LONDON–(BUSINESS WIRE)–Oct 6, 2020–
The global advanced HVAC controls market size is poised to grow by USD 4.81 billion during 2020-2024, progressing at a CAGR of over 8% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
Technavio has announced its latest market research report titled Global Advanced HVAC Controls Market 2020-2024 (Graphic: Business Wire)
Refrigerated warehouses are increasingly adopting advanced HVAC controls because of their ability to operate at low temperatures and reduce contamination levels. Firms across the food and pharmaceutical industries must maintain a hygienic and contamination-free environment in warehouses. Food products such as ice cream and sea produce need to be maintained at temperatures as low as -31 oF. As workers find it challenging to work at such low temperatures, advanced HVAC controls are deployed in refrigerated warehouses. With the expected growth of the refrigerated warehousing market, the advanced HVAC control market will witness steady growth during the forecast period.
- The major advanced HVAC controls market growth came from the sensors segment. Sensors play a major role in the performance of advanced HVAC controls as they provide data for efficient operations and tasks to be performed in various conditions. A wide verity of sensors are used in HVAC system controls, which include temperature, humidity, occupancy, carbon dioxide, and VOC sensors; pressure sensors; network sensors; dew point sensors; and wireless connectivity sensors. Therefore, the HVAC controls market share growth by the sensors segment will be significant during the forecast period.
- APAC was the largest advanced HVAC controls market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The growing urbanization, infrastructure development, and government incentives and support, especially in developing countries, to install solutions that provide high energy-efficiency will significantly drive advanced HVAC controls market growth in this region over the forecast period.
- The global advanced HVAC controls market is fragmented. Azbil Corp., Delta Electronics Inc., Emerson Electric Co., Honeywell International Inc., Ingersoll Rand Inc., Johnson Controls International Plc, Lennox International Inc., Mitsubishi Electric Corp., Schneider Electric SE, and Siemens AG. are some of the major market participants. To help clients improve their market position, this advanced HVAC controls market forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the global advanced HVAC controls market 2020-2024 is expected to have Neutral and Inferior. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
Rising Demand for Smart Homes and the Development of Smart Cities will be a Key Market Trend
The rising demand for smart homes and the development of smart cities are major advanced HVAC controls market trends that will gain traction over the next few years. The changing needs of consumers, coupled with the convenience offered by electronic devices, led to the development of smart homes. The smart home concept already has a significant penetration across North America, Europe, and developing countries in APAC. This is driving market growth as smart homes use advanced HVAC controls to manage tasks based on surrounding activities. With the increase in the number of smart cities across the globe, market vendors are focusing on developing new devices and applications specially designed for smart cities. These factors will propel the advanced HVAC controls market growth.
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Advanced HVAC Controls Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist advanced HVAC controls market growth during the next five years
- Estimation of the advanced HVAC controls market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the advanced HVAC controls market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of advanced HVAC controls market vendors
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- Market ecosystem
- Value chain analysis
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 – 2024
- Five forces summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Product
- Market segments
- Comparison by Product
- Sensors – Market size and forecast 2019-2024
- Field devices – Market size and forecast 2019-2024
- Level controllers – Market size and forecast 2019-2024
- Market opportunity by Product
Market Segmentation by End-user
- Market segments
- Comparison by end-user
- Commercial – Market size and forecast 2019-2024
- Residential – Market size and forecast 2019-2024
- Market opportunity by end-user
- Geographic segmentation
- Geographic comparison
- APAC – Market size and forecast 2019-2024
- North America – Market size and forecast 2019-2024
- Europe – Market size and forecast 2019-2024
- MEA – Market size and forecast 2019-2024
- South America – Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Market drivers
- Market challenges
- Market trends
- Vendor landscape
- Landscape disruption
- Vendors covered
- Market positioning of vendors
- Azbil Corp.
- Delta Electronics Inc.
- Emerson Electric Co.
- Honeywell International Inc.
- Ingersoll Rand Inc.
- Johnson Controls International Plc
- Lennox International Inc.
- Mitsubishi Electric Corp.
- Schneider Electric SE
- Siemens AG
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
CONTACT: Technavio Research
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INDUSTRY KEYWORD: OTHER MANUFACTURING COMMERCIAL BUILDING & REAL ESTATE MOBILE/WIRELESS TECHNOLOGY CONSTRUCTION & PROPERTY BUILDING SYSTEMS MANUFACTURING OTHER CONSTRUCTION & PROPERTY CONSUMER ELECTRONICS RESIDENTIAL BUILDING & REAL ESTATE
SOURCE: Technavio Research
Copyright Business Wire 2020.
PUB: 10/06/2020 02:45 AM/DISC: 10/06/2020 02:45 AM
Copyright Business Wire 2020.