Published: Feb, 2018
The global market for HVAC sensors and controllers is projected to witness a steady growth over the forthcoming years. According to a report by Transparency Market Research (TMR), a number of leading industry players are playing an active role by forming collaboration and strategic partnerships with local giants to expand their consumer base and enhance their products. Honeywell International, Inc., a key industry player, for instance made a notable partnership with Earth Networks in the year 2015. Key companies such as Emerson Electric, Siemens AG, and Schneider Electric have already established a global presence with production facilities set up all over the globe.
TMR reports a healthy 6.9% CAGR to be witnessed by the global HVAC sensors and controllers market between 2015 and 2024, the forecast duration. The market was evaluated at a valuation of at US$5.18 bn in the year 2015, and is expected to surpass US$9 bn by the end of the forecast period.
Swift Industrialization to Propel Industrial Applications Segment Further
In the year 2015, more than 38% of the global HVAC sensors and controllers market was led by the applications segment of transportation and logistics. It was trailed by commercial applications and residential applications, respectively. The industrial applications segment held a 25% share in the year 2015. All market segments are expected to retain their respective positions till the end of the forecast duration.
As the reduced consumption of energy has become a major headwind for the global HVAC sensors and controllers market, the demand for integrating smart HVAC systems in buildings is surging. Commercial structures are at the forefront of driving demand on account of their pressing need to reduce operational and maintenance costs. Industrial sectors consider the HVAC sensors and controllers as to provide not only added data security, but also for being cost effective. Many players in the global HVAC sensors and controllers market can also offer better customization to industrial sectors, allowing a greater flexibility in operation.
Introduction of IoT in Devices to Offer Rich Market Opportunity
The introduction of the Internet of Things (IoT) has been advantageous to many industries, including the electrical ones. Prominent players in the global HVAC sensors and controllers market are focusing on implementation of evolved IoT technologies over the coming years to enhance both non-commercial and commercial sectors. A number of recent HVAC sensors and controllers in the commercial sector are comprised of the Building Automation Systems integration. Adding IoT to this combination will allow HVAC sensors and controllers to gain greater and open communication streams among all the related devices inside a building.
Emerging economies such as India, China, Brazil and Japan, among others, are expected to demonstrate a high growth in the infrastructure and technological advances, creating a wide pathway for entry of local players in the global HVAC sensors and controllers market to fill.
However, the general low awareness regarding the benefits of using HVAC sensors and controlling systems such as its cost-savings feature and eco-friendliness; and the shift from wire to wireless networks are the factors that may restrain the growth of the market to some extent.
This review is based TMR’s report titled, “HVAC Sensors & Controllers Market (Sensors - Temperature Sensors, Humidity Sensors, Pressure Sensors, Gas and Volatile Organic Compounds Sensors, Occupancy Sensors; Controllers Type - Temperature Controllers, Humidity Controllers, Universal Controllers, Enthalpy Controllers) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.”Top of Form
- Emerging regions to be promising avenues for global HVAC sensors and controllers market
- Emergence of IoT to be leading trend in the coming years in the overall market scenario
The market is segmented along the following lines:
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: The market is broadly segmented on the basis of geography into:
- North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Rest of the World
- Latin America
- Middle East
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