The global HVAC market is projected to reach US$9.34 billion by 2024, according to a new report from Transparency Market Research which details trends in the sector from 2016-2024.
Titled HVAC Sensors and Controllers Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016-2024, the report has noted that a majority of the leading companies operating in the global HVAC sensors and controllers market are currently eyeing mergers and acquisitions and even collaborations to gain better traction.
For example, companies such as Emerson Electric, Schneider Electric and Siemens are working towards expanding their global presence by establishing HVAC distribution and manufacturing centres around the world.
According to the report, the global market for HVAC sensors and controllers stood at US$5.18bn in 2015, and is projected to reach US$9.34 billion by the end of 2024. This represents a CAGR of 6.9 per cent.
Regionally, North America is expected to continue leading the market through the forecast period. It held over 33 per cent of the revenue share in the market in 2015.
The report has predicted the following trends for the forecast period:
Installation of HVAC sensors and controllers to rise due to growth of non-residential businesses: The global HVAC sensors and controllers market is driven by the impressive growth witnessed in non-residential businesses. Maintaining indoor air quality is a crucial concern for these businesses, which is achievable through HVAC sensors and controllers. As businesses switch from mechanical to electronic systems, the demand for HVAC sensors and controllers is expected to rise in response. This will subsequently provide opportunities for the entry of new players, thus aiding expansion of the global HVAC sensors and controllers market.
Implementation of IoT to provide the market with lucrative opportunities: The market is projected to gain significantly from the implementation of the Internet of Things (IoT). Leading players are already aiming to optimally capitalise on IoT technologies over the next decade, to achieve significant growth in commercial and non-commercial sectors alike. The building automation system is already included in most modern HVAC systems. Integrating IoT with the same, will enable HVAC sensors and controllers to establish wider communication streams within related devices installed in a building.
High initial investment required for HVAC system installation to stagnate growth: The high initial investment incurred on installation could stagnate the market’s growth to an extent. Nevertheless, the continuing evolution of IoT will help the HVAC industry transform over the forecast period. Furthermore, the market will also witness tremendous growth across Asia Pacific and Latin America. India, Brazil, China and Japan are among the nations showing a high rate of infrastructure development. Technical advancements witnessed in both commercial and residential sectors provide immense opportunities for the growth of the global HVAC sensors and controllers market.