Global HVAC Sensors and Controllers Market: Players Create Cutting-edge Products to thrive in a Competitive Environment, finds TMR
Presence of a large number of players makes the global HVAC sensors and controllers market fragmented and highly competitive. Some of the prominent names operating in the market are Honeywell International Inc., Siemens AG, Emerson Electric, Johnson Controls, and Schneider Electric. Other than those, most regions have their own regional players competing against them.
To stay ahead of competition, the savvy companies in the global market for HVAC sensors and controllers are increasing banking upon technological progress to innovate more cutting-edge products. Additionally, companies are actively forging strategic partnerships and collaborations to enhance their product portfolio and strengthen their customer base. Honeywell International, Inc., for example, entered into a landmark partnership with Earth Networks in 2015. Carefully-considered mergers and acquisitions is another popular method leveraged by companies to expand their reach and bolster their position.
The global market for HVAC sensors and controllers is predicted to rise at a steady CAGR of 6.9% from 2016 to 2024 to reach a value of US$9.34 bn in 2024 from US$5.18 bn in 2015.
Pressing Need to Conserve Energy Drives Growth in North America
Depending upon the type, the global HVAC sensors and controllers market can be segmented into temperature sensors, pressure sensors, occupancy sensors, humidity sensors, and gas and volatile organic compounds sensors. Of these, the temperature sensors outshined all others with a 27.4% share in the market in 2015. In the years ahead, it is slated to grow at a robust pace on account of its higher measuring precision, lesser reaction time, and easy installation features.
Geographically, North America dominates the market with maximum share in revenue followed by Europe. The growth in the North America market has been brought about primarily by the pressing need to save energy and achieve energy efficiency. The need to replace existing HVAC equipment has also driven the market. Going forward, North America market is likely to pare its share marginally on account of it being in an already mature stage. The relatively underserved Asia Pacific market is predicted to expand at maximum pace, registering a CAGR of 7.5% in the years to come due to a burgeoning population, swift pace of industrialization, development of reliable energy sources, and a revival in housing markets.
Upswing in Non-residential Construction Activities Fillips Market Considerably
The most prominent growth driver in the global market for HVAC sensors and controllers has been the steady upswing in non-residential construction activities. In the near future too, it is slated to push growth. “In non-residential buildings, building automation has become dynamic and building managers and engineers aim to manage and optimally use HVAC control systems with feedback from the associated sensors. Due to this, conventional mechanical systems are being increasingly replaced by electronic controls that need smart HVAC sensors to provide accurate information required to enhance system performance. Therefore, with the expansion of new construction, unit shipments of HVAC systems are increasing significantly, benefitting the HVAC sensors and controllers market,” explains the analyst of the TMR report.
High Upfront Investment Crimps Uptake
A challenge facing the global HVAC sensors and controllers market is the steep upfront investment required for a new installation or in upgrading an existing equipment. Maintenance costs are another deterrent. Overall, an HVAC upgrade requires paying for monthly operating expenses, preventive maintenance, and for repair and replacement of small system components, air filters and refrigerants. Besides, HVAC systems also guzzle a lot of energy, which leads to added costs. This is considered yet another factor deterring their take-up.
This review is based on the findings of a TMR report titled “HVAC Sensors and Controllers Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.
Global HVAC Sensors & Controllers Market, by Sensors
- Temperature Sensors
- Humidity Sensors
- Pressure Sensors
- Gas and Volatile Organic Compounds Sensors
- Occupancy Sensors
Global HVAC Sensors & Controllers Market, by Controllers
- Temperature Controllers
- Humidity Controllers
- Universal Controllers
- Enthalpy Controllers
Global HVAC Sensors & Controllers Market, by Application
- Transportation & Logistics
Global HVAC Sensors & Controllers Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Rest of the World
- Latin America
- Middle East
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