Smart HVAC Controls Market size was valued at around USD 8.5 billion in 2015 and may exceed USD 17 billion by 2024, growing at 10.7% CAGR from 2016 to 2024. Government initiatives and tax credit schemes will fuel growth.
These devices are considered to be decision makers, they monitor temperature & flow of air and set temperature according to the weather conditions. As a result, they provide considerable convenience and energy saving over pneumatic regulators. Improved energy efficiency, cost effectiveness and environment sustainability is expected to drive smart HAVC controls market size. Increased use pf internet protocol technology and construction activities will boost advanced technology implementation.
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High quality contributions and increase comfort will contribute to smart HVAC controls market growth. Remote access regulator demand for room thermostats and adoptions of green building concepts will propel demand. Energy management initiatives through wireless network by using controllers and sensors and improved usage of Wi-Fi will improve the adoption rate in the coming years. Development of innovative vents, increased consumer inclination and innovation in sensors & controls may catalyze industry growth.
Pervasiveness of the internet-of-things (IoT) may boost industry growth. In addition, these devices eliminate interior airborne contaminants such as odors, volatile organic compounds produced from interior furnishing and chemicals, and provide fresh outdoor air, which will augment smart HVAC controls market growth. Increased consumer spending power and growing industrialization are forecast to positively impact global revenue. The advent of smart buildings that focus on energy minimization and improved efficiency will drive adoption.
Lack of awareness about benefits, low cost of energy, and substitutions from wired to wireless sensor network may hamper growth. Security concerns with wireless connectivity and cost of switching to digital controls may limit smart HVAC controls market size. Slowdown in the construction industry may be area of concern for growth. Complexity in retrofits of existing buildings and lack of product differentiations due to heavy investments are challenges faced by industry participants.
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U.S. smart HVAC controls market share occupied majority of the revenue share due to improved building structure and advancement in technology. Europe may also witness significant growth as they aim to mandate energy efficient system by promoting policies such as tax credits combined with increased penetrations of techno based buildings.
Asia Pacific smart HVAC controls market share is expected to witness considerable growth over forecast period due to increased demand of high quality energy efficient devices and constructions activities in countries like India, China, Korea and Japan
This latest Smart HVAC Controls Market research report offers in-depth analysis, key industry insights, market sizing & forecast on a granular level for key products, applications across number of regional markets. The report also analyzes the Smart HVAC Controls industry from business strategy perspective, describing in detail growth drivers, pitfalls &challenges for participants, accompanied by a detailed competitive benchmarking including company market share analysis and detailed business profiles.
Browse key industry insights spread across market data tables, figures & charts from the report, “Smart HVAC Controls Market Size, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024.” in detail along with the table of contents:
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Key Insights in this Report
- Global Smart HVAC Controls Market size & forecast by product & application
- Growth drivers, pitfalls & industry challenges
- Key Smart HVAC Controls Market growth opportunities & emerging business models
- Competitive benchmarking with market share analysis and company profiles
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