Published Date: 30-Nov-2019
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According to a new report Global HVAC Control Systems Market, published by KBV Research, The Global HVAC Control Systems Market size is expected to reach $28.8 billion by 2025, rising at a market growth of 12.6% CAGR during the forecast period. The rising demand for controller replacement and retrofit would drive market growth. Consumers often replace their heating, ventilation and air conditioning appliances with high installation costs. Nevertheless, just changing the unit used for operating the HVAC equipment can enhance its efficiency. Therefore, over the forecast period, demand for replacement and retrofit systems is set to rise.
The Asia-Pacific market was dominant in the overall regional market of HVAC control systems during 2018. This dominance can be attributed to the rising demand for heating, ventilation, and air conditioning (HVAC) in emerging economies like India and China. Additionally, the regional market will be led by increasing disposable income among consumers. The North America market is expected to witness the prominent growth rate of 11.9 % over the forecast period due to increased adoption of smart homes in the region. In addition, the demand in this region will be dominated by the presence of major market players such as Nest and Honeywell in the region. The Europe market is expected to witness a CAGR of 12% during (2019 - 2025).
The sensor is an important element used to measure variables like temperature and humidity in the environment. It then sends this information to the controllers which are used to maintain a controlled environment. Although multiple sensors have been used in HVAC control systems, the most widely used are temperature sensors. Other sensors used are sensors for humidity, occupancy, economizer, dew point, and CO2. The segment of sensors held the largest market share in 2018 and is expected to dominate the market over the forecast period. The Controllers market is expected to witness a CAGR of 13.5% during (2019 - 2025). Additionally, The Controlled Devices market is expected to witness highest CAGR of 14% during (2019 - 2025).
The Temperature & Humidity Control market dominated the Global HVAC Control Systems by Type 2018, growing at a CAGR of 11.6 % during the forecast period. The Ventilation Control market is expected to witness a CAGR of 12.4% during (2019 - 2025).
Structural Insights: https://www.kbvresearch.com/hvac-control-systems-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of United Technologies Corporation, Emerson Electric Co., Delta Electronics, Inc., Honeywell International, Inc., Schneider Electric SE, Siemens AG, Johnson Controls International Plc., Mitsubishi Electric Corporation, Ingersoll-Rand Plc. and Lennox International, Inc.
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