A detailed study on ‘Smart HVAC Controls market’ formulated by Market Study Report, LLC, puts together a concise analysis of the growth factors impacting the current business scenario across assorted regions. Significant information pertaining to the industry’s size, share, application, and statistics are also summed in the report in order to present an ensemble prediction. In addition, this report undertakes an accurate competitive analysis illustrating the status of market majors in the projection timeline, while including their expansion strategies and portfolio.
Smart HVAC Controls Market is projected to surpass USD 25 billion by 2024. Continuously changing climatic conditions are encouraging
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Some of the key players in the smart HVAC controls market include United Technologies, Lennox International, Ingersoll-Rand, Plc., Hitachi Ltd., Schneider Electric, Haier Group, and KMC Keen Home. The industry is highly diversified due to the presence of several regional and global players. New players are finding it increasingly difficult to enter the market and compete with the existing players in terms of quality, features, and price. Also, constant technological advancements and high R&D capabilities allow
The growing adoption of IoT technology and building automation solutions is driving the smart HVAC controls market growth. The integration of the technology with the HVAC systems allows the real-time monitoring of environmental changes. Growing adoption of smart homes is encouraging users to adopt these systems owing to the ease-of-use and a high degree of flexibility offered by these systems. Furthermore, the implementation of these systems with IoT allows these systems to react fast and offer more comfort to users.
High initial costs of these systems are expected to hinder the smart HVAC controls market growth over the next six years. Despite considerable energy & cost savings of these systems, high costs discourage small users in implementing these systems. Also, high maintenance requirements and complexity of these systems restrict the industry growth. The manufacturers are developing innovative products to increase the awareness of these systems by developing smartphone-based apps.
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Smart thermostats are expected to gain a considerable share in the smart HVAC controls market as consumers are increasingly looking for ways to integrate intelligent heating and cooling with smart devices. In 2016, the Environmental Protection Agency (EPA) finalized the Energy Star specification for smart thermostats to improve energy savings. The manufacturers are developing systems that can be integrated with several consumer electronics such as Google Home and Amazon Echo. This will encourage consumers to adopt these systems, propelling the smart HVAC controls market growth.
The Asia Pacific smart HVAC controls market is expected to grow significantly over the forecast timespan due to the growth in construction activities in the region. Rapid urbanization and continuously growing population are increasing the construction of residential & commercial buildings, particularly in countries including India, China, and Japan. The governments in these countries are investing heavily in