by Brianna Crandall — April 25, 2014—According to a new market research report from global research and consulting company MarketsandMarkets, the increasingly important smart heating/ventilation/air-conditioning (HVAC) controls market is expected to grow at a compound annual growth rate (CAGR) of 8.22% from 2014 to 2020, and reach $26.60 billion in 2020.
Smart HVAC controls are used to control both simple and complicated processes involved in monitoring, controlling, and analyzing the usage of HVAC systems, explains the report. The use of these controls offers several advantages, including the reduction of cost, increased energy efficiency, and enhanced safety effectiveness. The implementation of smart HVAC controls with the latest communication protocols also helps in controlling and maintaining geographically non-integrated HVAC control systems.
The overall smart HVAC controls market is segmented into five major segments: product type, mode of operation, components, application, and geography, each of which is explored in the report. The publication also provides a detailed analysis of the current market scenario and its estimation until the year 2020.
The main drivers for the market include the need for energy-efficient solutions, consumer demand for remote access control of room thermostats, the green building movement, and the use of Wi-Fi for improving the adoption of smart controls. The report discusses different modes of operation, including wireless controls, remote-controlled controls, programmed controls and integrated controls. Current innovations in the market are discussed, including the introduction and development of weather-compensating controls along with related components.
The report contains a brief description of major players that are active in the HVAC industries, as well as their key growth strategies. The major players in the market include: Honeywell International (USA), Schneider Electric (France), Johnson Controls (USA), Siemens (Germany), and Emerson (USA).
Geographically, the Asia-Pacific (APAC) region is considered the market leader in the overall smart HVAC controls market, mainly due to the rise in new building construction, with an estimated growth rate of 8.78% from 2014 to 2020. The APAC region is followed by the Americas and Europe.
Smart HVAC Controls Market by Product Type (Temperature, Ventilation, Humidity, Integrated), Components (Sensors, Controlled devices, Smart Vents), Application (Residential, Commercial), Operation & Geography – Analysis & Forecast to 2014 – 2020 is available on the MarketsandMarkets Web site.
