The HVAC system is primarily dependent on sensors and controllers, as they are an important part of HVAC systems.
The demand for HVAC sensor and controllers are increasing due to the thriving in the construction sector across the world. Rising development in emerging nations of APAC has generated a huge demand for HVAC sensors and controllers. An increasing number of public–private partnership (PPP) projects are boosting up the construction sector in the Middle East.
In Saudi Arabia, the Tarif International Airport construction project is a key example of a PPP project, which comprises the construction of the airport to handle X million passengers annually. Numerous construction projects are getting implement in Qatar due to the FIFA World Cup 2022. Such a thriving in the construction sector is impelling the demand for HVAC sensors and controllers during the forecast period.The report study has analyzed revenue impact of COVID -19 pandemic on the sales revenue of market leaders, market followers and market disrupters in the report and same is reflected in our analysis.
The global HVAC sensors and controllers market is driven by the necessity for efficient use of energy in buildings, the growing demand for building automation systems, and the rising implementation of IoT in the HVAC system. Growing industrial development have face issues to maintain indoor air quality is projected to boost the global HVAC sensor and controllers market during the forecast period.
However, high investment for HVAC sensor and controllers and lack of awareness about the benefits of HVAC controls are hampering the market growth at the global level. Growing demand for cloud computing in HVAC and increasing adoption of smart devices are likely to create lucrative opportunities in the global HVAC sensors and controllers market.
This is evidence, as the revenue generate from demand for cloud computing in HVAC and increasing adoption of smart devices are estimated to reach approximately XX million by 2026. Upgrading complexity in existing HVAC systems is the key challenge for the global HVAC sensors and controllers market globally.
Global HVAC Sensors and Controllers Market Segmentation Analysis:
Based on the application, the commercial segment held XX% market share in the HVAC Sensors and Controllers market in 2019 and is estimated to generate more than US$ XX Mn market revenue by 2027, with a CAGR of XX%. The rise in the adoption of green buildings and smart buildings are increasing the use of HVAC sensors and controls like a programmable thermostat that saves a lot of energy in commercial buildings. This device in commercial buildings confirm switching on or off the HVAC equipment in a specific area that is not currently occupied.
Global HVAC Sensors and Controllers Market Regional Analysis:
Geographically, the HVAC sensors and controllers market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America held the dominant market share of XX% in 2019 and is expected to maintain its dominance during the forecast period.
The growing need for energy efficiency in North America will drive the HVAC sensor and controllers market from 2020 to 2027. The U.S. was estimated that the annual AC sales were about XX Mn units in 2019. The growing adoption of building automation in the U.S. is expected to propel the market growth in the forecast period.
The European region is anticipated to hold a substantial share of XX% in the HVAC sensors & controllers market owing to the existence of major players such as Schneider Electric, Siemens AG, and Sensirion AG.
The German market valued at over US$ XX Mn in 2019 and is expected to grow at the CAGR of XX% during the forecast period due to a high focus on energy management and efficiency. In Germany, several users are widely accepting HVAC systems that control temperature and humidity to improve the indoor comfort.
Continuous improvements in building structures and widespread technology adoption in the country are likely to fuel the demand for the HVAC sensor and controllers market in the forecast period.