ALBANY, New York --- According to a new market report published by Transparency Market Research "HVAC Sensors & Controllers Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024" the HVAC market was valued at US$5.18 bn in 2015 and is expected to reach US$9.34 bn by 2024, growing at a CAGR of 6.9% during forecast period.
The growing demand for sensors and controllers in the HVAC market is primarily supported by both the regulations and the need to achieve comfort, accuracy and safety in monitoring and controlling the indoor climate. Increasing application of HVAC sensors & controllers in the automotive industry coupled with the growth in the global non-residential construction business are primarily driving the growth of the global market. Further, stringent government legislation and policies for the use of energy efficient appliances is positively impacting the market growth. The healthy economic growth of emerging markets such as China, South Korea, India, Japan, Middle East and Latin America is also boosting the growth of newest technologies, which is in turn is increasingly fuelling the demand for HVAC sensors & controllers. These factors are in total set to bolster the growth of the global market during the forecast period from 2016 to 2024.
Based on sensors, the global market is segmented into temperature sensors, humidity sensors, pressure sensors, gas and volatile organic compounds sensors and occupancy sensors. Temperature sensors segment dominated the HVAC sensors & controllers market in 2015 and is expected to witness robust growth during the forecast period. The growth of temperature sensors segment during the forecast period is attributed to the requirement of shorter reaction time, higher measuring precision, and easy installation features among others.
By controllers, the HVAC sensors and controllers market has been divided into four segments, namely: temperature controllers, humidity controllers, universal controllers and enthalpy controllers. Universal controllers occupied the largest share of the market in 2015. Growth of universal controllers segment is attributed to the rising concern for maintaining the indoor air quality in commercial as well as residential buildings.
The global HVAC sensors & controllers market has been segmented by applications into commercial, residential, industrial and transportation & logistics. Commercial applications have been further classified into retail, hospitals and others. Transportation & logistics application segment dominated the global HVAC sensors & controllers market in 2015 and is expected to continue its dominance throughout the forecast period. HVAC sensors & controllers are aimed at providing comfortable cabin atmosphere and they play an important role in logistics vehicles for the transportation of temperature sensitive products.
By geography, the HVAC sensors & controllers market has been classified into North America, Europe, Asia Pacific and Rest of the World. The largest share of the global market was acquired by North America in 2015. Europe followed the North American market closely and these two regions conjointly held more than 60% of the global market in 2015. Asia Pacific is projected to be the fastest growing region in the HVAC sensors & controllers market during the forecast period. Rising population, increasing income level, a revival in the housing markets, growing industrial base and the development of reliable and renewable energy resources are some of the major drivers that are propelling the growth of the HVAC sensors & controllers market in this region.
Some of the major players in the HVAC sensors & controllers market are: Honeywell International Inc. (U.S.), Emerson Electric (U.S.), Siemens AG (Germany), Schneider Electric (U.S.), Johnson Controls (U.S.), United Technologies Corporation (U.S.), Sensata Technologies Inc. (U.S.), Greystone Energy Systems Inc. (U.S.), Sensirion AG (Switzerland), Infineon Technologies AG (Germany) among others.
This report offers a comprehensive analysis of the global market. It also provides the HVAC sensors & controllers market estimates, in terms of the revenue (USD billion) for the forecast period from 2016-2024. Additionally, the global market is segmented on the basis of sensors, controllers and applications. A cross sectional analysis of the global market broadly across four geographic regions has been covered under the scope of the study.
The global HVAC sensors & controllers market has been segmented into:
Global HVAC Sensors & Controllers Market, by Sensors
•Gas and Volatile Organic Compounds Sensors
Global HVAC Sensors & Controllers Market, by Controllers
Global HVAC Sensors & Controllers Market, by Application:
•Transportation & Logistics
Global HVAC Sensors & Controllers Market, by Geography: The market is broadly segmented on the basis of geography into:
•Rest of Europe
•Rest of APAC
•Rest of the World
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