HVAC Controls Market Revenue $26.7 billion by 2027
HVAC controls market report share is estimated to be USD 17.2 billion in 2022 and is projected to reach USD 26.7 billion by 2027
The HVAC controls market size is estimated to be USD 17.2 billion in 2022 and is projected to reach USD 26.7 billion by 2027; it is expected to grow at a CAGR of 9.2% from 2022 to 2027.The growth of this market can be attributed to the boom in the construction sector, the increased adoption of HVAC controls, benefits offered by IoT-enabled HVAC systems, and rising demand for energy-efficient HVAC systems in buildings and building automation systems (BAS).
The HVAC controls market includes major Tier I and II players like Honeywell International Inc. (US), Johnson Controls (US), Siemens (Germany), Carrier (US), Emerson Electric Co. (US) and others. These players have a strong market presence for HVAC controls across various countries in North America, Europe, APAC, and RoW.
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Integrated control system to hold the highest CAGR of HVAC controls market during the forecast period
The HVAC controls market for integrated control systems is expected to grow at the highest CAGR between 2022 and 2027. Integrated control systems are finding more use cases across smart homes. Currently, there are 175 million households in the world, equipped with smart technologies and the number is expected to grow exponentially in the coming years. This will enhance the market for smart HVAC, which includes smart thermostats, smart vents, smart humidifiers, and others. With the demand for smart homes growing, collaborations between HVAC providers and IoT industries are predicted to become the norm in the coming years.
Commercial applications to hold the highest CAGR during the forecast period
The commercial application segment is expected to hold the largest market share during the forecast period. The rise in the construction of smart and green buildings has resulted in the increased use of smart sensors and HVAC control equipment such as programmable thermostats, saving a significant amount of energy in these buildings. The applications of HVAC controls in commercial buildings ensure switching on/off the HVAC equipment in a particular area, depending on its occupancy. In a huge commercial complex, all areas are not constantly occupied by several people; HVAC controls play an important role in sensing the number of occupants in the area to assure the efficient use of energy.
HVAC controls market in APAC to hold the highest market share during the forecast period
APAC is expected to lead the global HVAC controls market. China held the largest size of the HVAC controls market in APAC in 2021. In February 2021, Carrier China signed a contract worth USD 17 million (RMB 100 million) with China Eastern Airlines Investment Co., Ltd. (CES Investment) to provide XCT7 variable refrigerant flow (VRF) systems for commercial offices and residential projects throughout China. The contract is one of the largest single VRF contracts that Carrier has ever signed, representing a new milestone for Carrier Chinas Light Commercial business.