Smart HVAC Controls Market Size
Smart HVAC Controls Market size was over USD 7 billion in 2017, growing at a CAGR of 19% from 2018 - 2024. The global shipments are expected to surpass 250 million units by 2024.
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Get ready for smarter heating and cooling in the coming years! The market for smart HVAC (heating, ventilation, and air conditioning) controls is predicted to skyrocket over the next six years. The reason? The Internet of Things (IoT), where devices chat with each other, is rapidly taking over. Manufacturers are jumping on the smart bandwagon, hooking up HVAC systems to IoT tech. They're programming these systems to talk in real-time with other connected gadgets like smart curtains and door locks. And with more and more devices talking to each other, we're seeing a surge in the popularity of intelligent HVAC systems. But there's more to this smart story. These systems are using sensors to gather real-time data on the indoor environment, making sure you're breathing easy. And they're not just limited to smart homes; they're also tapping into the data collected by other smart home devices. All this smart sensor technology is driving up the demand for HVAC controls, and it's expected to continue growing as we move into the future. So, if you're looking for a smarter way to keep your home comfortable, it's time to embrace the power of smart HVAC controls!
Governments are cracking down on energy waste and pollution, and that's great news for smart HVAC controls. Countries around the world are passing laws to make sure buildings are energy efficient. For example, the European Union wants all new buildings to use barely any energy by the end of the decade. This isn't just about saving moneyold-fashioned buildings create a ton of carbon dioxide, which is a major cause of climate change. Smart HVAC systems can save big bucks—up to 15%! The American Council for an Energy Efficient Economy says they're a great investment for cutting down on energy costs and fighting climate change.
Smart HVAC Controls Market Report Attributes
| Report Attribute |
Details |
| Base Year |
2017 |
| Smart HVAC Controls Market Size in 2017 |
7 Billion (USD) |
| Forecast Period |
2018 to 2024 |
| Forecast Period 2018 to 2024 CAGR |
19% |
| 2024 Value Projection |
25 Billion (USD) |
| Historical Data for |
2013 to 2017 |
| No. of Pages |
300 |
| Tables, Charts & Figures |
317 |
| Segments covered |
Products, Application and Region |
| Growth Drivers |
- Increasing product development and innovation initiatives by the manufacturers
- Growing demand for cloud computing in HVAC
- Growing need of energy efficiency in North America
- Growing adoption of building automation in the U.S.
- Stringent regulations pertaining to energy efficiency in Europe
- Wide adoption of IoT technology and smart homes in Germany
- Growing need to reduce operational costs and improve employee comfort in industrial sector in Asia Pacific
- Growing construction market to boom the adoption of HVAC controls in Asia Pacific and Latin America
|
| Pitfalls & Challenges |
- High initial costs of products
- High risk pertaining to security flaws
- Growing complexity regarding upgrading the existing HVAC systems with smart controls
- Lack of awareness regarding energy efficiency
|
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Lack of awareness regarding the benefits, low energy costs, and substitutions from wired to wireless sensor network may hamper the smart HVAC controls market growth. The initial installation costs of these systems are high and discourage small users from installing these systems. Furthermore, the complexity involved in retrofits of existing buildings and the lack of product differentiations due to heavy investments are among the challenges faced by industry participants.
Smart HVAC Controls Market Analysis
Smart thermostats are becoming increasingly popular, especially in cold countries like Germany, the UK, and Russia. These devices are relatively inexpensive and easy to install, making them accessible to a wider range of people. Another reason for their growing popularity is that they can easily connect to other smart home appliances. This allows users to control their home's temperature remotely and even create schedules that adjust the temperature throughout the day. Despite their growing popularity, smart thermostats still only account for a small portion of the HVAC controls market. This is because most homes only have one Thermostat, and many people in countries like China, Japan, and India don't use them at all. However, the market for smart thermostats is expected to continue to grow rapidly in the coming years. This is because they offer a number of advantages over traditional thermostats, including energy savings, convenience, and remote control.
Smart air vents shipments in the market are expected to grow during the forecast timespan owing to an increasing user demand to control air flow in the rooms. These devices regulate heating & cooling air flow on a room-to-room basis, t increasing efficiency and comfort. These devices are being widely adopted as they are cheaper and aesthetically pleasing as compared to the zoning systems and give users a complete control of the airflow in their homes.
Residential HVAC controls market is expected to gain momentum due to the growing use of these systems integrated with smart homes. Residential users are installing these systems due to ease-of-use and accessibility. Increased energy efficiency of these devices has encouraged users to implement such systems in households due to a reduction in energy expenses. The adoption of smartphones to control these devices through apps is further aiding the popularity growth of these devices in residential applications.
Increasing regulations pertaining to the development of energy-efficient buildings are accelerating the market growth in commercial applications. Commercial applications are expected to constitute about 40% of the total smart HVAC controls market in 2017. Commercial buildings require centralized HVAC controls due to regular in & out-flow of people in the buildings. Furthermore, the growing trend of smart building technology and building automation in commercial spaces will propel the industry growth.
The German market for smart home systems is booming! In 2017, it was worth a whopping $590 million, and it's only expected to grow from there. Why? Well, Germans are all about energy efficiency, and smart home systems can help them save a lot of money on their utility bills. People in Germany are also increasingly interested in making their homes more comfortable. With smart home systems, they can control the lighting, temperature, and even the humidity in their homes. This makes for a much more enjoyable living experience. As buildings in Germany become more advanced and technology becomes more widespread, the demand for smart home systems is only going to increase. And it's not just in Germany—the whole of Europe is starting to see the benefits of these systems. Governments are even offering tax breaks to people who install them!
The Asia Pacific smart HVAC controls market is expected to grow significantly over the forecast timespan, particularly in the air conditioning segment due to the adoption of the latest technologies including the Variable Refrigerant Flow (VRF) technology. Governing bodies are implementing several measures such as using smart HVAC to address concerns such as global warming. These bodies are encouraging manufacturers to make the systems more energy efficient, propelling the industry growth.
Smart HVAC Controls Market Share
Key players in the smart HVAC controls market include
- Nest Labs
- United Technologies
- Lennox Intl
- Haier Group
- Ingersoll-Rand PLC
- LG electronics
- Daikin Industries Ltd
- Honeywell International
- Delta
- Lenox International
- Siemens
- Distech
- Hitachi Ltd.
- KMC Keen Home
- Schneider Electric
- Johnson Controls.
These players are continuously investing in the development of innovative products that are technologically advanced and can be integrated with other products such as smart lighting. For instance, Nest Labs developed Learning Thermostat, a sensor-driven, programmable, and Wi-Fi-enabled thermostat that can be adjusted according to heating & cooling requirements. Growing consumer inclination toward smart devices may force players to innovate new devices in order to gain a competitive advantage in the market.
Smart HVAC Controls Industry Background
The development of smart HVAC controls market started with the development of building automation systems consisting of automated & centralized HVAC control. With the growing adoption of these solutions in industrial and commercial applications, manufacturers started developing products that could be used for residential applications. The implementation of these products in several applications is one of the necessary measures to enhance the energy efficiency of buildings. The growing trend of integration of these systems with intelligent home products and the unified control of these systems using smartphone apps will result in a widespread adoption of the market.
