LONDON--(BUSINESS WIRE)--The global advanced HVAC controls market 2019-2023 is expected to post a CAGR of more than 10% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The adoption of HVAC controls in refrigerated warehouses is increasing mainly due to their ability to operate at low temperatures and reduce the levels of contamination. The food and pharmaceuticals industries are the major end-users of refrigerated warehouses as they need to maintain a hygienic and contamination-free environment in warehouses. Thus, the growing use of HVAC systems in refrigerated warehouses will fuel the growth of the market during the forecast period.
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As per Technavio, the rising demand for smart homes and the development of smart cities will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Advanced HVAC Controls Market: Rising Demand for Smart Homes and Development of Smart Cities
The changing needs of consumers and rising focus on the convenience offered by electronic devices are driving the popularity of smart homes. Advanced HVAC controls are being used in home appliances to assist tasks based on surrounding activities. These systems are being integrated with AI to help track the habits, behavioral characteristics, and activities of users. Furthermore, the growing popularity of smart cities is also expected to boost the demand for advanced HVAC controls market during the forecast period.
“Apart from the rising demand for smart homes and development of smart cities, other factors such as the increasing adoption of electric vehicles, and the advent of integrated industry 4.0 with IoT will boost the advanced HVAC controls market growth during the forecast period,” says a senior analyst at Technavio.
Global Advanced HVAC controls Market: Segmentation Analysis
This market research report segments the global advanced HVAC controls market by product (sensors, field devices, and level controllers), end-user (commercial and residential) and geographical regions (MEA, South America, APAC, North America, and Europe).
The APAC region led the market in 2018, followed by North America, Europe, MEA, and South America, respectively. The growth of the advanced HVAC controls market share in APAC can be attributed to several factors such as growing urbanization, infrastructure development, and government incentives and support, especially in developing countries.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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