HVAC Controls Market worth $24.4 billion by 2025

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MarketsandMarkets Presents

HVAC Controls Market worth 24.4 billion by
2025 HVAC Controls Market with COVID-19 Impact
by System (Temperature, Integrated Controls),
Component (Sensors, and Controllers Controlled
Devices), Implementation Type (New Construction,
Retrofit), Application, and Geography - Global
Forecast to 2025 https//www.marketsandmarkets.co
m/Market-Reports/smart-hvac-controls-market-130456
761.html
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According to the new market research
report "HVAC Controls Market with COVID-19 Impact
by System (Temperature, Integrated Controls),
Component (Sensors, and Controllers Controlled
Devices), Implementation Type (New Construction,
Retrofit), Application, and Geography - Global
Forecast to 2025", published by
MarketsandMarkets, the market is projected to
grow from USD 14.8 billion in 2020 to USD 24.4
billion by 2025 it is expected to grow at a CAGR
of 10.5 from 2020 to 2025. HVAC controls are
used to automate and control heating,
ventilation, and air conditioning of various
buildings. Controlled equipment, sensors, and
controlling devices, such as thermostats, control
valves, and controllers, are generally used for
this purpose. The growth of this market is
expected to be driven by the consolidating trend
of smart homes, accelerated further by COVID-19
situation to boost HVAC controls market growth,
boom in the construction sector, the emergence of
IoT-enabled HVAC systems, and the need to achieve
energy efficiency in buildings. These factors
have helped the HVAC controls market to gain
traction in applications, such as industrial,
residential, and commercial. Browse 151 market
data Tables and 65 Figures spread through 225
Pages and in-depth TOC on "HVAC Controls Market
with COVID-19 Impact - Global Forecast to 2025"
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New construction segment held the largest share
of HVAC controls market in 2019 The HVAC controls
industry, based on implementation type, is led by
the new construction segment (in terms of size).
Rapid infrastructural developments, improved
standard of living, and increased focus on
developing energy-efficient HVAC systems are
fueling the growth of the HVAC controls market
for new construction. Various government
regulations to implement energy-efficient HVAC
systems and controls have resulted in the wide
adoption of HVAC controls in new buildings. Ask
PDF Brochure https//www.marketsandmarkets.com/pd
fdownloadNew.asp?id130456761 The market for
integrated control system is expected to register
with highest growth rate during the forecast
period An integrated control system is a
combination of temperature, ventilation, light,
and other control systems. This combination
provides users with the benefit of different
features of different controls. Integrated
control systems are also expected to integrate
communication modes, such as Wi-Fi, cloud
computing, and the Internet of Things (IoT),
which would help in controlling, monitoring, and
maintaining HVAC systems from virtually anywhere.
The surge in the use of IoT in building
infrastructures and the demand for smart homes
are driving the growth of this market. Increasing
demand for energy efficiency in buildings is also
a major factor contributing to the growth of the
market for integrated control systems.
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APAC accounts for the largest market size during
the forecast period APAC held the largest HVAC
controls market share in 2019, followed by North
America and Europe. China is among the
fastest-growing economies in APAC, owing to its
huge population, followed by India. Japan is a
smaller country with respect to land size but is
a developed country and technologically advanced
compared with most countries in APAC.
Technological advancements and inclination toward
the use of energy-efficient products fuel the
growth of the HVAC controls market in Japan.
These factors are driving the growth of the HVAC
controls market in APAC. Request Free Sample
Pages https//www.marketsandmarkets.com/requestsa
mpleNew.asp?id130456761 Some of the major HVAC
controls manufacturers based in Asia Pacific are
Daikin Industries (Japan), LG Electronics (South
Korea), Azbil (Japan), and Cubic Sensor and
Instrument Co., Ltd. (China).
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COVID-19 impact on the HVAC controls market The
HVAC industry has witnessed unprecedented growth
during the past decade on account of rising
investments by corporate sector, increased
construction activities, rapid industrialization,
and the growth of the service sector. The
pressing need for energy-efficient HVAC systems,
growing replacement demand for HVAC systems, and
surging infrastructure-based developments are
expected to drive the industry growth in future.
However, COVID-19 has dealt a severe blow to the
industry, leading to the simultaneous collapse of
both supply and demand. The HVAC controls market,
over the past few years, was being driven by
significant rise in demand for these systems in
the commercial sector. However, the recent
COVID-19 pandemic has resulted in a decline in
the growth of the market. The market is expected
to regain its growth momentum once end-user
industries start recovering from the effects of
this pandemic. The COVID-19 pandemic is
restricting the supply of HVAC equipment and
other control components due to severe
disruptions in the global supply chain. Thus, the
anticipated growth of the HVAC controls market
across several application segments is expected
to decline. Social distancing being the foremost
way of curbing the spread of the disease, many
HVAC businesses are being forced to either
temporarily shut down, lay off employees, or
pivot to operating remotely.
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