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Smart HVAC Controls Market Insights by Competitive Strategies and Regional Outlook to 2024

Author : Ronak Bora | Published Date : 2020-09-08 

North America is anticipated to help impel smart HVAC controls market, primarily on account of the harsh climatic conditions in some of the continent’s zones and the large-scale adoption of smart homes. Customers are seamlessly adopting the product to enable control over temperature & humidity to enhance their home comfort. Rapid development in the building automation sector and widespread technology adoption in the country is expected to propel the demand for these products in the region.

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 the infrastructure development projects, thus positively impacting the demand for these products. The growth in demand for properties in developing areas is propelling the real estate sector, aiding industry growth.

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Smart HVAC Controls Market is projected to surpass USD 25 billion by 2024. Continuously changing climatic conditions are encouraging the users to implement these systems in both old & new constructions. The growing need for energy efficiency in light of the growing awareness about reducing carbon footprints is driving industry growth. The governments of several countries have mandated the use of these systems to increase energy efficiency and reduce costs.

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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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 global players to retain a dominant position in the industry.

Table of Contents (ToC) of the report:

Chapter 1.   Methodology and Scope

1.1.  Definition and forecast parameters

1.1.1. Definitions & scope

1.1.2. Assumptions, methodology & forecast parameters

1.2.  Data Sources

1.2.1. Primary

1.2.2. Secondary

Chapter 2.   Executive Summary

2.1.  Smart HVAC controls market 3600 synopsis, 2013 - 2024

2.1.1. Business trends

2.1.2. Regional trends

2.1.3. Product trends

2.1.4. Application trends

Chapter 3.   Smart HVAC Controls Market Insights

3.1.  Industry segmentation

3.2.  Industry landscape, 2013 – 2024

3.2.1. Smart homes industry landscape

3.2.1.1.  Smart homes market size & forecast, 2013 – 2024

3.2.1.1.1.  North America

3.2.1.1.2.  Europe

3.2.1.1.3.  Asia Pacific

3.2.1.1.4.  Latin America

3.2.1.1.5.  MEA

3.2.2. IoT industry landscape

3.2.2.1.  IoT market size & forecast, 2013 – 2024

3.2.2.1.1.  North America

3.2.2.1.2.  Europe

3.2.2.1.3.  Asia Pacific

3.2.2.1.4.  Latin America

3.2.2.1.5.  MEA

3.2.3. Building automation industry landscape

3.2.3.1.  Building automation market size & forecast, 2013 – 2024

3.2.3.1.1.  North America

3.2.3.1.2.  Europe

3.2.3.1.3.  Asia Pacific

3.2.3.1.4.  Latin America

3.2.3.1.5.  MEA

3.3.  Industry ecosystem analysis

3.3.1. Component suppliers

3.3.2. Technology providers

3.3.3. Manufacturers

3.3.4. Distribution channel analysis

3.3.5. End-user landscape

3.3.6. Vendor matrix

3.4.  Technology and innovation landscape

3.4.1. Demand Control Ventilation (DCV).

3.4.2. Direct Digital Controls (DDC)

3.4.3. Variable Air Volume (VAV)

3.5.  Regulatory landscape

3.5.1. North America

3.5.2. Europe

3.5.3. Asia Pacific

3.5.4. Latin America

3.5.5. MEA

3.6.  Industry impact forces

3.6.1. Growth drivers

3.6.1.1.  Increasing product development and innovation initiatives by the manufacturers

3.6.1.2.  Growing demand for cloud computing in HVAC

3.6.1.3.  Growing need of energy efficiency in North America

3.6.1.4.  Growing adoption of building automation in the U.S.

3.6.1.5.  Stringent regulations pertaining to energy efficiency in Europe

3.6.1.6.  Wide adoption of IoT technology and smart homes in Germany

3.6.1.7.  Growing need to reduce operational costs and improve employee comfort in industrial sector in Asia Pacific

3.6.1.8.  Growing construction market to boom the adoption of HVAC controls in Asia Pacific and Latin America

3.6.2. Industry pitfalls & challenges

3.6.2.1.  High initial costs of products

3.6.2.2.  High risk pertaining to security flaws

3.6.2.3.  Growing complexity regarding upgrading the existing HVAC systems with smart controls

3.6.2.4.  Lack of awareness regarding energy efficiency

3.7.  Price trend analysis, 2013 – 2024

3.7.1. North America

3.7.1.1.  Commercial

3.7.1.2.  Residential

3.7.1.3.  Industrial

3.7.2. Europe

3.7.2.1.  Commercial

3.7.2.2.  Residential

3.7.2.3.  Industrial

3.7.3. Asia Pacific

3.7.3.1.  Commercial

3.7.3.2.  Residential

3.7.3.3.  Industrial

3.7.4. Latin America

3.7.4.1.  Commercial

3.7.4.2.  Residential

3.7.4.3.  Industrial

3.7.5. MEA

3.7.5.1.  Commercial

3.7.5.2.  Residential

3.7.5.3.  Industrial

3.8.  Growth potential analysis

3.9.  Porter's analysis

3.9.1. Supplier power

3.9.2. Buyer power

3.9.3. Threat of new entrants

3.9.4. Threat of substitutes

3.9.5. Internal rivalry

3.10.   Competitive landscape, 2017

3.10.1.  Company market share analysis

3.10.2.  Strategy dashboard

3.11.   PESTEL analysis

Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/smart-hvac-controls-market

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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