Hvac Actuators Market Expected to Reach $6.2 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Hvac Actuators Market," The HVAC Actuators Market Share was valued at $3.9 billion in 2021, and is estimated to reach $6.2 billion by 2031, growing at a CAGR of 4.6% from 2022 to 2031.

The dampers are managed by actuators in HVAC systems. The actuator positions the damper anywhere between fully open and fully closed by using a low-voltage signal. Zone dampers are a crucial component of an HVAC system, and without suitable actuators, the dampers won't operate at all.

Rise in population and per capita income is creating demand for appliances such as heaters and air conditioners is driving the demand for HVAC actuators for such equipment. In addition, the urban population is growing rapidly. As per the estimates and forecasts of the WHO, the global urban population is expected to grow by approximately 1.84% every year until 2020, which is at the rate of around 1.63% per annum from 2020 to 2025, and around 1.44% per annum from 2025 to 2030. In addition, an increase in commercial construction activities has led to a surge in demand for heating and cooling equipment in various industries, which is anticipated to boost the demand for HVAC actuators. For instance, the commercial construction industry in India is expected to witness growth by nearly 4.0% from 2016 to 2022.

Moreover, key market players are focused on product launch strategy. For instance, In December 2020, Rotork PLC has launched its newly developed AC version of PAX1 linear actuator. This new actuator has the capacity to control the pressure of 0-0.5 psig to 0-3,000 psig. All such instances of HVAC actuators market analysis are anticipated to contribute toward the growth of the market. In addition, the adoption of BASs is increasing considerably, owing to advancements in wireless sensor network technology and wireless protocols. Moreover, the rise in the need for the deployment of BASs in office buildings and large shopping complexes to improve the productivity of management systems augments the HVAC actuators market growth, globally.

The existing HVAC systems are incorporated with a wide range of equipment such as actuators and sensors that monitor and control temperature, airflow, and other parameters. HVAC system in industries is one of the most complex systems which makes it more complicated to solve minor problems. These HVAC systems are sensitive to electrical issues, thermal sensations, and cooling sensations. Each facility project in which HVAC has been installed is distinctive and unique. Thus, the upgradation of the existing HVAC systems is a complex process and requires a clearly defined plan, which hampers the HVAC actuators industry growth.

In addition, the outbreak of COVID-19 has led to halt in logistic and manufacturing activities across the globe, which, in turn, has led to the interruption of the supply chain, thereby hindering the growth of the HVAC actuators market. However, this situation is expected to improve as the government is relaxing norms around the world for resuming business activities.

For both residential and commercial building management, air conditioning is one of the key expenses. End users are turning to cloud computing in HVAC to manage these costs and guarantee the HVAC's effective operation. Cloud computing is becoming increasingly popular in HVAC because to benefits such as scalability, flexibility, and improved collaboration. This promotes demand for HVAC actuator and subsequently increases demand for updated HVAC systems. These electronics provide the HVAC system remarkable efficiency. In addition, several businesses are concentrating on the advancement of cloud computing in HVAC in order to maintain and grow their clientele globally. Therefore, it is predicted that the sum of all these variables would offer lucrative prospects for the growth of the worldwide HVAC actuators market over the forecast period.

The HVAC actuators market is segmented on the basis of type, technology, and application. Based on type, the market is divided into spring return HVAC actuator, and non-spring return HVAC actuators. Based on technology, the market is divided into smart, and conventional. Based on application, the market is segmented into commercial building, industrial facilities, and public utilities. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

COMPETITION ANALYSIS

The major players profiled in the HVAC actuators market include Continental AG, Denso Corporation, Dwyer Instruments Inc, Electro Craft Inc., Honeywell International Inc., Johnson Controls International plc., Robert Bosch GmbH, Rotork Plc., Schneider Electric SE, Siemens AG.

 KEY FINDINGS OF THE STUDY

• The report provides an extensive analysis of the current and emerging global HVAC actuators market size, trends, and dynamics. 
• Based on valve type, the spring return HVAC actuator segment dominated the market in 2021.
• Based on technology, the conventional segment dominated the market in 2021.
• By application, the industrial facilities segment generated the highest revenue in 2021.
• Region-wise, Asia-Pacific dominated the market in 2021. And LAMEA is anticipated to dominate the global HVAC actuators market exhibiting the highest CAGR during the forecast period.
• The report provides an extensive analysis of the global HVAC actuators market trends and emerging opportunities of the market. 
• The global HVAC actuators market forecast analysis from 2021 to 2031 is included in the report.