New York, NY, April 12, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Smart HVAC Control Market by Product (Smart Thermostat and Smart Air Vent), by Implementation (New Constructions and Retrofit), and by Application (Residential, Commercial, and Industrial): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025’’. According to the report, the global smart HVAC control market was valued at around USD 8.3 billion in 2018 and is expected to reach approximately USD 28.3 billion by 2025, at a CAGR of slightly above 19.1% between 2019 and 2025.
The worldwide rising concerns for maintaining IAQ and evolving concerns toward health issues are fueling the smart HVAC control market globally. Smart HVAC controls effectively enhance the natural infiltration to prevent health problems. Moreover, the use of smart HVAC controls provides both qualitative and quantitative data that is required for demonstrating a procedure that maintains the overall IAQ of buildings. Smart HVAC controls attenuate Radon particle and prevent smoke entry at a reasonable cost. The global adoption rate of smart HVAC controls is significantly rising for reducing health problems due to airtight building infrastructure with inefficient ventilation systems. Low awareness of enormous benefits offered by smart HVAC controls systems, such as reduced energy consumption and improvisation of IAQ (Indoor Air Quality) are prime factors restraining the smart HVAC control market globally. With the help of IoT integration, smart HVAC control devices can be easily controlled, monitored, and maintained virtually irrespective of the operator’s location. The integration of IoT technology with smart HVAC controls is anticipated to create new market growth opportunities over the forecast time period.
Browse through 84 Tables & 24 Figures spread over 162 Pages and in-depth TOC on “Global Smart HVAC Control Market: Industry Type, Size, Share, Key Segments, Growth, Analysis and Forecast, 2018–2025”.
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Based on a recent survey, about 70.01% of the total number of IoT-based devices are resistless in the face of cyber-attacks. Furthermore, heating and cooling costs account for almost 40% of the total energy expenditure of an average commercial building in the U.S. This has led to the rise in demand for IoT-based smart HVAC control devices for additional energy management expenditure.
The global smart HVAC control market is segmented based on product, implementation, and application. The product segment is classified into the smart thermostat and smart air vent. By implementation, the market is sectored into new constructions and retrofits. The application segment includes residential, commercial, and industrial. The commercial segment is classified into retail centers, office buildings, healthcare centers, education centers, hospitality, and others.
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North America is the most technically developed region and is projected to hold a notable share in the global smart HVAC control market over the estimated timeframe. The U.S. and Canada are estimated to make significant contributions toward the North American smart HVAC control market. Rising adoption of technology in smart homes is primarily driving this regional market. In 2017, the overall revenue generated by the U.S. smart home concept was valued at USD 17.6 billion, out of which energy management solutions contributed about 7%. In 2023, this value is expected to reach USD 44.8 billion with energy management solutions to maintain their share. In addition, the increase in IoT funding in the U.S. is further fueling this regional market’s growth. About 3,000 IoT business buildings in the U.S. raised funds worth USD 125 billion in 2017.
The rising demand for energy-efficient devices in Europe is substantially driving the smart HVAC controls market. Europe is likely to dominate the market and hold a notable market share. Similar to North America, European countries are opting for smart HVAC control solutions for warming indoors in residential properties. The rising technological enhancements in the European Union have resulted in IoT integration with the system, thereby creating new growth opportunities. The European IoT market is forecasted to account nearly USD 171.1 billion by the end of 2019. Germany is predicted to dominate the European market due to the remarkable presence of smart homes in the country.
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Asia Pacific is a major smart HVAC control market share holder globally, due to rising building automation, smart home construction, and global warming. Developing Asian countries, such as India and China, are opting for the latest technologies and eco-friendly solutions, such as R32 low Global Warming Potential (GWP) refrigerants and Variable Refrigerant Flow (VRF) technology. Uncompromised environmental government regulations in different Asian countries, such as the Indian Bureau of Energy Efficiency and Labeling Standards or Australian Minimum energy performance standards, have enforced building manufacturers to opt for smart HVAC products. Due to the increasing global warming issues, governments of Asian countries are implementing strict rules for making the overall ventilation systems more energy-efficient and eco-friendly. Moreover, the reduction in cost and energy consumption is attracting a huge consumer base, which is expected to fuel the smart HVAC control market over the estimated timeline.
In Latin America, Brazil is projected to show the maximum growth in the smart HVAC control market in the future, due to the thriving smart home industry, increasing disposable incomes, and improving living standards. The Middle Eastern and African region is anticipated to make substantial contributions to the global smart HVAC control market in the future, owing to the increasing demand for air conditioning systems.
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Some key participants of the global smart HVAC control market are United Technologies, Haier Group, Nest Labs, LG electronics, Honeywell International, Lennox Intl, Hitachi Ltd., Ingersoll-Rand PLC, Delta, Siemens, KMC Keen Home, Johnson Controls, Schneider Electric, Distech, Lenox International, and Daikin Industries Ltd.
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This report segments the global smart HVAC control market into:
Smart HVAC Control Market: Product Analysis
Smart HVAC Control Market: Implementation Analysis
Smart HVAC Control Market: Application Analysis
Smart HVAC Control Market: Regional Analysis
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