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.