Global HVAC Controls Market: Overview
HVAC stands for heating, ventilation, and air conditioning system, it is used for regulating the air conditioning and heating system. Increasing consumption of the energy globally has created problems in the environment, money, and politics. HVAC equipment is used in industrial, commercial, and residential buildings for effective management of the energy. Traditional HVAC controls were consuming almost 40% of the electricity whereas modern system reduces energy costs, energy consumption, and increases ROI. In order to reduce energy consumption, minimize maintenance, and reduce the operational costs, building owners are deploying advanced heating & ventilation, and lighting cooling systems in the buildings.
Global HVAC Controls Market: Growth Factors
Technological advancement and decreasing prices of the sensors are driving the global HVAC controls market growth. Commercial buildings consume a vast amount of energy thus regulatory agencies, building owners, and governments are focusing on building more of green buildings. Advanced HVAC controls consumed a lower percentage of the total energy, thus helping in improving the efficiency of commercial and residential buildings. HVAC controls ensure smooth processing, managing, controlling, and maintaining the temperature inside the building. Integrated control systems are highly demanding in commercial, industrial, and residential buildings, which drive the demand for HVAC controls market. The up gradation that is made of the sensors is being used widely in the residential and commercial buildings thus positively enhancing the market growth.
Global HVAC Controls Market: Segmentation
The global HVAC controls market is fragmented based on the application, system, revenue source, and component. The application segment is divided into industrial buildings, commercial buildings, and residential buildings. The commercial buildings segment is sub-segmented into retail centers, education centers, hospitality centers, office buildings, healthcare centers, and others. The systems segment is segregated into humidity control, temperature control, integrated control, and ventilation control. The revenue source is segmented into building energy management systems and HVAC controls. Furthermore, the component segment is bifurcated into sensors and controllers & controlled devices. Of these, sensors lead the revenue source segment across the world.
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Global HVAC Controls Market: Regional Analysis
Demand for HVAC controls is highest in the Asia-Pacific region due to the developing industrial sectors and rising population. The same trend is followed by the North America and Europe. Rapid constructional activities and huge demand for high quality and energy-efficient devices further boost the market demand in China and India. Economic development and growth in industrialization in the North American region anticipates fostering the global market growth. HVAC controls are cost efficient and help to reduce the energy consumption thus they are largely preferred in Europe.
Global HVAC Controls Market: Competitive Players
Major players operating in the global HVAC controls market are Siemens AG, Ingersoll Rand, Mitsubishi Electric, Delta Controls, and Johnson Controls. Other players influencing the global market include Schneider Electric, Emerson Electric, Lennox International, Azbil, and Honeywell International, Inc.