The global HVAC control market size was valued at $14,559.0 million in 2019, and is projected to reach $19,939.4 million by 2027, registering a CAGR of 5.7% from 2020 to 2027, according to a new research report by Allied Market Research. HVAC controls market segments covered by the report are temperature, ventilation, humidity and integrated control systems, in residential, commercial and industrial arenas.
The report's authors say the Increase in industrialization has led to surge in demand for heating and cooling equipment in various industries such as mining and power generation. Increase in energy bills and strict regulations considering environmental norms have enforced various commercial organizations and industries to install HVAC control in their operating areas.
Additionally, the growth will be continued due to a surge in demand for remote access control systems, which are easy to operate and have been gaining in popularity with commercial, industrial, and residential HVAC system end users. This growth in investments has led to the development of advanced HVAC control systems with various sensors. Infrastructure development of residential, commercial, and industrial buildings have also increase the demand for HVAC controls, according to report authors.
Companies included in this HVAC controls market report include Carrier Global Corp., Daikin Industries, Danfoss, Delta Controls, Emerson Electric, Honeywell International, Inc., Johnson Controls, LG Electronics, Schneider Electric and Siemens. Global regions included are North America, Europe, Asia-Pacific and Latin America/Middle East/Africa.
The report states that following business disruptions caused by the COVID-19 pandemic, HVAC controls manufacturers should return to full-scale operations, which would lead to recovery phase by the start of 2022.