The global HVAC control systems market size is projected to reach USD 29.59 billion by 2026. The increasing emphasis on the research and development of customized HVAC control systems has opened up a huge potential for the companies operating in the market. According to a report published by Fortune Business Insights, titled “HVAC Control Systems Market Size, Share & Industry Analysis, By Product (Traditional HVAC Control Systems, Smart HVAC Control Systems), By Application (Residential, Commercial and Industrial), and Regional Forecast, 2019-2026,” the market size was USD 14.50 billion in 2018 and will exhibit a CAGR of 9.4% during the forecast period, 2019-2026.
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HVAC (heating, ventilation, and air-conditioning) systems is a cooling system used in large industrial spaces, where air-conditioners are not sufficient. The advancements in primary components of HVAC systems such as thermostats and pathways, have yielded improved efficacies and enhanced operations. The high investment in product R&D is consequential to the growing industrialization in several regions across the world. The growing demand for these products is a result of its flexible applications across diverse industry verticals. The high demand for improved workplace environment and improving workplace productivity will aid the growth of the overall HVAC control systems market in the coming years.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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A few of the companies that are operating in the global HVAC control systems market include:
- Johnson Controls
- Daikin Industries, Ltd
- Mitsubishi Electric Trane HVAC US LLC
- Emerson Electric Co.
- Schneider Electric
- Honeywell International Inc.
- DELTA CONTROLS
- Carrier Corporation
- JACKSON CONTROL
- ICM Controls
Increasing Number of Company Mergers and Acquisitions Will Aid Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. With a bid to improving workplace environment, several large scale companies are looking to acquire small scale HVAC control system vendors across the world. A few of the major company mergers have been discussed in the report. In November 2019, Johnson Controls announced that it will be acquiring Synchrony from Siemens. Through this acquisition, the company will look to strengthen its portfolio of HVAC control systems and subsequently establish a formidable position in the global market.
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Asia Pacific to Emerge as the Fastest Growing Region; Rapidly Rising Industrialization to Aid Growth
The report analyzes the ongoing HVAC control systems market trends across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among these regions, the market in Asia Pacific will exhibit the highest CAGR in the coming years. The rapidly growing industrialization in emerging countries such as India, China, and Japan will contribute to the growth of the regional market. As of 2018, the market in Asia Pacific was worth USD 7.13 billion and this value is projected to increase further in the coming years. Besides Asia Pacific, the market in Europe will witness considerable growth in the coming years driven by the growing adoption of HVAC control systems in several countries across this region.
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