A detailed overview of Smart HVAC Controls market with respect to the pivotal drivers influencing the revenue graph of this business sphere. The current trends of Smart HVAC Controls market in conjunction with the geographical landscape, demand spectrum, remuneration scale, and growth graph of this vertical have also been included in this report.
The growing adoption of IoT technology and building automation solutions is driving the smart HVAC controls market growth. The integration of the technology with the HVAC systems allows the real-time monitoring of environmental changes. Growing adoption of smart homes is encouraging users to adopt these systems owing to the ease-of-use and a high degree of flexibility offered by these systems. Furthermore, the implementation of these systems with IoT allows these systems to react fast and offer more comfort to users.
High initial costs of these systems are expected to hinder the smart HVAC controls market growth over the next six years. Despite considerable energy & cost savings of these systems, high costs discourage small users in implementing these systems. Also, high maintenance requirements and complexity of these systems restrict the industry growth. The manufacturers are developing innovative products to increase the awareness of these systems by developing smartphone-based apps.
Smart HVAC Controls Market is projected to surpass USD 25 billion by 2024. Continuously changing climatic conditions are encouraging the users to implement these systems in both old & new constructions. The growing need for energy efficiency in light of the growing awareness about reducing carbon footprints is driving industry growth. The governments of several countries have mandated the use of these systems to increase energy efficiency and reduce costs.
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The Asia Pacific smart HVAC controls market is expected to grow significantly over the forecast timespan due to the growth in construction activities in the region. Rapid urbanization and continuously growing population are increasing the construction of residential & commercial buildings, particularly in countries including India, China, and Japan. The governments in these countries are investing heavily in the infrastructure development projects, thus positively impacting the demand for these products. The growth in demand for properties in developing areas is propelling the real estate sector, aiding industry growth.
Some of the key players in the smart HVAC controls market include United Technologies, Lennox International, Ingersoll-Rand, Plc., Hitachi Ltd., Schneider Electric, Haier Group, and KMC Keen Home. The industry is highly diversified due to the presence of several regional and global players. New players are finding it increasingly difficult to enter the market and compete with the existing players in terms of quality, features, and price. Also, constant technological advancements and high R&D capabilities allow the global players to retain a dominant position in the industry.
Smart thermostats are expected to gain a considerable share in the smart HVAC controls market as consumers are increasingly looking for ways to integrate intelligent heating and cooling with smart devices. In 2016, the Environmental Protection Agency (EPA) finalized the Energy Star specification for smart thermostats to improve energy savings. The manufacturers are developing systems that can be integrated with several consumer electronics such as Google Home and Amazon Echo. This will encourage consumers to adopt these systems, propelling the smart HVAC controls market growth.
Major Highlights from Table of contents are listed below for quick lookup into Smart HVAC Controls Market report
Chapter 1. Methodology and Scope
- Definitions & forecast parameters
- Methodology and forecast parameters
- Data Sources
Chapter 2. Executive Summary
- Business trends of Smart HVAC Controls Market
- Product trends
- Application trends
Chapter 3. Smart HVAC Controls Industry Insights
- Smart HVAC Controls Market Industry segmentation
- Industry landscape
- Analysis of Manufacturers in the Smart HVAC Controls industry
- Distribution channel analysis
- End-use landscape
- Vendor matrix
- Smart HVAC Controls Market Technology & innovation landscape
- Industry impact forces
- Smart HVAC Controls Market Growth drivers
- Industry pitfalls & challenges
- Key trends by Segments
Chapter 4. Company Profiles
- Business Overview of Smart HVAC Controls Market Companies
- Financial Data
- Product Landscape
- Strategic Outlook and Decisive Analysis of companies in Smart HVAC Controls Market
- SWOT Analysis
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