Global Smart HVAC Control Market: Snapshot

Smart heating, ventilation and air conditioning (HVAC) has come to occupy an integral part of smart buildings and facility management, especially in commercial spaces. The global smart HVAC control market offers an array of sensors and advanced control technologies that can detect the operational needs of buildings and adjust accordingly. The smart HVAC control market products are equally attractive for their use in residential buildings. Two of the key operational gains of deploying smart HVAC control are substantial energy savings and better facility management. 
 

Smart HVAC control enables a range of stakeholders—including owners, facility managers, building managers, consumers, and maintenance staff—to obtain information on energy consumption in real time. Over the past few years, smart HVAC control has been achieved in several ways: by utilizing various sensors such as thermal-based, occupancy-based, and light-based controls. 

Global Smart HVAC Control Market: Notable Developments

The global smart HVAC control market has been witnessing robust drivers from the increasing integration of HVAC with internet of things (IoT). In this regard, adoption of ultra-low energy (ULE) technology in HVAC control platform for facilitating wireless sensors has proved to be crucial. 

In a recent development, a wireless chipset solution by a U.S.-based VoIP company has been selected by a prominent provider of connected thermostat solutions for smart HVAC. DSP Group announced in April, 2019 that Network Thermostat will leverage the former’s ULE technology for smart HVAC control platforms. Equipping wireless remote sensing applications for its smart thermostat array of products, Network Thermostat will greatly enhance a range of wireless remote sensing applications, which notably include temperature, refrigeration, and humidity monitoring. This move will take the company closer to delivering cutting-edge IoT solutions in the global smart HVAC control market. 

Over the past few years, a slew of products in the smart HVAC control market have been attracting consumers with advanced energy management system. Integration with modern sensors has rendered advanced functionalities in smart HVAC control. For instance, the use of 3-D sensor helps in better temperature controlling. 

The competitive dynamics in the global smart HVAC control market will be increasingly influenced by players such as Ingersoll-Rand PLC, Daikin Industries Ltd., Schneider Electric, United Technologies, and Nest Labs 

Global Smart HVAC Control Market: Key Growth Dynamics 

Smart HVAC technology has lately generated considerable interest of stakeholders in the modernizing of workplaces, world over. The report on the global smart HVAC control market offers critical assessment of key growth trajectories by offering insights into the current investment pockets, technological advances, and emerging competitive landscape in key regions. Hence modernization of workplaces, coupled with the penetration of IoT, is a potential underpinning to the growth of the smart HVAC control market. In this regard, occupancy-based smart HVAC control has generated wide interest. 

The market has been witnessing attractive demand from the increasing adoption of smart  HVAC control technologies for smart home automation. The demand in this segment is bolstered by increased ease of integration and configuration of smart HVAC control in home automation.  The smart home control market has benefitted especially from the increased adoption of smart thermostats equipped with wireless sensors in countries with cold climate. 

Global Smart HVAC Control Market: Regional Assessment

The smart home HVAC control market is likely to witness sizeable revenues in Asia Pacific during 2018–2026. In part, this is attributed to the rising adoption of variable refrigerant flow technology in buildings, both renovated and new ones, in a number of its economies. Adoption of smart HVAC control for smart air conditioning in commercial and residential buildings in the region would generate substantial revenues in the regional market. Among other regions, Europe is expected to rise at prominent pace over the next few years, owing to stringent implementation of government mandates for energy efficiency in buildings in the region. 

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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