The global HVAC control systems market size is projected to reach USD 29.59 billion by 2026. The increasing emphasis on the research and development of customized HVAC control systems has opened up a huge potential for the companies operating in the market. According to a report published by Fortune Business Insights, titled “HVAC Control Systems Market Size, Share & Industry Analysis, By Product (Traditional HVAC Control Systems, Smart HVAC Control Systems), By Application (Residential, Commercial and Industrial), and Regional Forecast, 2019-2026,” the market size was USD 14.50 billion in 2018 and will exhibit a CAGR of 9.4% during the forecast period, 2019-2026.
HVAC (heating, ventilation, and air-conditioning) systems is a cooling system used in large industrial spaces, where air-conditioners are not sufficient. The advancements in primary components of HVAC systems such as thermostats and pathways, have yielded improved efficacies and enhanced operations. The high investment in product R&D is consequential to the growing industrialization in several regions across the world. The growing demand for these products is a result of its flexible applications across diverse industry verticals. The high demand for improved workplace environment and improving workplace productivity will aid the growth of the overall HVAC control systems market in the coming years.
A few of the companies that are operating in the global HVAC control systems market include:
Johnson Controls Daikin Industries, Ltd Mitsubishi Electric Trane HVAC US LLC Emerson Electric Co. Schneider Electric Honeywell International Inc. DELTA CONTROLS Carrier Corporation Siemens JACKSON CONTROL ICM Controls
Asia Pacific to Emerge as the Fastest Growing Region; Rapidly Rising Industrialization to Aid Growth
The report analyzes the ongoing HVAC control systems market trends across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among these regions, the market in Asia Pacific will exhibit the highest CAGR in the coming years. The rapidly growing industrialization in emerging countries such as India, China, and Japan will contribute to the growth of the regional market. As of 2018, the market in Asia Pacific was worth USD 7.13 billion and this value is projected to increase further in the coming years. Besides Asia Pacific, the market in Europe will witness considerable growth in the coming years driven by the growing adoption of HVAC control systems in several countries across this region.
Industry Developments:
September 2019: Emerson announced that it has completed the acquisition of Spence and Nicholson Steam Technology product lines from Circor International.
