Smart HVAC systems enable demand control, through enhancing the response of systems to the heating, cooling and ventilation requirements. Smart systems can also embed, in addition to learning algorithms, sensors in order to better fit with user's behavior or building's usage. Another strength of smart systems is their capability to communicate information about their energy consumption, operation, and energy efficiency. This information can be utilized by consumers, building managers, owners, maintenance staff and energy grid managers.
MARKET SCOPE
The "Global Smart HVAC Controls Market Analysis to 2028" is a specialized and in-depth study with a special focus on the global market trend analysis. The report aims to provide an overview of the smart HVAC controls market with detailed market segmentation by product type, implementation type, application, and geography. The report provides key statistics on the market status of the leading smart HVAC controls market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
- Based on product type, the global smart HVAC controls market is segmented into smart thermostat and smart air vent.
- On the basis of implementation type, the market is segmented into new construction and retrofit.
- Based on application, the market is segmented into residential, commercial, and industrial.
MARKET DYNAMICS
Drivers:
- The major drivers boosting the growth of smart HVAC controls market are the requirement for efficient usage of energy in buildings, growing construction market to boom the acceptance of HVAC controls, and rising adoption of IoT in the HVAC industry.
Restraints:
- Lack of awareness about the benefits of smart HVAC controls is expected to hinder the growth of the smart HVAC controls market.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The smart HVAC controls market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the smart HVAC controls market in these regions.
IMPACT OF COVID-19 ON SMART HVAC CONTROLS MARKET
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.
MARKET PLAYERS
The report covers key developments in the smart HVAC controls market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players from smart HVAC controls market are anticipated to lucrative growth opportunities in the future with the rising demand in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the smart HVAC controls market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- Carrier
- DAIKIN INDUSTRIES, Ltd
- Haier Group
- Hitachi Ltd.
- Honeywell International Inc.
- Johnson Controls
- Lennox International Inc.
- LG Electronics
- Siemens AG
- Trane Technologies plc