The SAM HVAC sensors market is expected to grow from US$ 172.06 million in 2019 to US$ 215.98 million by 2027; it is estimated to grow at a CAGR of 3.2% from 2020 to 2027.
Growing development of smart cities across SAM accelerates the market growth. As smart cities across SAM are still under developing stage, various governments are taking initiatives for the development of smart cities in their respective economies. The initiative of government toward green and smart cities is adding impetus to the HVAC industry in the region for the development of energy efficient and economical HVAC systems. This has resulted in shifting the focus of HVAC market players to SAM market, thereby making SAM hub for HVAC equipment manufacturing. Thus, the increasing focus of governments for the development of smart cities creates a demand for HVAC sensors. Moreover, advent of smart, connected, and energy efficient IOT-enabled HVAC systems is expected to drive the SAM HVAC sensors market in coming years.
Countries in SAM are adversely affected due to the COVID-19 outbreak. Brazil has recorded the highest number of COVID-19 confirmed cases across the region, followed by Peru, Chile, Colombia, and Ecuador. The emergence of the outbreak across SAM has created enormous disruption across industries including electronics and semiconductors. Every phase of the business model such as manufacturing, capital expenditures, R&D, demand, supply-chain, production decisions, and mergers and acquisitions (M&A) is witnessing drastic change. Before outbreak, SAM countries were witnessing growth in the number of industries over the past few years. Industries such as automotive, aerospace, and industrial equipment have been experiencing fair growth rate; however, the COVID-19 outbreak has created significant turmoil among the manufacturers across industries. The government of SAM has taken an array of actions to protect their citizens and contain spread of the virus. Brazil has the largest industrial sector and is also the worst-hit country. This has been highlighting limited resources and investments toward product developments, which has reduced the adoption of HVAC systems and HVAC sensors. This factor is restraining the SAM HVAC sensors market.
Based on end user, the SAM HVAC sensors market for the residential segment is expected to grow faster during the forecast period. The residential sector is among the prominent arenas to adopt the air conditioning (AC) systems. The demand for residential AC is consistently surging over the years, and the trend is anticipated to continue in the in the coming years, which would support the growth of HVAC sensors market. The modern ACs consist of several types of sensors ranging from temperature sensor, pressure sensors, and current monitoring sensors. The residential AC manufacturers are eyeing on developing new models with advanced HVAC sensors to benefit the customers in offering best-in-class products. Pertaining to this, the demand for advanced HVAC sensors is surging among the residential AC manufacturers. This factor is analyzed to project the market size of residential segment in the SAM HVAC sensors market. Moreover, the construction of residential (both single-family homes and apartment buildings) is showcasing an upward trend in the developed countries and the developing nations in SAM. The installation of individual ACs in residential sector is among the top priorities among residents, and owing to the rising construction activities, the demand for ACs would surge in coming years. This is anticipated to boost the SAM HVAC sensors market for the residential sector during the forecast period.
The overall SAM 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 SAM 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 SAM HVAC sensors market. BELIMO AIRCONTROLS (USA), INC.; Emerson Electric Co.; Honeywell International Inc.; Johnson Controls, Inc.; Schneider Electric; Sensata Technologies, Inc.; Sensirion AG; Siemens AG; and TE Connectivity Ltd. are among the players operating in the market.