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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The HVAC control systems market is segmented on the basis of factors such as product type, application, and regional demographics. The report provides forecast values for the market for the period of 2019-2026. The factual figures have been obtained through trusted sources. Moreover, these predictions are made on the basis of extensive research analysis methods, coupled with the opinions of experienced market research professionals. The report highlights the latest product launches and labels major innovations in the market. In addition to this, it states the impact of these products on the growth of the market. The competitive landscape has been discussed in detail and predictions are made with respect to leading companies and products in the coming years.
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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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