Global HVAC Controls Market Report and Forecast 2024-2032

Global HVAC Controls Market Outlook

The global HVAC controls market attained a value about USD 18.25 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 8.92% to reach nearly USD 39.37 billion by 2032.    

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Rising Deployment of HVAC Controls in Various Industries is Catalysing the Market Growth

The global market for HVAC controls is being driven by rapid industrialisation owing to the growing demand for cooling and heating equipment in several industries like mining and power generation. The introduction of stringent government regulations to combat increasing pollution levels is prompting various industries and commercial organisations to install HVAC control in their operating areas to reduce utility bills, thus fuelling the industry growth. The HVAC controls industry is anticipated to witness significant growth owing to the introduction of various government policies aimed at a clean, green, and sustainable environment. Moreover, several governments are offering favourable incentives to promote the use of energy-saving infrastructure in both commercial and residential spaces, which is expected to bolster the industry growth. The demand for HVAC control systems is also expected to soar due to the development of technologically advanced smart controls to automate the control systems. Furthermore, the increasing replacement activities of old control systems with more efficient, more intelligent, and more sophisticated controllers due to their advanced properties are also expected to bolster the market for HVAC controls in the forecast period.

HVAC Controls Market Segmentation

HVAC controls, variously known as heating, ventilation, and air conditioning controls, are equipment that regulates the heating and cooling conditions to aid in maintaining optimal temperature in enclosed spaces. A sensing tool typically compares the actual temperature of the spaces with a target temperature to enable the control system to initiate an action.

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The major control loop types of HVAC controls are:

• Open-Loop Control
• Closed-Loop Control

Based on systems, the market is divided into:

• Temperature Control Systems
• Ventilation Control Systems
• Humidity Control Systems
• Integrated Control Systems

By component, the industry is bifurcated into:

• Sensors
• Controllers and Controlled Devices

The market, based on control system type, can be classified into:

• Direct Acting Systems
• Electric/Electronic Systems
• Pneumatic Systems

On the basis of implementation type, the HVAC controls industry is segmented into:

• New construction
• Retrofit

The market can be broadly categorised on the basis of its applications into:

• Residential 
• Commercial
• Industrial

The EMR report looks into the regional markets of HVAC controls like North America, Europe, the Asia pacific, Latin America, and the Middle East and Africa.

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Rapid Urbanisation and Industrialisation in Developing Economies to Augment the Growth of the HVAC Controls Industry

The increasing demand for remote control systems, which can be controlled easily is leading to a surge in investments in HVAC controls by industrial, residential, and commercial end users. This, in turn, is increasing research activities for the development of innovative HVAC control systems. The expansion of infrastructure of industrial, residential, and commercial buildings is further adding to the demand for HVAC controls. Furthermore, the exponential population growth in developing economies such as China, India, Brazil, and Mexico, among others is resulting in rapid urbanisation and industrialisation, which is surging the demand for HVAC controls.

The growing demand for HVAC controls can be attributed to rising disposable incomes and increasing consumer spending, across major economies, hence catalysing the market growth. In addition, rapid climate change is one of the major factors that is augmenting the demand for HVAC. As climate change is resulting in uncertain climate conditions and rising global temperature, HVAC controls equipment are increasingly deployed in residential spaces to enhance air quality. Furthermore, increasing demand for cloud computing in HVAC is expected to drive the market growth in the coming years.

Key Industry Players in the Global HVAC Controls Market

The report presents a detailed analysis of the following key players in the global HVAC controls market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Honeywell International Inc.
• Siemens AG
• Emerson Electric Co.
• Schneider Electric SE
• Lennox International Inc.
• Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report