Report Code : A08815
The HVAC electronics market has witnessed significant growth in the past decade, owing to the rise in industrialization in developing countries and an increase in the implementation of IoT in HVAC technology. A number of players in the HVAC electronics industry are expanding their businesses to strengthen their foothold in the global market. Moreover, the rise in demand for building automation systems and the development of smart cities are driving the market growth. Depending on the end user, the commercial segment is expected to grow at a higher CAGR during the forecast period, owing to the growth of commercial construction activities across the globe.
Onkar Sumant - Manager
Construction and Manufacturing at Allied Market Research
According to a new report published by Allied Market Research, titled, “HVAC Electronics Market," The HVAC Electronics Market size was valued at $21.9 billion in 2021, and is estimated to reach $38 billion by 2031, growing at a CAGR of 5.7% from 2022 to 2031.
Commonly observed types of HVAC electronics are cooling equipment, heating equipment, and ventilation equipment. Among these, the temperature electronics 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, and industrial sectors. However, fluctuations in raw material prices and complexity of upgrading HVAC systems limit the growth of the HVAC electronics market.
In 2021, Asia-Pacific accounted the highest HVAC Electronics Market share in terms of revenue, followed by Europe and North America. Moreover, the market in Asia-Pacific is growing with a high CAGR, owing to urbanization and industrial development in countries such as China, India, and Japan.
Moreover, favorable government policies to promote industries such as automotives and food & beverages across the globe drives demand for the HVAC electronics market. In addition, increase in infrastructure spending and growth in demand for cooling and heating systems in the residential and commercial sectors propel demand for HVAC electronics.
Furthermore, on the basis of end users, the commercial segment is anticipated to grow rapidly during the forecast period, owing to rise in commercial projects such as malls, hotels, and resorts as well as growth in initiatives for smart cities. For instance, in February 2020, the government of the UAE passed a tender of $2.7 billion for infrastructure projects under its public-private partnership (PPP) model. These infrastructure projects include industrial and commercial structures. Similarly, in October 2020, the government of South Korea and the Inter-American Development Bank (IDB) collaborated to invest around $1.3 billion in Latin American smart city projects. Such factors drive the HVAC electronics market growth.
However, during the COVID-19 pandemic, various manufacturers in the HVAC electronics market had to stop their business in countries such as China, the U.S., and India. This break directly impacted the sales of HVAC electronics companies. In addition, lack of manpower and raw materials constricted the supply of equipment of HVAC electronics systems, which negatively influenced the growth of the market. However, the reopening of production facilities and introduction of vaccines for coronavirus disease are anticipated to lead to the re-opening of HVAC electronics companies.
Key Findings of The Study
Talk to David (Europe)
Talk to Sona Padman (Americas)
5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States
Toll Free: +1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91 2066346060
Fax: +1(855) 550-5975
Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com
HVAC Electronics Market by Type (Heating Equipment, Cooling Equipment, Ventilation Equipment), by Installation type (New Constructions, Retrofits), by End User (Residential, Commercial, Industrial): Global Opportunity Analysis and Industry Forecast, 2021-2031
To ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time of readers
Buy Full Version
"HVAC Electronics Market"
Purchase Enquiry
Get insights on topics that are crucial for your business. Stay abreast of your interest areas.
Get Industry Data AlertsTo ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of the scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save the time of readers