Advanced HVAC Controls Market to Grow at 8.67% CAGR to 2020
Enhancing energy efficiency has become an important issue
PUNE, India — The global advanced HVAC controls market is forecast to grow at a compound annual growth rate (CAGR) of 8.67 percent from 2016 to 2020, according to a report from Sandler Research.
In developing countries such as China, a growing need for air quality monitoring is expected to boost HVAC controls market growth with an objective of preventing an increase in incidences of respiratory illness. In the U.S., demand for advanced thermostats is expected to help drive the HVAC controls market.
Improving the efficiency of HVAC and lighting, as well as integrating controls, reduces energy consumption and costs, improves environmental conditions, and creates a better indoor environment for building occupants.
Rising energy demand and its growing consumption are leading to monetary, political, and environmental concerns. Enhancing energy efficiency has, therefore, become an important issue. Building owners, operators, governments, and regulatory agencies are progressively focusing on optimizing building energy use through improved HVAC controls.
Increasing demand for HVAC equipment will play a significant role in boosting the global advanced HVAC controls market during the forecast period. The rise in the deployment of HVAC equipment in commercial, domestic, and industrial buildings will create demand for efficient and effective control systems. Since HVAC consumes almost 40 percent of the electricity used in commercial buildings, improved control systems can significantly reduce energy consumption and costs.
The sensors segment contributed the majority of the revenue to the market during 2015 and sensors are increasingly being used in advanced HVAC controls systems.
The global advanced HVAC controls market for nonresidential users is expected to register the fastest growth during the forecast period. Nonresidential users of advanced HVAC controls include health care and educational institutions, manufacturing and industrial buildings, as well as offices and retail stores.
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Publication date: 3/7/2016