The global HVAC sensors and controllers market is prognosticated to exhibit a healthy growth in the coming years, as reported by Transparency Market Research (TMR). The market’s vendor landscape is featured by intense diversification, and comprises of a large pool of global as well as regional players. New vendors are expected to focus on product quality, features, functionality and services. Market participants are additionally predicted to offer customization in order to gain differentiation in their product portfolio and gain an edge over their competitors. Global vendors are supposed to have a strategic advantage over regional vendors on account of constant advances in technology. Some prominent vendors in the global HVAC sensors and controllers are Siemens AG, Johnson Controls, Honeywell International Inc., Schneider Electric, and Infineon Technologies AG.
As reported by TMR, the global HVAC sensors and controllers market is envisaged to exhibit a steady 6.9% CAGR over 2015 to 2024, the duration of forecast. The global market was evaluated to be at US$5.18 in 2015, and is forecasted to reach US$9 bn by the end of 2024.
Based on the applications segment, transportation and logistics held nearly 40% of the overall market in 2015, and the trend is expected to continue over the coming years. Geographically, the global HVAC sensors and controllers market is predicted to be dominated by North America, on account of the high demand for low power consumption, coupled with the need to replace existing HVAC systems with modern ones.
Global Climate Change to Provide Headwinds to Market Growth
The changes in the climatic conditions is driving the demand over the globe for HVAC systems in the most recently built structures, including residential spaces. Therefore, the demand for cutting edge HVAC controls will likewise increment in these private and non-private structures.
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Government enactment and strategies for the utilization of energy productive machines is further energizing the development of the market. It takes out the requirement for human impedance for keeping up the temperature in a building, in this way expanding the security, particularly in unsafe and complex setups in modern structures. Over a longer duration of time, HVAC controls help decrease both energy utilization and cost. Upsurge in the arrangement of HVAC hardware in business, household and mechanical structures will make demand for proficient and viable control systems and demand for HVAC sensors in developing economies, for example, China and India is additionally fuelling the growth of the global HVAC sensors and controllers market.
Uptake by Smart Buildings to Provide Lucrative Market Opportunity
The ascent in the selection of smart and green building is expected to augment the utilization of smart sensors and HVAC systems, for example, programmable indoor regulators, which would spare a ton of energy in these structures. The utilization of HVAC controls in business structures guarantees turning on or off the HVAC hardware in a specific zone, which isn’t at present involved. In a large businesses, every one of the regions are not continually possessed by various individuals; henceforth to sense inhabitance of the general population in a zone, HVAC controls assume an imperative part by empowering productive utilization of energy. The global HVAC sensors and controllers market is predicted to be supported further by expanding government help with the type of motivators and rising consumer awareness with regards to energy saving measures.