HVAC Sensors Market Size, Trends and Growth Analysis by 2027

The global market for HVAC sensors was assessed at approximately US$ 3,222.20 million in 2019 and is anticipated to grow to around US$ 5,264.70 million by 2027, reflecting a compound annual growth rate (CAGR) of 6.7% from 2020 to 2027.

Geographically, the HVAC sensors market is divided into several regions: North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South America (SAM). In 2019, the APAC region led the market, driven by various factors including diverse climate conditions, a burgeoning population, increased consumer spending power, the availability of cost-effective systems, and rapid urbanization in developing nations within APAC. The presence of numerous manufacturers of HVAC systems and sensors in countries like China and India is also a significant factor boosting the demand for HVAC sensors in this area.

The rising population and improving economic conditions in the region have facilitated the widespread adoption of HVAC systems. The growing use of air conditioning units in Southeast Asia presents a substantial opportunity for market participants. According to a report by the International Energy Agency (IEA) published in November 2019, only 15% of households in Southeast Asia were equipped with air conditioning, highlighting a vast potential market. Factors such as increasing personal incomes and rising temperatures are driving the uptake of HVAC systems. The IEA projects that by 2040, Southeast Asia will see the consumption of around 300 million air conditioning units. Additionally, the growing concerns over pollution and the demand for energy-efficient smart technologies, including smart HVAC systems, are expected to further propel market growth during the forecast period. Companies are also enhancing their product offerings; for example, Delta has introduced O3 zone control systems for smart buildings, featuring a new O3 Sensor Hub that manages HVAC, intelligent lighting, access control, and other systems in designated areas. Such advancements in smart building solutions present lucrative opportunities for market expansion.

The HVAC sensors market is categorized by type, end user, and geography. In terms of type, the market includes temperature sensors, humidity sensors, pressure and flow sensors, motion sensors, smoke and gas sensors, among others. The demand for efficient HVAC systems is on the rise, largely due to increasing electricity costs globally. The U.S. Department of Energy estimates that HVAC systems account for approximately 45% of the average household's electricity expenses. Furthermore, the National Electrical Manufacturers Association (NEMA) reports that HVAC systems consume about 45% of the energy used by the U.S. government in its buildings. HVAC systems are essential for regulating and monitoring air pressure, temperature, and quality, with sensors playing a crucial role in maintaining indoor climate and enhancing system efficiency. These sensors are integral to HVAC systems, particularly for building automation controls.

The COVID-19 pandemic has significantly impacted the HVAC sensors market, as noted by the Electronic Components Industry Association (ECIA). The outbreak has led to delays in product launches, disruptions in supply chains, and other industry-related activities. Many manufacturers have temporarily suspended operations due to decreased product demand resulting from lockdown measures and limited manufacturing capabilities. Consequently, manufacturers of various electronic and semiconductor products, including sensors, are facing considerable delays in lead times, which has weakened the supply chain. These challenges are adversely affecting the HVAC sensors market.

The overall size of the HVAC sensors market has been determined through a combination of primary and secondary research methods. The research process began with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. This approach also aimed to provide an overview and forecast for the HVAC sensors market across all segments. Additionally, numerous primary interviews were conducted with industry stakeholders and experts to validate the data and gain deeper analytical insights. Participants in this process included industry professionals such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the HVAC sensors market. Notable companies featured in the report include Emerson Electric Co., Belimo Aircontrols (USA) Inc., Honeywell International Inc., Johnson Controls, Schneider Electric, Semantic AS, Sensata Technologies Inc., Sensiron AG, Siemens AG, and TE Connectivity. Other market players contributing significantly to the growth of the HVAC sensors market are also analyzed.