Northbrook, IL 60062 -- (SBWire) -- 07/28/2022 --The HVAC controls market size is estimated to be USD 17.2 billion in 2022 and is projected to reach USD 26.7 billion by 2027 at a CAGR of 9.2% during the forecast period.
The growth of the HVAC controls market can be attributed to the surging demand for energy-efficient solutions, rising tax credit programs and incentives by governments worldwide to install high-efficiency HVAC controls, increasing regulatory policies and incentives to ensure energy saving and conservation of natural resources, and growing trend of smart homes and need for upgrading or refurbishing commercial buildings.
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Integrated control systems to account for the second largest market share during the forecast period. An integrated control system is an integration of all the control systems to maintain an ideal atmosphere within a room, space, or building. Temperature sensors, humidity sensors, air quality sensors, and occupancy sensors together collect data and send the data to a central control system, which integrates all the information to maintain the set atmospheric conditions indoors.
HVAC controls market for new construction to hold highest market share during the forecast period. Rapid urbanization and economic growth and high disposable income in emerging countries of Asia Pacific, the Middle East, and Africa are fueling the growth of the market for new constructions. Governments of various countries are investing in infrastructure development, which increases the demand for smart technologies. Additionally, the growing population in Asia Pacific, increasing focus on the tourism industry in the Middle East, and rising focus on human welfare development are other major factors driving the market for new constructions in these regions.
The residential application segment is expected to hold the second largest market share during the forecast period. The increasing awareness regarding energy conservation, efficiency, and environmental protection has fueled the adoption of energy-efficient HVAC controls in the residential sector. According to the US Energy Information Administration, air conditioning equipment are used in 87% of homes in the United States. Air conditioners consume about 6% of all the electricity produced in the United States, with an annual cost of USD 23 billion to homeowners. HVAC control systems are quite expensive; hence, the US government provides tax credits and incentives to promote their installation. The installation of heating and cooling equipment in California is regulated by acts such as the National Appliance Efficiency Conservation Act (NAECA) and the California Appliance Efficiency Regulations.
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The HVAC controls market in North America accounted for the second-largest share in 2021. The presence of major IoT companies and weather conditions in the region are contributing to the growth of the HVAC controls market in North America. In May 2022, Johnson Controls completed a major USD 7.5 million investment in new automation equipment at its commercial HVAC manufacturing plant in Norman, Oklahoma. The new equipment will increase capacity while improving product quality, safety, and assembly productivity at the 900,000-square-foot facility, known as the Johnson Controls Rooftop Center of Excellence.
HVAC Controls Market Size to Hit USD 26.7 Billion by 2027