HVAC Controls Market:
Global HVAC Controls Market is valued approximately USD 14.70 Billion in 2019 and is anticipated to grow with a healthy growth rate of more than 12.20% over the forecast period 2019-2026. Heating ventilation and air conditioning (HVAC), is a hard and fast of technology specifically used to modify room temperature, humidity, and air drift inside a special area. It is designed to provide thermal comfort and suited for indoor air first-rate. The HVAC device layout is the subject of mechanical engineering. The HVAC industry is expected to affect adversely by the COVID-19 outbreak due to the shutting down of several component manufacturing facilities across China, European countries, Japan, and the U.S. This has consequently led to a significant slowdown in the production of HVAC equipment. Lockdowns imposed by the governments in the wake of the Covid-19 outbreak has not only affected manufacturing but also pegged back the consumer demand for HVAC equipment. Such kind of technology are gaining significant growth in commercial and residential sectors to avoid humidity, fresh air circulating and modifying room temperature as per user’s need. Therefore, such technology is expected to grow over the forecast years due to the rapid growth in construction industries. For instance: According to International Construction Market Survey, the growth rate of construction industry globally in 2017 was estimated nearly 3.5% and it grew to 3.9% (approx.) in 2018. In addition, as per the annual report of European Construction Industry Federation (FIEC) in 2017, it is clearly stated that construction activity in entire Europe grew by 2.2% in 2016 (reaching approximately 1,278 billion Euro) compared to 2015. In addition, rising urbanization, and disposable income of people across the globe is also creating a lucrative thrust in the growth of market. However, higher cost of installation of such technology is expected to hinder the growth of market over the forecast years.
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The regional analysis of global HVAC Controls market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the rapid growth in commercialization and industrialization in the region. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2026. Factors such as growing construction sector, rapid urbanization and significant growth in disposable income of people is the factors that would create lucrative growth prospects for the HVAC Controls market across Asia-Pacific region.
Major market player included in this report are:
United Technologies Corporation
Lennox International Inc.
Mitsubishi Electric Corporation
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and Component offerings of key players. The detailed segments and sub-segment of the market are explained below:
Temperature & Humidity Control
Furthermore, years considered for the study are as follows:
Historical year – 2016, 2017, 2018
Base year – 2019
Forecast period – 2020 to 2026
Target Audience of the Global HVAC Controls Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
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NOTE : Our team is studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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