HVAC Control Market Expected to Reach $24.5 Billion by 2030—Allied Market Research

According to a new report published by Allied Market Research, titled, “HVAC control market by system, implementation type, and end user: global opportunity analysis and industry forecast, 2021–2030,” The global HVAC control market size was valued at $14,252.4 million in 2020, and is projected to reach $24,575.3 million by 2030, registering a CAGR of 5.5% from 2021 to 2030.

Commonly observed types of HVAC control are temperature control systems, ventilation control systems, humidity control systems, and integrated control systems. Among these, the temperature control system segment accounts for the largest market size by value in 2020, owing to increase in demand from various industries such as construction and manufacturing. The market is analyzed with respect to different applications in industrial verticals such as industrial, commercial, and residential. The market is mainly driven by global economic growth and development in residential, commercial, & industrial sectors. However, fluctuation in raw material prices limit of the HVAC control market growth.

In 2020, Asia-Pacific dominated the global HVAC control market, in terms of revenue, accounting for around 49.6% share of the global HVAC control industry, followed by Europe and North America. Moreover, the market in Asia-Pacific is growing with high CAGR, owing to urbanization and economic development in developing countries.

Moreover, favorable government policies to promote industries such as automotive and food & beverages across the globe drives demand for the HVAC control market. In addition, increase in infrastructure spending and growth in demand for cooling and heating in the residential and commercial sector propels demand for painting tools such as HVAC controls.

Furthermore, on the basis of end users, the commercial segment is anticipated to grow rapidly, with a CAGR of 6.2% during the forecast period, owing to rise in industrial projects and growth in initiatives for smart cites.

For instance, in February 2020, the government of UAE has passed a tender of $2.7 billion for infrastructure projects under its public-private partnership (PPP) model. These infrastructure projects include residential and commercial structures. Similarly, in October 2020, the government of South Korea and Inter-American Development Bank (IDB) collaborated to invest around $1.3 billion in Latin American smart city projects.

However, during the pandemic lockdown, various manufacturers in the HVAC control market had to stop their business countries such as China, the U.S., and India. This break directly impacted sales of HVAC control companies. In addition, lack of manpower and raw materials also constricted supply of equipment of HVAC controls. However, reopening of production facilities and introduction of vaccines for coronavirus disease are anticipated to lead to re-opening of HVAC control companies.

The key players profiled in the HVAC Control market report include Carrier Global Corporation,  Daikin Industries,  Danfoss,  Delta Controls,  Emerson Electric,  Honeywell International Inc,  Johnson Controls, LG Electronics,   Schneider Electric, and Siemens.

 Key Findings Of The Study

• The report provides an extensive analysis of the current and emerging HVAC control market trends and dynamics. 
• Depending on system, the temperature control system segment dominated the HVAC control market, in terms of revenue in 2020 and the integrated control system segment is projected to grow at a significant CAGR during the forecast period.
• By end user, the commercial segment registered highest revenue in 2020.
• Asia-Pacific is projected to register highest growth rate in the coming years.
• Depending on implementation type, the new construction segment dominated the HVAC control market, in terms of revenue in 2020, and retrofit segment is projected to grow at a significant CAGR during the forecast period.
• The key players within the HVAC control market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the HVAC control industry.
• The report provides an extensive analysis of the current trends and emerging opportunities of the market. 
• In-depth HVAC control market analysis is conducted by constructing estimations for the key segments between 2021 and 2030.