The APAC HVAC sensors market is expected to grow from US$ 1,189.11 million in 2019 to US$ 2,185.00 million by 2027; it is estimated to grow at a CAGR of 8.3% from 2020 to 2027.
The rise of smart, connected, and energy efficient IOT-enabled HVAC systems bolsters the market growth. HVAC system is one of the major electricity consumers, particularly in a commercial or residential building. At present, air conditioners and electric fans contribute to ~20% of the total electricity consumption in a building. The growing energy demands from HVAC systems is resulting in rising costs of electricity; therefore, the HVAC manufacturers across APAC are seeking ways to enhance their products’ energy efficiency and offer customers tools that can help them monitor their devices/systems. Advanced IoT-enabled sensors facilitate users to gain information on outdoor radiant temperature, indoor air temperature, circulation patterns, air speed, and indoor and outdoor humidity, among others. The information collected by the smart sensors is transferred to central database that connects the HVAC system to the internet. Through this, the status is then exported to apps and dashboards. It further enables importing information such as weather forecasts as well as user preferences. Automatic HVAC systems can be adjusted as per the forecasts and user preferences without the user input. IoT is transforming standalone systems into connected devices with integrated sensors facilitating building owners in saving energy consumption significantly in HVAC systems. The demand for smart IoT-enabled HVAC systems is propelling with the decreasing price of IOT-enabled sensors, ultimately driving the APAC HVAC sensors market.
Countries in APAC, especially India and China, are adversely affected due to the COVID-19 outbreak. The governments in APAC countries have taken several crucial steps to contain the spread of virus by imposing lockdown and physical distancing norms, which is hindering the manufacturing sector. China comprises electronics and semiconductor manufacturing industry with the large number of manufacturers operating and supporting several industries across the world. The Chinese HVAC sensors market players observed adverse impact on the respective business during Q1 of 2020, which has declined revenue generation and resulted in loss in China as well as APAC HVAC sensors market. In addition, China accounts for the significantly higher number of HVAC system manufacturers. The lockdown measures and physical distancing norms imposed by the Chinese government restricted the supply of HVAC systems during Q1 of 2020, which ultimately resulted in decimation in revenue generation in the HVAC sensors market. Japan and India also have a large number of electronics and semiconductor manufacturers as well as end users. Though these countries have eased the lockdown norms and allowed the manufacturing plants to operate, the decrease in demand and supply has been severely hampering the HVAC sensors market player in both the countries. The recovery period is expected to be by late 2021 as the entire electronics and semiconductor manufacturing sector has been rigorously affected.
Based on type, the APAC HVAC sensors market for pressure & flow sensors segment is expected to grow faster during the forecast period. Pressure sensors play a significant role in making HVAC systems efficient by measuring airflow and pressure for effective distribution of air. By measuring the pressure of each room as well as monitoring airflow, the HVAC system can optimize the heating, cooling, and airflow of the building, thereby helping in reducing energy consumption. Pressure sensors carefully monitor changes in pressure and detect in case of any predicament. Also, pressure transducers used for monitoring differential pressure in HVAC systems are particularly vital for applications such as clogged filter detection, stairwell pressurization, or cleanrooms. In March 2020, Sensaphone launched two sensors namely Duct Mount Air Flow Transmitter and Differential Pressure Sensor in the remote monitoring equipment portfolio for HVAC applications. Advantages of pressure & flow sensor such as performance optimization, airflow monitoring, and reduction in energy consumption are expected to increase its demand in coming years, which would drive the APAC HVAC sensors market during the forecast period.
The overall APAC HVAC sensors market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the APAC HVAC sensors market with respects to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. Participants of this process include industry experts such as VPs, business development managers, intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the APAC HVAC sensors market. BELIMO AIRCONTROLS (USA), INC.; Emerson Electric Co.; Honeywell International Inc.; Johnson Controls, Inc.; Schneider Electric; Senmatic A/S; Sensata Technologies, Inc.; Sensirion AG; Siemens AG; and TE Connectivity Ltd. are among the players operating in the market.