Advanced HVAC Control Systems Market to Reach $6.7 Billion, Globally, by 2032 at 8.3% CAGR: Allied Market Research
Development of the building construction market, surge in trend for sustainable development, and rise in demand for building automation systems (BASs) drive the growth of the global advanced HVAC control systems market.
Wilmington, Delaware, Nov. 16, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Advanced HVAC Control Systems Market by Installation Type (New Installation, and Retrofit), System (Temperature Control System, Ventilation Control System, Humidity Control System, and Integrated Control System), and Application (Residential, Commercial, and Industrial): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the global advanced HVAC control systems industry generated $3.1 billion in 2022, and is anticipated to generate $6.7 billion by 2032, witnessing a CAGR of 8.3% from 2023 to 2032.
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Prime determinants of growth
Development of the building construction market, surge in trend for sustainable development, and rise in demand for building automation systems (BASs) drive the growth of the global advanced HVAC control systems market. However, increased cost of advanced HVAC control systems restricts the market growth. Moreover, the advancement in smart technology and the development of new control methods present new opportunities in the coming years.
Report coverage & details:
|Market Size in 2022||$3.1 billion|
|Market Size in 2032||$6.7 billion|
|No. of Pages in Report||198|
|Segments covered||Installation type, system, application, and Region.|
|Drivers||Development of the building construction market Growing trend for sustainable development Rise in demand for building automation systems (BASs)|
|Opportunities||Development of new control systems|
|Restraints||High upfront cost|
The new installation segment to maintain its leadership status throughout the forecast period
Based on installation type, the new installation segment held the highest market share in 2022, accounting for more than half of the global advanced HVAC control systems market revenue, and is estimated to maintain its leadership status throughout the forecast period. The rise in new construction activities driven by the suge in urban population is one of the major factors that propels the growth of the advanced HVAC control systems market. However, the retrofit segment is projected to attain the highest CAGR of 8.9% from 2023 to 2032, owing to the upgradation of existing HVAC with advanced HVAC control systems. Advanced systems are equipped with impressive features of advanced HVAC control systems such as enhanced energy efficiency, automated controls, as well as remote monitoring of the HVAC systems.
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The temperature control system segment to maintain its leadership status throughout the forecast period
Based on the system, the temperature control system segment held the highest market share in 2022, accounting for nearly one-third of the global advanced HVAC control systems market, and is estimated to maintain its leadership status throughout the forecast period. The advanced temperature control system is essential for controlling and monitoring temperature in various industrial facilities such as cold storage, distribution centers, food processing units, storage containers, as well as residential and commercial buildings. However, the integrated control system segment is projected to attain the highest CAGR of 9.6% from 2023 to 2032. Temperature sensors, humidity sensors, and occupancy sensors collaborate to gather data, which is then transmitted to a central control system. This central system harmonizes all the information to regulate and maintain the predetermined atmospheric conditions indoors. The integration of these elements guarantees seamless collaboration among all systems, promoting energy efficiency.
The commercial segment to maintain its lead position during the forecast period
Based on application, the commercial segment accounted for the largest share in 2022, contributing to more than two-fifths of the global advanced HVAC control systems market revenue, and is projected to maintain its lead position during the forecast period. An increase in commercial construction activities is projected to boost the growth of the advanced HVAC control systems market. The market is expected to witness significant growth in developing countries, owing to an increase in urbanization. However, the residential segment is expected to portray the largest CAGR of 9.4% from 2023 to 2032. The rise in construction-related activities of new buildings drives the demand for air conditioning appliances, which is projected to fuel the growth of the advanced HVAC control systems market. In addition, a rise in the disposal income of the population is anticipated to boost the market growth.
Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global advanced HVAC control systems market revenue, and is likely to dominate the market during the forecast period. It is also expected to witness the fastest CAGR of 8.9% from 2023 to 2032. The Asia-Pacific advanced HVAC control system market is anticipated to witness a notable growth rate, owing to the presence of emerging economies. In Asian countries, advanced HVAC control systems are used in several end-use industries such as food and beverages, and pharmaceuticals, along with high usage in commercial buildings.
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Leading Market Players: –
- Carrier Global Corporation
- Danfoss A/S
- Lennox International Inc.
- Honeywell International Inc.
- Johnson Control
- Schneider Electric SE
- Siemens AG
- Daikin Industries
- OJ Electronics A/S
- Ecobee Inc.
The report provides a detailed analysis of these key players in the global advanced HVAC control systems market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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