The new advanced HVAC controls market research from Technavio indicates Neutral growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Advanced HVAC Controls Market 2020-2024 (Graphic: Business Wire)
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"One of the primary growth drivers for this market is the ability to operate at low temperatures," says a senior analyst for Industrials at Technavio.
Refrigerated warehouses are increasingly adopting advanced HVAC controls because of their ability to operate at low temperatures and reduce contamination levels. Firms across the food and pharmaceutical industries must maintain a hygienic and contamination-free environment in warehouses. Food products such as ice cream and sea produce need to be maintained at temperatures as low as -31 F. As workers find it challenging to work at such low temperatures, advanced HVAC controls are deployed in refrigerated warehouses. With the expected growth of the refrigerated warehousing market, the advanced HVAC control market will witness steady growth during the forecast period.
As the markets recover Technavio expects the advanced HVAC controls market size to grow by USD 4.81 billion during the period 2020-2024.
Advanced HVAC Controls Market Segment Highlights for 2020
- The advanced HVAC controls market is expected to post a year-over-year growth rate of 6.99%.
- Sensors play a major role in the performance of advanced HVAC controls as they provide data for efficient operations and tasks to be performed in various conditions.
- A wide range of sensors are used in HVAC system controls, which include temperature, humidity, occupancy, carbon dioxide, and VOC sensors; pressure sensors; network sensors; dew point sensors; and wireless connectivity sensors. Therefore, the HVAC controls market share growth by the sensors segment will be significant during the forecast period.
Regional Analysis
- 46% of the growth will originate from the APAC region.
- APAC was the largest advanced HVAC controls market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period.
- The growing urbanization, infrastructure development, and government incentives and support, especially in developing countries, to install solutions that provide high energy-efficiency will significantly drive advanced HVAC controls market growth in this region over the forecast period.
- China, Japan, and India are the key markets for advanced HVAC controls in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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Notes:
- The advanced HVAC controls market size is expected to accelerate at a CAGR of over 8% during the forecast period.
- The advanced HVAC controls market is segmented by Product (Sensors, Field devices, and Level controllers), Geographic Landscape (APAC, North America, Europe, MEA, and South America), and End-user (commercial and residential).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Azbil Corp., Delta Electronics Inc., Emerson Electric Co., Honeywell International Inc., Ingersoll Rand Inc., Johnson Controls International Plc, Lennox International Inc., Mitsubishi Electric Corp., Schneider Electric SE, and Siemens AG.
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