HVAC Electronics Market Outlook – 2027 

HVAC stands for heating, ventilation, and air conditioning. It is the commonly used term for describing equipment used to maintain homes at a comfortable temperature. Demand for HVAC equipment is increasing rapidly due to growing construction expenditure and rise in disposable income across major economies. Climate change is another significant factor that adds to the growing demand for HVAC equipment globally. Owing to rise in temperatures and volatile climatic conditions, a number of customers regard HVAC equipment as a good investment. In addition, the growing inclination of customers toward comfort has increased demand for HVAC systems.

The global HVAC electronics market is segmented on the basis of heating equipment, ventilation equipment, cooling equipment, end user, service, implementation type, and region. Based on heating equipment, the HVAC electronics market is divided into heat pumps, furnaces, unitary heaters, and boilers. In terms of ventilation equipment, the market is categorized into air-handling units, air filters, dehumidifiers, ventilation fans, humidifiers, and air purifiers. Based on cooling equipment, the market is divided into unitary air conditioners, VRF systems, chillers, room air conditioners, coolers, and cooling towers. 

Based on end user, the HVAC electronics market is categorized into commercial, industrial, and residential. Based on service, the market is divided into installation, upgradation/replacement, maintenance & repair, and consulting. Based on implementation type, the market is further divided into new constructions and retrofits. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA). 

Key players operating in the global HVAC electronics industry include Johnson Controls (US), LG Electronics (South Korea), United Technologies (US), Electrolux (Sweden), Emerson (US), Honeywell (US), Lennox (US), Mitsubishi Electric (Japan), Nortek (US), and Samsung Electronics (Korea). These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global market.

Top Impacting Factors

The factors of HVAC electronics market driving market growth are rising urbanization and advent of energy-efficient HVAC systems. In addition, governments across the globe are committed to encouraging the use of energy-efficient HVAC systems by offering incentives and rebate programs. Such programs and initiatives are also projected to drive growth in the market.

HVAC System Demand for Heating Equipment to Show Significant Growth 

The heating equipment is expected to experience the huge adoption in the upcoming future. Heating devices are the crucial part of HVAC systems. Such types of appliances are used in heating buildings up to a certain temperature, a custom that is common across the cold countries. In addition to this, the increasing need for renewable energy sources and the rapid changes in climate, along with extensive government support in the form of subsidiaries, is anticipated to increase demand for heating devices.

Commercial Market to Lead the HVAC Electronics Market

During the forecast period the commercial segment is expected to lead the global market for HVAC systems. HVAC systems are commonly used in commercial constructions. Within the commercial segment the office segment is projected to have the largest share of the HVAC system market. HVAC systems provide adequate temperature and ventilation conditions at workplaces, helping to enhance employee efficiency, working environments and avoid health problems resulting from excessive levels of humidity. Thus, the adoption of HVAC systems in commercial buildings is expected to increase in tandem with the increasing building stock.

Demand for HVAC Systems in Asia-Pacific to Rise at the Highest CAGR during the Forecast Period

During the forecast period the HVAC system industry at Asia-Pacific is expected to rise at the fastest CAGR. China, India, and Japan are the big contributors to this market. Increasing infrastructure projects and expanding population are just a few of the factors that boost the growth of the region’s HVAC system market.

HVAC equipment is being transformed by technology such as the automated control systems, Internet of Things (IoT), and remote-control access. Automated control systems monitor the temperature & velocity of the fans automatically and sense the ambient atmosphere to give maximum comfort. On the other hand, the remote-control access allows users to use internet to operate connected systems via mobile apps. IoT-enabled HVAC devices can be connected to the internet and can provide suppliers and consumers with real-time information on the state of the systems, enabling them to reduce maintenance costs and to predict faults.

Key Benefits of the Stakeholders

• This study presents the analytical depiction of the global HVAC electronics industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global HVAC electronics market share.
• The current HVAC electronics market trends is quantitatively analyzed from 2020 to 2027 to highlight the global HVAC electronics market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides a detailed global HVAC electronics market analysis based on competitive intensity and how the competition will take shape in coming years. 

Market Scope and Structure Analysis

COVID-19 Scenario Analysis

• COVID-19 has offered devastating effects on individuals and businesses worldwide. HVAC electronics market is facing major challenges, owing to shutdown of certain location, employee layoffs, changing suppliers, or eliminating salaries. Security and surveillance will be one of those areas suffering both budget and manpower cuts.
• The HVAC electronics market share has faced a huge blow due to demand lapse caused by temporary lockdown of retail stores, book stores, supermarket, and mass merchandise stores. In addition, temporary shutdown in manufacturing units of components such as tags, antennae, deactivators is affecting supply chain.
• In May 2020, Sensormatic Solutions by Johnson Controls, announced ShopperTrak     real-time occupancy solution to assist retailers understand shopper density within a store with a view to comply with social distancing measures after lockdown is lifted. In addition, these solutions provide thermal and color images of individuals entering a store. The camera detects elevated temperature and notifies warehouse manager to maintain health and safety measures.

HVAC electronics Market Key Segments

Questions Answered in the HVAC electronics Market Research Report

• Who are the leading players in the HVAC electronics market forecast?
• What would be the detailed impact of COVID-19 on the HVAC electronics market size?
• What are the current trends that would influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the market?
• What are the projections for the future that would help in taking further strategic steps?