According to our latest study on "HVAC Controls Market Forecast to 2030 – COVID-19 Impact and Global Analysis – by Component, Installation Type, System, and End Users,” the HVAC controls market size is expected to reach US$ 41.32 billion by 2030 from 9.73 billion in 2022, with an estimated CAGR of 19.8% from 2022 to 2030.
Development of Smart Cities to Provide Lucrative Opportunities for HVAC Controls Market Growth During Forecast Period
Various governments across the world are taking initiatives to develop smart cities in their respective economies due to the rising trend of urbanization. In 2021, under the smart city initiative in Singapore, the government announced to build 42,000 homes connected to a single central air conditioning unit. Moreover, the Indian government launched Smart Cities Mission in 2015 to promote sustainable and inclusive cities that offer essential infrastructure and a decent quality of life, with a sustainable and clean environment and application of 'Smart' solutions. The government initiatives toward green and smart cities are adding impetus to the HVAC industry across the world for the development of energy-efficient and economical HVAC systems. This has shifted the focus of HVAC market players toward the developing markets, thereby creating regional clusters for HVAC equipment manufacturing. Moreover, the European Commission (EC) aims to significantly promote energy-efficient and low-carbon technologies under its Smart Cities Initiative. Therefore, the increasing focus of governments worldwide on the development of smart cities is expected to create lucrative opportunities for the HVAC controls market growth during the forecast period.
Key Findings of HVAC Controls Market Study:
The HVAC controls market is segmented on the basis of component, installation type, system, end user, and geography. Based on components, the HVAC controls market is segmented into hardware and software & services. By installation type, the HVAC controls market is bifurcated into new installation and retrofit. In terms of systems, the HVAC controls market is segmented into temperature control systems, humidity control systems, ventilation control systems, and integrated control systems. Based on end user, the HVAC controls market is segmented into residential, commercial, and industrial. Geographically, the HVAC controls market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Based on components, the HVAC controls market is segmented into hardware and software & services. The hardware segment held the largest share of the HVAC controls market in 2022. The hardware segment of the HVAC controls market consists of vital components such as sensors, controllers, and smart vents. Sensors monitor temperature, humidity, and occupancy, enabling real-time data-driven adjustments for optimal indoor climate control. Controllers help in regulating heating, cooling, and ventilation systems. Smart vents intelligently distribute airflow, optimizing comfort and energy use. These solutions find application across residential, commercial, and industrial sectors. End users, such as homeowners, commercial building managers, and industrial facility operators, seek efficient climate control for improved comfort and cost savings. Energy efficiency mandates and environmental concerns drive the adoption of these hardware components. The market for the hardware segment is propelled by the demand for smarter, more sustainable buildings, where technological advancements and data-driven insights converge to shape the future of HVAC controls market
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