Healing, ventilation, and air conditioning or HVAC plays crucial role in the vehicular and indoor environment comfort. These designs are an integral part of the office buildings, commercial premises and industrial indoors. Increasing adoption of these technologies, the added comfort quotient involved with the demand of HVAC systems and growing technological advancements in this technology are driving the revenue channels in the global smart HVAC controls market. The industry is aiming at healthy growth during the next four to five years, majorly because of the rising adoption across the industrial as well as residential areas. Growth in automotive industry is also helping the industry build credibility in terms of adoption and loyal clientele.
Scope of Research in HVAC Market
Demand for the smart healing, ventilation and air conditioning systems and controls is strongly driven by the growing rate of adoption. Major industry drivers include improved lifestyle of the customers, rising eagerness to instill comfort into the routine lifestyles, growth in industrial constructions across developing countries, technological advancements in the existing technology, and innovative applications. Growing demand for the HVAC systems is directly influencing the market for their control systems. Rise of internet and its users also have direct influence on the demand in this market. as a result, the growth rate of the industry has doubled over the past eight years.
Segmentation
The global smart HVAC controls market is segmented on the basis of several of the industry components. These components majorly include the types of products, their operations and demand within different geographic regions. The products include ventilation, temperature, and humidity controls; along with the combinations of one or more controls as integral controllers. Based on the modes of operations, these products are segmented into programmable, wireless, remote access, and weather compensating controls. Geographically, the industry is categorized into Asia Pacific, Europe, the Americas and the rest of the world.
Forecasts
Considering the aforementioned segments, their growth, trends, demand channels, industry competitors, and challenges, the experts have come to a definite conclusion. According to the latest industry analysis, the global smart HVAC controls market is set to witness a healthy growth at a CAGR of over 8% from 2014 to 2020. During this duration of the next six years, the industry is poised to become worth more than $26.60 billion by the end of the year 2020. These are exciting prospects as far as the growth of the existing businesses in the industry is concerned. Potential investors and industry leaders are also looking for business expansions across developing regions like Asia Pacific, Latin America, Africa, and Middle East.
