Smart HVAC Controls Market Size, Share, Growth, And Industry Analysis By Type (Short-Range, Long-Distance, Smart HVAC Controls) By Application (Commercial, Residential, and Others), Regional Insights, and Forecast From 2024 To 2031

Smart HVAC Controls Market Report Overview

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The global smart HVAC controls market size was USD 9671.1 million in 2022 and is expected to reach USD 24334.9 million in 2031, exhibiting a CAGR of 10.8% during the forecast period.

Smart HVAC controls are tools or frameworks that govern a building's HVAC (heating, ventilation, and air conditioning). Commercial and residential buildings can both benefit from the usage of smart HVAC controls. A mobile app or web interface can be used to remotely control some smart HVAC controls. Others might have attributes like occupancy sensors, which can switch the system on or off automatically depending on whether someone is in the room. By minimizing the need for manual adjustments and only running the system when necessary, smart HVAC controls can save energy consumption. By maintaining constant temperatures, they can also enhance home comfort and air quality.

The rising use of cloud computing has benefited a number of business sectors by enabling cutting-edge AI capabilities for a range of applications, including HVAC. A digital twin, a real-time simulation of the system model, is an advanced application for cloud computing and the Internet of Things. It uses real-time operational data from HVAC systems to perform simulation to cut costs, provides details on the ideal maintenance schedule for the HVAC equipment, and conducts remote diagnostics.

COVID-19 Impact: Increased Need for Better IAQ Propelled Technology Adoption

The global COVID-19 pandemic has been unprecedented and staggering, with Smart HVAC Controls Market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

In 2020, the market experienced a slight decline, but future predictions indicate that it will recover and rise. The current pandemic has highlighted the significance of indoor air quality (IAQ) in reducing the risk of illnesses brought on by breathing. Due to the suspension of several HVAC-related activities in the first quarter of 2020, including the repair of existing energy recovery ventilators (ERVs), changing the way that such equipment operates, and others, the COVID-19 pandemic had a reasonable impact on the business. This had an impact on market share.

The COVID-19 pandemic is expected to provide potential to automate these systems, which is expected to improve the market growth throughout the forecast period. Nevertheless, the future growth trajectory is estimated to be high.

Latest Trends

"Market Is Anticipated To Grow As Green Technology Advances Continue"

The popularity of HVAC systems that use alternative heating fuels like electricity and hydrogen is projected to rise in response to the boom in consumer demand for green-labeled items as a result of rising environmental awareness among consumers. Manufacturers like Daikin and Carrier are constantly working to offer cleaner solutions to satisfy the demands of consumers who care about the environment. The market for HVAC control systems is therefore anticipated to be driven in the near future by the rising usage of eco-friendly products.

Smart HVAC Controls Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Short-Range, Long-Distance, Smart HVAC Controls. Short-Range is anticipated to have the dominant market share.

• By Application Analysis

Based on application, the market can be divided into Commercial, Residential, Others. Commercial segment is predicted to the leading segment during the forecast period.

Driving Factors

"Increase In The Demand For Automated HVAC Systems In Residences And Workplaces"

One of the smart building technologies that is increasingly being used is building automation, which automates processes, reduces human interaction, improves HVAC system efficiency, stops energy waste, and decreases expenses. Following COVID-19, organizations have begun reopening their doors. Ordinarily, offices have adequate room to accommodate a considerable crew. There are significant operational costs as a result of the traditional HVAC systems and office lighting's high energy consumption and continuous operation.

"Government Approval For The Use Of HVAC Systems In Green Building Initiatives Is Increasing"

A number of enterprises and sectors are being inspired to install HVAC controls in their working spaces in order to reduce utility costs as a result of the introduction of rigorous government regulations to combat growing pollution levels, which is driving the industry's growth. The implementation of several government measures aimed at establishing a clean, green, and sustainable environment is predicted to result in enormous development for the HVAC controls industry.

Restraining Factors

"Problems with HVAC System Deployment and the High Cost Involved"

A new HVAC system is a big financial investment for house buyers because the system's price rises with time. Significant investments are needed to create cutting-edge HVAC control systems and modernize control systems. As a result, it can be difficult for small and medium-sized firms (SMEs) to break into the HVAC controls market. HVAC systems need to be fine-tuned during installation and have parts produced to order for optimum performance and to avoid failure.

Smart HVAC Controls Market Regional Insights

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"HVAC Controls Sensor Market Will Grow At The Highest Rate During The Anticipated Period"

During the anticipated period, the HVAC controls market in APAC is anticipated to command the largest market share. The HVAC controls market in APAC was largest in China in 2021. In order to offer XCT7 variable refrigerant flow (VRF) systems for commercial buildings and residential projects across China, Carrier China and China Eastern Airlines Investment Co., Ltd. (CES Investment) signed a contract in February 2021 valued USD 17 million (RMB 100 million). The agreement, which represents a major turning point for Carrier China's Light Commercial business, is one of the largest single VRF contracts that Carrier has ever signed.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

LIST OF TOP SMART HVAC CONTROLS COMPANIES

• Nest
• Schneider
• Honeywell
• Johnson Controls
• Trane
• Siemens
• Salus
• Emerson
• Ecobee
• Ojelectronics
• Regin
• Lennox
• KMC Controls
• Sauter
• Delta Controls
• Distech Controls

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.