The Europe HVAC sensors market is expected to grow from US$ 918.96 million in 2019 to US$ 1,527.50 million by 2027; it is estimated to grow at a CAGR of 6.9 % from 2020 to 2027.
Increasing construction sector across Europe accelerates the Europe HVAC sensors market. The construction sector is experiencing a tremendous growth in developing economies across Europe with heavy investments in commercial construction as well as infrastructural and institutional developments such as railway stations, bus stations, airports, and educational institutions. This rapid growth of the construction sector is attributed to the rising urban population demanding better standard of living. Further, the rise in commercial construction such as shopping malls, recreational centers, cinema halls, and office building is boosting the installation of HVAC systems. Moreover, some of Europe economies are also planning to boost their industrial sector by offering favorable business environment to foreign investors and support to local industries. Moreover, several foreign players are relocating their manufacturing facilities to low-cost economies in Europe, which is anticipated to propel the industrial construction in coming years. HVAC system is one of the integral systems in construction process; therefore, the deployment of HVAC systems is likely to increase with the rising construction activities across Europe, which would drive the Europe HVAC sensors market during the forecast period.
Countries in Europe, especially the UK, are adversely affected due to the COVID-19 outbreak. The HVAC sensors manufacturers in Europe experienced a lower demand from the European as well as international HVAC system manufacturers. The European semiconductor manufacturers are also experiencing tough times to supply their products in adequate quantities to respective customers owing to the significant disruption in supply chain of raw material. The semiconductor components or sensor manufacturers are witnessing two or more weeks of delay in receiving raw materials. This delay is pressurizing the manufacturers to slow down the production pace, which is showcasing the declination trend in revenue generation. The UK and France have numerous HVAC systems and HVAC sensors manufacturers, while the Russia has significantly large number of HVAC equipment manufacturers. The emergence of COVID-19 is hindering the businesses of European HVAC systems manufacturers as well as HVAC sensors market players. Additionally, the UK, France, Germany, and Italy are experiencing the second wave of the COVID-19 outbreak over the past couple of weeks, which has again compelled the manufacturers to restrict their production unit workforce, resulting in deceleration in HVAC sensors demand.
Based on end user, the commercial segment led the Europe HVAC sensors market in 2019. The governments of the developed as well as developing countries across Europe are emphasizing heavily on respective commercial sector, which helps in increasing GDP. The commercial segment represents hospitality industry, healthcare industry, commercial office spaces, shopping malls, airports, and railway stations. The countries across the Europe are strongly experiencing growth in sectors mentioned above. The demand for HVAC systems is tremendous in these sectors as the infrastructures across the sectors observe significantly higher footfall on a regular basis. To maintain proper ventilation, air condition, and air quality, the adoption of HVAC systems is considerably high. The increase in adoption of commercial HVAC system is directly proportional to the growth of HVAC sensors. Hence, the demand of HVAC sensor is high in commercial sector, which drives the Europe HVAC sensors market.
The overall Europe 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 Europe HVAC sensors market with respect 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 Europe 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.