Global HVAC Control Market to Hit $19.93 Billion by 2027: AMR

The emergence of IoT-enabled HVAC systems, surge in the construction market, and rise in demand for building automation systems drive the growth of the global HVAC control market. The market across LAMEA would register the highest CAGR of 6.5% during the forecast period. The Covid-19 pandemic and followed lockdown resulted in delay in the production and manufacturing of HVAC equipment and components.

Portland,OR, April 07, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global HVAC control market was accounted for $14.55 billion in 2019, and is estimated to hit $19.93 billion by 2027, registering a CAGR of 5.7% from 2020 to 2027.

The emergence of IoT-enabled HVAC systems, surge in the construction market, and rise in demand for building automation systems drive the growth of the global HVAC control market. However, dearth of awareness among end user and complicated process of upgrading the existing HVAC systems hamper the market growth. On the contrary, increase in demand for cloud computing in HVAC would open lucrative opportunities for the market players in the future.

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Covid-19 scenario:

The Covid-19 pandemic and followed lockdown resulted in delay in the production and manufacturing of HVAC equipment and components.
The prolonged lockdown is still unclear and market players can afford lockdown only for a certain period. Thus, the manufacturers must alter their investment plans and frame contingency plans.

The global HVAC control market is segmented on the basis of system, implementation type, end user, and region. Based on system, the integrated control system segment is estimated to manifest the highest CAGR of 6.6% during the forecast period. However, the temperature control system segment dominated in 2019, contributing to more than one-third of the market.

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On the based on implementation type, the new construction segment held the lion’s share in 2019, accounting for more than half of the market. However, the retrofit segment is projected to register the highest CAGR of 6.0% during the forecast period.

The global HVAC control market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across LAMEA would register the highest CAGR of 6.5% during the forecast period. However, the market across Asia-Pacific was accounted for the largest share in 2019, holding nearly half of the market.

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Leading Players:

The global HVAC control market report includes an in-depth analysis of the prime market players including Carrier Global Corporation, Danfoss, Daikin Industries, Emerson Electric, Delta Controls, Johnson Controls, Honeywell International Inc., Schneider Electric, LG Electronics, and Siemens.

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Global HVAC Control Market to Hit $19.93 Billion by 2027: AMR

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