LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global heating, ventilation, and air conditioning (HVAC) control systems market size is projected to grow to USD 13.1 billion by 2021, at a CAGR of close to 9% over the forecast period.
This research report titled ‘Global HVAC Control Systems Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
An HVAC control system is used for regulating the temperature, humidity, and airflow within a closed environment to provide thermal comfort to the occupants. The global rise in construction activities is creating a large demand for new HVAC systems, which is acting as a key driving factor for the market.
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Based on the component, the report categorizes the global HVAC control systems market into the following segments:
- Controlled devices
“The HVAC control systems market by sensors is responsible for generating over 40% of the overall revenue and is expected to retain its lead over the forecast period. Sensors are used to measure and detect changes in temperature, humidity, occupancy or airflow, and pressure,” says Bharath Kanniappan, one of the lead analysts at Technavio for automation research.
Sensors act as a link between the HVAC systems and end-users, with advanced sensors capable of communicating with thermostats, mobile applications, and the Internet. These sensors can also assist building owners in optimizing their energy use and minimize the cost incurred due to HVAC systems. Additionally, many vendors are heavily investing into enhancing the sensors, which adds a significant amount of revenue to the market.
The rise in the number of buildings requiring various floor level and controlled devices for monitoring the performance of HVAC systems will drive the demand for the market. Smart home automation is another key factor driving the market for advanced controlled devices. Smart thermostats that can integrate residential HVAC units with home automation systems will witness a rise over the forecast period. Vendors are currently focusing on introducing advanced and innovative controlled devices capable of streamlining the operations of HVAC units.
“Standalone or networked controllers are installed in buildings to manage the HVAC controls and act as the central processing unit of the entire HVAC system. HVAC controllers analyze the change detected by sensors, compares it against set parameters, and finally provides the output through the controlled devices,” says Bharath.
Standalone controllers constitute more than 75% of the market segment, and are traditionally deployed to monitor, control and regulate various paraments such as temperature, pressure, air flow, and relative humidity of an HVAC system. Smart controllers will gain increasing prominence over the forecast period, but standalone controllers will remain the more popular segment.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Honeywell International
- Johnson Controls
- Schneider Electric
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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