Global HVAC Controls Market Report to be Driven by Growing Industrialization During the Forecast Period 2022-2027 – Ripon College Days
Expert Market Research’s new report titled, “Global HVAC Controls Report and Forecast 2022-2027”, gives an in-depth analysis of the Global HVAC Controls Market, assessing the market based on its segments like Market by Loop Type, System, component, type of implementation, applications and major regions. The report tracks the latest industry trends and studies their impact on the overall market. It also assesses market dynamics, covering key demand and price indicators, as well as market analysis based on SWOT and Porter’s Five Forces models.
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Key highlights of the report include:
Market Overview (2017-2027)
- Historical market size (2021): $14.13 billion
- Forecast CAGR (2022-2027): 92%
- Forecast market size (2027): 23.58 billion USD
Increased industrialization is driving the global HVAC controls industry, which is driven by increased demand for cooling and heating equipment in industries such as mining and power generation. In addition, stringent government regulations aimed at preventing increased pollution levels and creating a cleaner, greener and more sustainable environment have prompted a number of industries and commercial organizations to install HVAC control in their operational areas in order to save money on electricity bills, propelling further industry growth.
Industry definition and major segments
HVAC controls, also known as heating, ventilation, and air conditioning controls, are devices that manage heating and cooling conditions to help maintain enclosed spaces at an ambient temperature. To allow the control system to take action, a sensing instrument typically monitors the actual temperature of areas to a target temperature.
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The HVAC Controls Market, on the basis of Loop Type, can be segmented into:
- Open loop control
- Closed loop control
Based on Systems, the market is split into:
- Temperature control systems
- Ventilation control systems
- Humidity control systems
- Integrated control systems
Based on components, the industry is divided into:
Based on the type of control system, the market can be categorized into:
- Direct acting systems
- Electrical/Electronic Systems
- Pneumatic systems
On the basis of implementation type, the HVAC Controls industry is segmented into:
- New construction
On the basis of its applications, the market is segmented into:
Regional markets include:
- North America
- Asia Pacific
- Latin America
- Middle East
Industrial, residential and commercial end users are increasing their investments in HVAC controls due to the growing demand for simple remote control systems. As a result, research projects for the development of new HVAC control systems are increasing. As the infrastructure of industrial, residential and commercial buildings expands, the demand for HVAC controls also increases. Rapid urbanization and industrialization are also resulting from exponential population growth in developing economies such as China, India, Brazil, and Mexico, among others, increasing the need for HVAC controls. Market growth has been supported by rising disposable incomes and increasing consumer spending in key countries. Also, rapid climate change is one of the major factors driving the growing demand for HVAC. HVAC control technology is increasingly being used in residential environments to improve air quality due to changing weather conditions and rising global temperatures due to rapid climate change. Moreover, owing to the growing demand for cloud computing in the HVAC industry, the market is expected to grow rapidly throughout the forecast period.
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