HVAC Sensors and Controllers Market to Reach $9.34 Billion by 2024
Growth in global nonresidential construction is helping drive the market
ALBANY, N.Y. — The global HVAC sensors and controllers market was valued at $5.18 billion in 2015 and is forecast to reach $9.34 billion by 2024, growing at a compound annual growth rate (CAGR) of 6.9 percent during forecast period, according to a new report published by Transparency Market Research.
The growing demand for sensors and controllers in the HVAC market is primarily supported by both regulations and the need to achieve comfort, accuracy, and safety in monitoring and controlling indoor climates. Growth in global nonresidential construction is helping drive the market. Additionally, government legislation and policies for the use of energy efficient appliances is positively impacting market growth. The healthy economic growth of emerging markets such as China, South Korea, India, Japan, Middle East, and Latin America is also fueling the demand for HVAC sensors and controllers.
By sensor type, the global market is segmented into temperature sensors, humidity sensors, pressure sensors, gas and volatile organic compound sensors, and occupancy sensors. The temperature sensors segment dominated the HVAC sensors and controllers market in 2015 and is expected to witness robust growth during the forecast period. The growth of the temperature sensors segment during the forecast period is attributed to the requirement for shorter reaction time, higher measuring precision, and ease of installation, among other features.
By controller type, the market has been divided into four segments: temperature controllers, humidity controllers, universal controllers, and enthalpy controllers. Universal controllers held the largest share of the market in 2015. The growth of the universal controllers segment is attributed to the rising concern for maintaining IAQ in commercial as well as residential buildings.
The market has been segmented by application into commercial, residential, industrial, and transportation and logistics. Commercial applications have been further classified into retail, hospitals, and others. The transportation and logistics application segment held the largest market share in 2015.
By region, the HVAC sensors and controllers market has been classified into North America, Europe, Asia Pacific, and Rest of the World. The largest share of the global market was held by North America in 2015. Europe followed the North American market closely and these two regions jointly held more than 60 percent of the global market in 2015. Asia Pacific is projected to be the fastest growing region in the market during the forecast period. Rising population, increasing income level, revival in the housing markets, growing industrial base, and the development of reliable and renewable energy sources are some of the major drivers that are propelling the growth of the HVAC sensors and controllers market in this region.
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Publication date: 6/21/2016
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