Published Date: 31-Aug-2022
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According to a new report, published by KBV research, The Global HVAC Controls Market size is expected to reach $28.9 billion by 2028, rising at a market growth of 9.2% CAGR during the forecast period.
The Residential segment has shown the growth rate of 9.8% during (2022 - 2028). Residential structures and standalone homes are included in the residential application of HVAC controls. The need for HVAC equipment, such as coolers, heaters, and air conditioners, is rising as a result of the increasing residential construction sector.
The Controllers & Controlled Equipment segment acquired maximum revenue share in the Global HVAC Controls Market by Component in 2021 thereby, achieving a market value of $22.2 billion by 2028. Thermostats and humidity sensors provide input, and HVAC controllers deliver output to HVAC chillers and other HVAC systems. The majority of industrial thermostats can be programmed, controlled remotely, or both.
The Retrofit segment is showcasing CAGR of 10.5% during (2022 - 2028). Among the thousands of new buildings that are currently being built, many of which were created using construction schedule software, there are still many old and historic buildings that are standing. The main reason for these system changes in old buildings is to increase energy effectiveness.
The Temperature Control System segment is leading the Global HVAC Controls Market by System in 2021 thereby, achieving a market value of $9.8 billion by 2028. The temperature of an enclosed space is sensed or detected by temperature control systems, which then heat or cool the space as necessary to maintain the predetermined temperatures.
The Asia Pacific market dominated the Global HVAC Controls Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $8 billion by 2028. The Europe market is exhibiting a CAGR of 8.7% during (2022 - 2028). Additionally, The North America market would display a CAGR of 8.5% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/hvac-controls-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 Honeywell International, Inc., LG Electronics, Inc. (LG Corporation), Siemens AG, Schneider Electric SE, Emerson Electric Co., Johnson Controls International PLC, Trane Technologies PLC, Daikin Industries, Ltd., Mitsubishi Electric Corporation, and Carrier Global Corporation.
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