HVAC Sensors and Controllers Market – Transport and Logistics Will Retain HVAC Sensors and Controllers Dominance

Most of the top companies involved in the global HVAC sensors and controllers market are playing an active role in the formation of collaborations and even strategic mergers and acquisitions to expand their consumer base and add to their product portfolio. According to the analytics of Transparency Market Research, companies such as Siemens AG, Emerson Electric, and Schneider Electric have already been working towards achieving a global presence with manufacturing and distribution centers across the world. For instance, Honeywell International, Inc., a popular player in this market, had created a landmark partnership with Earth Networks in 2015. 

Global HVAC Sensors and Controllers Market Outlook

The demand for HVAC sensors and controllers is set to increase sharply between 2016 and 2024 in the non-residential businesses and automotive industry segments. The global market is expected to be boosted further by increasing government assistance in the form of incentives and increasing consumer awareness regarding energy saving measures. The incorporation of HVAC sensors and controllers to form a smart electronic system that can help reduce energy consumption and improve building processes is creating a strong demand for them across industries.

The combination of these factors can be expressed in the 6.9% CAGR shown by the global HVAC sensors and controllers market from 2015 to 2024. This market is expected to cross US$9 bn by the end of 2024, and was valued at US$5.18 bn in 2015.

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North America Maintains Global HVAC Sensors and Controllers Market Dominance, Players Also Look to Asia Pacific

Over 33% of the global HVAC sensors and controllers market’s regional revenue share was held by North America in 2015. Europe and Asia Pacific rank second and third respectively, while the rest of the world held the lowest share for that year. Furthermore, North America will be growing at the fastest rate, retaining its leading position till 2024. This region is heavily driven by the need to lower power consumption, and the need to replace older HVAC systems with modern ones that hold better connectivity. Industrial sectors in North America are also making heavy HVAC equipment implementations to get the best of their systems in terms of efficiency.

From a development perspective, the North America HVAC sensors and controllers market is already a matured one. As a result, global players are now seeking growth opportunities in other regions, namely, Latin America and Asia Pacific. Both regions have been experiencing a rapid growth of both industrial and residential sectors, creating a plethora of chances for global players as well as regional new entrants to enter these regions. Therefore, while North America will still be dominating the market in 2024, Asia Pacific and Latin America will be showing the faster growth rates till then.

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Transport and Logistics Will Retain HVAC Sensors and Controllers Dominance

In 2015, over 38% of the global HVAC sensors and controllers market was held by the applications segment of transportation and logistics. Its market dominance was followed by commercial applications in second and residential applications in the second and third place respectively. The industrial applications segment held the lowest share of a little over 25% in 2015. All four segments are expected to maintain these positions till the end of 2024, due to equally paced market drivers affecting them.

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