Smart HVAC Systems To Drive Global Advanced HVAC Control Market
Pune, Maharashtra, July 25, 2019 (Wired Release) Prudour Pvt. Ltd. – HVAC is known as Heating, Ventilation and Air Conditioning technology of environmental comfort. HVAC system reduces heat and enhances the indoor air quality by removing carbon dioxide, moisture, dust, smoke, airborne bacteria, unpleasant smells and other gases for a better environment in domestic and commercial buildings such as apartments, office buildings, hotels, hospitals etc. HVAC system works on the principle of heat transfer, thermodynamics and fluid mechanics. It offers a holistic view of the Global Advanced HVAC Control Market through systematic segmentation that covers every aspect of the target market. The Global Advanced HVAC Control Market was valued at US$ 2,494 Mn in 2018 and is expected to reach US$ 6,955.2 Mn by 2028, growing at a CAGR of 10.8%.
Advanced HVAC system is a fully programmable system which may be customized as per the intended use. Advanced HVAC system program can be coded for controllers, time schedules, timers, trend logs, logic and alarm. Advanced HVAC control system works as the decision maker for HVAC system as it controls heat pump, flow of air and sets the indoor environment according to the outside environment condition. Advanced HVAC control devices allow the HVAC system to work energy efficiently while reducing the energy consumption and cost. Technology advancement in the I-O-T (Internet of Things) and increasing proliferation of smart devices is uplifting the development of advanced HVAC control devices which utilize remote sensors to alter output automatically on the basis of outer climate and humidity is expected to help in market growth.
However, high capital and RnD investments of the Advanced HVAC Market may restrict the growth of the market. Also, high installation, maintenance cost and large skeletons of HVAC or BAS systems may obstruct the market growth. Nonetheless, the rapid growth of construction in the industrial segment is expected to aid the market growth of advanced HVAC control market. Advanced HVAC control market is also expected to grow due to the increasing popularity of HVAC system in nations where both cooling and heating systems are used. Countries which are developing at a rapid pace, require air quality observing devices to avert respiratory diseases owing to excessive pollution, which in turn is expected to boost advanced HVAC control market growth.
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On the basis of product type, the market is segmented into programmable HVAC control, smart HVAC control and other types. Programmable HVAC Control segment is estimated to contribute 30.9% in 2018 and is expected to grow at a CAGR of over 5% during the forecast period. On the basis of application, the market is segmented into industrial, commercial, residential and other applications. The residential application accounts for a majority share in the Global Advanced HVAC Control Market and is projected to grow stable pace during the forecast period.
On the basis of region, the market is segmented into North America, South America, Europe, Asia-Pacific, Africa and Middle East. North America accounts for the majority share in the Global Advanced HVAC Control Market, followed by Asia-Pacific. Regions such as North America and Europe are expected to register steady growth over the forecast period. The research report on the global Advanced HVAC Control Market includes profiles of some of the major companies such as Alphabet Inc., Schneider Electric SE, Honeywell International Inc., Siemens AG, Ingersoll-Rand Plc, Johnson Controls International Plc, Lennox International Plc, Kreuter Engineering, Inc, Fr. Sauter Holding Ag, Delta Controls Inc., Acquity Brands, Inc., SALUS Controls, Ecobee, Inc., Emerson Electric Co, OJ Electronics A/S, etc.