Global HVAC Sensors Market Forecast to 2027 - COVID-19 Impact and Analysis - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "HVAC Sensors Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type and End User" report has been added to ResearchAndMarkets.com's offering.

According to this report the global HVAC sensors market was valued at US$ 3,222.20 million in 2019 and is projected to reach US$ 5,264.70 million by 2027; it is expected to grow at a CAGR of 6.7% from 2020 to 2027. The report highlights the key factors driving the market growth and prominent players with their developments in the market.

The growth of the global HVAC sensors market is mainly attributed to robust growth in construction sector in developed and developing nations. HVAC sensors are commonly used in applications such as room, duct, cable, immersion, wall, and others. The various application areas are expected to play a significant role in future. This rapid growth of the construction sector is attributed to the rising urban population demanding better standard of living. Further, the rise in commercial construction such as shopping malls, recreational centers, cinema halls, and office buildings is boosting the installation of HVAC systems.

Requirement for automatic and well-regulated air-conditioning in automobiles is constantly growing. The advancement in HVAC sensors used in automobiles enables zone-wise climate control and provides protection from external harmful gases and odor. Moreover, the automotive manufacturers are making constant efforts to further improve the vehicle comfort concerning climate. For instance, the integration of carbon-dioxide (CO2) sensors in automotive HVAC systems is one of the significant developments in the automotive HVAC systems market. According to Organisation Internationale des Constructeurs d'Automobiles (OICA), ~91.3 million vehicles were sold across the world in 2019. These developments coupled with rising automotive sales are propelling the growth of the HVAC sensors market.

Surge in Demand for Smart HVAC Systems is Creating Business Opportunities to Market Players

The HVAC industry is growing at a faster rate in North America, Europe, and Asia Pacific with an advent of supporting IoT sensors. China, India, the US, Germany, and the UK are among the countries that are strongly adopting HVAC systems. Further, rising demand from South Asian countries is strongly supporting the market growth. For instance, according to IEA report, the Southeast Asia is expected to reach the consumption of 300 million units by 2040. The increasing pollution and rising demand for energy-saving smart technologies, such as smart HVAC systems, are expected to accelerate the market growth during the forecast period.

Reasons to Buy

• Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global HVAC sensors market
• Highlights key business priorities in order to assist companies to realign their business strategies
• The key findings and recommendations highlight crucial progressive industry trends in the global HVAC sensors market, thereby allowing players across the value chain to develop effective long-term strategies
• Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
• Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
• Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution

Market Dynamics

Drivers

• Growth in Construction Sector
• Growing Demand for HVAC Sensors in the Automotive Sector

Restraints

• Issues Related to Motion-Activated Air Conditioners

Opportunities

• Development of Smart Cities

Future Trends

• Implementation of Smart, Connected, and Energy Efficient IOT-enabled HVAC Systems

Companies Mentioned

• Siemens AG
• Emerson Electric Co.
• Honeywell International Inc.
• Johnson Controls, Inc.
• Schneider Electric
• TE Connectivity Ltd.
• Sensirion AG
• Senmatic A/S
• Sensata Technologies, Inc.
• BELIMO AIRCONTROLS (USA), INC.

For more information about this report visit https://www.researchandmarkets.com/r/hcjva0