditions to enhance the user experience. These devices also use the already installed components in smart homes to collect information. Growing use of the intelligent sensor technology will propel the demand for the HVAC controls market during the forecast timespan.
Energy management initiatives by the governments in light to environmental degradation are expected to propel the smart HVAC controls market growth. In several countries, regulations have been put in place to ensure that buildings have smart heating & cooling systems to improve their energy efficiency. For instance, the European Union has passed a directive, which states that all new buildings must be nearly zero energy buildings by December 2020 and December 2018 is the deadline for public buildings. Conventional buildings show high inefficiency as they emit considerable amounts of CO2, leading to climatic changes. According to a study conducted by the American Council for an Energy Efficient Economy, the use of smart HVAC allows the saving of energy costs of about 5% to 15%.
Lack of awareness regarding the benefits, low energy costs, and substitutions from wired to wireless sensor network may hamper the smart HVAC controls market growth. The initial installation costs of these systems are high and discourage small users from installing these systems. Furthermore, the complexity involved in retrofits of existing buildings and the lack of product differentiations due to heavy investments are among the challenges faced by industry participants.
What determinants are projected to drive the smart HVAC controls market in coming years?
Robust penetration of Internet of Things (IoT) and integration of HVAC systems with IoT would foster the industry in the upcoming years.
What is the expected growth rate for smart HVAC controls industry share during the forecast timespan?
The industry share of smart HVAC controls is projected to witness 19% growth rate during 2018 to 2024.
What was the size of the smart HVAC controls market in 2017?
The market size of smart HVAC controls was valued over USD 7 billion in 2017.
How is the demand for smart HVAC controls across Germany?
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.
Which are the major players operating in the market?
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.
Why is thermostat witnessing tremendous gains across the globe?
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.