HVAC Sensors and Controllers Market to Gain 6.9% CAGR by 2024
Transparency Market Research published a new report which shows that the HVAC sensors and controllers market worldwide is expected to have $9.34 billion revenue by 2024, with a compound annual growth rate (CAGR) of 6.9 percent. This particular market is previously valued at $5.18 billion last year.
Implementing the regulations effectively and the demand to attain comfort, accuracy, and safety in keeping track and managing indoor climates are two of the biggest factors in relation to the increasing demand for controllers and sensors in the global HVAC market. Also, the increase in global non-residential construction and government policies and legislations aid in further boosting the said market. The stable and continuous economic growth of such market in Japan, China, India, Latin America, Middle East, and South Korea also fuel the need for HVAC controllers and sensors.
By sensor type, the market is divided into humidity sensors, occupancy sensors, pressure sensors, temperature sensors, and a gas and volatile organic compound sensors. The temperature sensors category dominated the HVAC sensors and controllers market the previous year and is anticipated to have a rapid growth within the forecast period. The improvement in the temperature sensors segment during the forecast period is due to the need for shorter reaction time, ease of installation, and higher measuring precision, among other features.
By controller type, the market is segmented into four categories namely universal controllers, temperature controllers, enthalpy controllers, and humidity controllers. Universal controllers had the largest share of the market last year, while the growth of the universal controllers segment is due to the emerging concern for maintaining indoor air quality (IAQ) in residential and commercial establishments.
The HVAC sensors and controllers market is also segmented by application into commercial, industrial, transportation and logistics, and residential categories. Commercial applications have been also divided into hospitals, retails, and others. The transportation and logistics application category had the largest market share last year.
By region, the HVAC controllers and sensors market is classified into Europe, Asia Pacific, North America, and the Rest of the World. The largest share of the global market was held by North America last year. The next largest market is Europe and both regions, North America and Europe, jointly held over 60 percent of the global market in 2015. The Asia-Pacific region is expected to be the fastest growing in the market within the forecast period due to some driving factors such as rising population, growing industrial base, revival in the housing markets, and increasing income level.
Transparency Market Research (TMR) is a provider of syndicated research, customized research, and consulting services. According to its website, the company’s regional and global market intelligence coverage includes industries such as chemical and materials, pharmaceutical, food and beverages, consumer goods, and technology and media.