Global HVAC Sensors and Controllers Market Outlook
The demand for HVAC sensors and controllers is set to increase sharply between 2016 and 2024 in the non-residential businesses and automotive industry segments. The global market is expected to be boosted further by increasing government assistance in the form of incentives and increasing consumer awareness regarding energy saving measures. The incorporation of HVAC sensors and controllers to form a smart electronic system that can help reduce energy consumption and improve building processes is creating a strong demand for them across industries.
The combination of these factors can be expressed in the 6.9% CAGR shown by the global HVAC sensors and controllers market from 2015 to 2024. This market is expected to cross US$9 bn by the end of 2024, and was valued at US$5.18 bn in 2015.
North America Maintains Global HVAC Sensors and Controllers Market Dominance, Players Also Look to Asia Pacific
Over 33% of the global HVAC sensors and controllers market’s regional revenue share was held by North America in 2015. Europe and Asia Pacific rank second and third respectively, while the rest of the world held the lowest share for that year. Furthermore, North America will be growing at the fastest rate, retaining its leading position till 2024. This region is heavily driven by the need to lower power consumption, and the need to replace older HVAC systems with modern ones that hold better connectivity. Industrial sectors in North America are also making heavy HVAC equipment implementations to get the best of their systems in terms of efficiency.
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From a development perspective, the North America HVAC sensors and controllers market is already a matured one. As a result, global players are now seeking growth opportunities in other regions, namely, Latin America and Asia Pacific. Both regions have been experiencing a rapid growth of both industrial and residential sectors, creating a plethora of chances for global players as well as regional new entrants to enter these regions. Therefore, while North America will still be dominating the market in 2024, Asia Pacific and Latin America will be showing the faster growth rates till then.
Transport and Logistics Will Retain HVAC Sensors and Controllers Dominance
In 2015, over 38% of the global HVAC sensors and controllers market was held by the applications segment of transportation and logistics. Its market dominance was followed by commercial applications in second and residential applications in the second and third place respectively. The industrial applications segment held the lowest share of a little over 25% in 2015. All four segments are expected to maintain these positions till the end of 2024, due to equally paced market drivers affecting them.
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With reduction of energy consumption becoming a major cause of growth for the global HVAC sensors and controllers market, the integration of smart HVAC systems with buildings is being increasingly sought after. This is applicable especially to commercial buildings, where improvements to investments can bring about the introduction of modern and increasingly effective HVAC sensors and controllers. Industrial sectors are looking at the global HVAC sensors and controllers market as not only and energy saving means, but also for added security of data and safety in the workplace. Many players in the global HVAC sensors and controllers market can also offer better customization to industrial sectors, allowing a greater operation flexibility.