Smart Devices to Fuel the HVAC Controls Market

Smart Devices to Fuel the HVAC Controls Market

By Knowledge Sourcing Intelligence Blog

The Global HVAC Controls market size was valued at US$11.299 billion in 2020 and is anticipated to increase at a Compound Annual Growth Rate of 8.77% over the predictive period to reach US$20.354 billion by 2027. HVAC control refers to the process of regulating the functioning of air conditioning, ventilation, and heating systems. It's essentially a control mechanism with a sensing device that compares variables such as temperature, air quality, motion-detecting, etc, to provide the desired function to the user. HVAC control systems are used in residential, industrial, as well as, commercial complexes, to ensure proper airflow and temperature control. The growing construction industry has led to significant market growth in this sector.

Growing Technological Developments to Drive the Market

The smart devices and technology industry have seen rapid developments in the last few years, owing to the rapid industrialization and prevalence of IoT and smart devices. The Internet of Things (IoT) is made up of physical devices that communicate with one another across a network or the internet. IoT devices can be used for energy conservation, controlling remote appliances, motion sensing, and more, which help in increasing efficiency and accessibility in a lot of applications. IoT devices are used in a number of sectors, including automobiles, smart home technologies, handheld, and portable devices, etc.

The increasing adoption of IoT devices has helped in increasing the market demand for the HVAC controls industry. HVAC manufacturers have been attempting to improve their market share by providing consumers with smart HVAC systems. Incorporating IoT systems into lighting, HVAC, and other applications would help with financial savings, resource efficiency, condition monitoring, temperature control, and sustainable energy performance. As a result, there has been a rise in demand for IoT-based HVAC management systems. Moreover, technological innovations in cloud computing and internet services have also helped in increasing the market demand. The integration of cloud computing services has helped in the maintenance and interpretation of data and records, and avoid errors and data loss.

Additionally, government initiatives to reduce energy usage and wastage would also help in increasing the market demand. According to the release by US Energy Information Administration on 28th April 2021, the EIA projects to decrease the energy consumption for heating equipment by 6%. One of the factors that would help with this goal is the increasing adoption of HVAC sensors and controls, which would contribute to a decrease of 13% in energy consumption across offices in the US. Hence, with the increasing technological advancements in smart devices and internet services, and government initiatives, the market is expected to rise significantly.

Advancements in HVAC Controls Technology to Drive the Market

With the increasing advancements in the IoT Device industry and rising environmental awareness, the HVAC Controls market has reported significant improvements.

According to a news report by Ecobee on 17th May 2022, the company released two new smart thermostats, namely Smart Thermostat Premium and Smart Thermostat Enhanced, which aim to improve comfort security, and health in the house, while also providing energy-saving features. The devices can measure and maintain air quality, provide intruder alerts, and is also compatible with Alexa, Siri, Google Home, and other home devices.

According to a press release by Siemens on 20th April 2022, the company now offers smart automation HVAC controllers for all types of buildings. Siemens has added the PXC7 to its Desigo line, giving building automation professionals even more choices. Professionals may now program heating, ventilation, and air conditioning applications for larger buildings with this new feature. The Desigo PXC7 controller assists system integrators in offering a comprehensive automation solution, owing to its simpler integration features. The controller comes included with cloud connectivity, allowing users to do maintenance chores remotely, leading to faster response times and lower trip expenses, during the building's lifespan.

According to a release on 22nd September 2020, Carrier announced the release of its WeatherExpert® Commercial Rooftop Units with EcoBlue Technology, which are now available with variable-speed 48JC gas/electric and 50JC electric/electric models, with cooling capacity ranging from 25% to 105 percent of standard capacity. The WeatherExpert 48/50 JC units also have a patented Humidi-MiZer® Adaptive Dehumidification system as an option, which provides additional dehumidification control and standard SystemVuTM controls, which include a large text display, quick LED status, smarter diagnostics through ongoing, real-time information, and built-in i-Vu®, CCN, and BACnet® capabilities.

According to a news report by Johnson Controls on 31st July 2020, the company has unveiled an all-in-one system that allows building operators to analyze sustainability, health, and wellness indicators while also lowering energy, water, trash, and carbon emissions. Buildings will be able to switch into multiple modes in response to various crucial conditions such as building access, airflow, elevator movement, door locks, illumination, open collaboration, and other environmental and safety settings. Users of the platform may anticipate saving 20-60% on energy bills and IAQ parameters by linking HVAC equipment with new data and AI.

Asia Pacific Region to Lead the Market

The Asia Pacific region is expected to hold the largest market share in the HVAC controls market throughout the forecast period. The market is predicted to grow as a result of factors such as the rising population in the region, and the increasing infrastructural developments in the area. The growing adoption of energy-efficient practices and government initiatives are expected to drive market growth. Moreover, the rapidly growing construction industry and the emergence of IoT-enabled HVAC systems in countries like India and China has also contributed to the increasing market demand, and this demand is anticipated to rise significantly in the region over the forecasted period.

COVID-19 Insight

The outbreak of the COVID-19 pandemic triggered a global economic slowdown. Since most governments imposed lockdown and social isolation regulations, most firms had experienced significant losses. This also had a significant impact on the HVAC controls market. Due to the closure of most construction activities across the world, the HVAC controls market faced a setback. The industry faced significant losses due to the disruption of major supply and production lines. However, the market has been reported to be recovering, owing to the resumption of industrial processes and the withdrawal of COVID-19 protocols in countries. Hence, as with the growing technological advancements and government initiatives, the HVAC controls market is anticipated to grow significantly in the forecasted period.