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Advanced HVAC Control Systems Market Expected to Reach $6.8 Billion by 2032—Allied Market Research

 
2022
Advanced HVAC Control Systems Market

Report Code : A08245

quote The advanced HVAC control systems market is expected to grow rapidly in the coming years owing to the increasing adoption of home automation and smart home equipment. Additionally, advanced HVAC control systems save nearly 20-30% of electricity as compared to HVAC systems equipped with conventional devices. quote

Onkar Sumant - Manager
Construction and Manufacturing at Allied Market Research

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According to a new report published by Allied Market Research, titled, “Advanced HVAC Control Systems Market," The advanced hvac control systems market size was valued at $3.1 billion in 2022, and is estimated to reach $6.8 billion by 2032, growing at a CAGR of 8.3% from 2023 to 2032. Advanced HVAC control systems are among the newer technologically advanced systems that can control HVAC equipment and related components automatically without the intervention of any person.

Advanced HVAC control systems are witnessing a boost in their adoption and can be installed in a newly constructed building or can be retrofitted in older buildings. By installation type, the new installation segment accounted for a higher market share in terms of revenue generated in 2022. The growth of the segment is attributed to the surge in number of buildings in developing regions of the world which primarily includes Asia-Pacific. On the other hand, the retrofit segment is expected to grow with a higher CAGR, especially in the developed regions of the world such as North America, and Europe. In these regions, the building codes and government policies demand building owners to make their buildings more energy efficient. This is anticipated to drive demand for retrofits of advanced HVAC control systems which are well-known for saving energy that would otherwise be wasted if systems are not automatically managed in buildings.

On the basis of system, the temperature control system segment dominated the advanced HVAC control systems market, in terms of revenue in 2022, and the integrated control system segment is expected to witness growth at a higher CAGR during the forecast period. Temperature control systems play a crucial role in regulating the climate within a space, providing both heating and cooling functions. These systems are particularly prevalent in regions with cold and warm climates, including North America, Europe, and Asia-Pacific.

On the basis of application, the market is divided into residential, commercial, and industrial. The commercial segment accounted for a higher market share in terms of revenue in 2022, mainly due to the increase in urbanization, which uses advanced HVAC control systems for saving energy as these systems can automatically adjust the HVAC settings depending on the conditions of a space in a building. However, the residential segment is expected to dominate the advanced HVAC control systems market forecast by growing with the highest CAGR during the forecast period, owing to the surge in disposable income of people which enables them to spend significantly on advanced technologies.

The market is mainly driven by a rise in residential and commercial buildings that make use of advanced HVAC control systems. In addition, major countries across the world have set targets to reduce carbon emissions from the building sector, which is driving the installation of advanced HVAC control systems as they save energy by automating the HVAC system. However, the high cost of advanced HVAC control systems discourages various building owners from adopting these systems. Moreover, advancements in technology that make the HVAC control system user-friendly are expected to be major growth opportunities for the advanced HVAC control systems market growth.

In 2022, Asia-Pacific dominated the advanced HVAC control systems market, in terms of revenue, followed by Europe and North America. Also, the advanced HVAC control systems market in Asia-Pacific is anticipated to grow with a higher CAGR during the forecast period. Growth in construction and industrial sectors in countries, such as China, India, Malaysia, and Indonesia has been an instrumental factor for the increased market growth in Asia-Pacific.

However, various businesses in the advanced HVAC control systems market are expected to witness a slow growth rate in the coming year, owing to the looming recession in major countries driven by the Ukraine-Russia war. The inflation has already led to higher prices of raw materials used in the construction sector, which has led to slow and delayed construction of new buildings, eventually having a negative impact on the advanced HVAC control systems market outlook.

Key Findings Of The Study

  • The report provides an extensive analysis of the current and emerging advanced HVAC control systems market trends and dynamics. 
  • Depending on the installation type, the new installation segment dominated the advanced HVAC control systems market, in terms of revenue in 2022, and the retrofit segment is projected to grow at a significant CAGR during the forecast period.
  • By system, the temperature control systems segment dominated the advanced HVAC control systems market share in terms of revenue generated in 2022.
  • By application, the commercial segment registered the highest revenue in 2022, while the residential segment is expected to grow with a higher CAGR during the forecast period.
  • Asia-pacific is projected to register the highest growth rate in the coming years.
  • The key players within the advanced HVAC control systems market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the advanced HVAC control systems industry.
  • The report provides an extensive analysis of the current trends and emerging opportunities of the market. 
  • In-depth advanced HVAC control systems market analysis is conducted by constructing estimations for the key segments between 2023 and 2032.

 

 

 

 

 

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quote Advanced HVAC Control Systems Market by Installation Type (New Installation, Retrofit), by System (Temperature Control System, Ventilation Control System, Humidity Control System, Integrated Control System), by Application (Residential, Commercial, Industrial): Global Opportunity Analysis and Industry Forecast, 2023-2032 quote

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