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HVAC Sensors Market Forecast 2024-2031

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    Report

  • 140 Pages
  • December 2023
  • Region: Global
  • IndustryARC
  • ID: 4425382
The report “HVAC Sensor Market - Forecast (2023-2028)”, covers an in-depth analysis of the following segments of the HVAC Sensor market.

By Type: Temperature Sensor, Humidity Sensor, CO & CO2 Sensor, Pressure Sensor, Occupancy Sensor, Flow Sensor, Combo Sensor and Others

By Application: Room Air Temperature, Solar Refrigerators, Solar Water Heaters, Boiler Controls, Duct Air Temperature, Duct Air Pressure, Commercial Chillers, Commercial Cooking Equipment, Compressors and Motors, Container Storage, Electronic Expansion Valves, Forced Air Furnaces, Heat Pumps, Ice Machine, Air Conditioner, Pool Heater Equipment, Refrigerator, Beverage Dispensing, Underfloor Heating and Ice Melting, Water Heaters, and Others

By End Use Industry: Residential, Commercial, Transportation & Logistics, Aerospace, Automotive, Chemical, Energy and Power, Food and Beverage, Medical, Metal Processing, Mining, Oil and Gas, Pharmaceutical, Plastic, Rubber, Water & Wastewater, and Others

By Geography: North America, South America, Europe, APAC, and RoW

Key Takeaways

The APAC region is anticipated to dominate the HVAC sensors market with a value share of approximately 40% in 2023, followed by North America with a 29% value share in the HVAC Sensors market.

One of the main reasons propelling the market's expansion is the quickening pace of urbanization and industrialization around the globe. The need for HVAC sensors as a part of the cooling and heating system, is growing significantly due to the substantial rise in the erection of various commercial and residential buildings internationally. Due to its key benefits over the various sensors currently in use, it is anticipated that the adoption of this cutting-edge technology will rise quickly in the future. This aspect has had an important effect on the expansion of the marketplace.

By Type - Segment Analysis

The CO & CO2 Sensors segment is set to witness the highest growth of 6.5% during 2024-2030. Carbon Monoxide (CO) sensors are employed in HVAC systems to detect the presence of carbon monoxide in the air moving through the duct return, supply, or both in HVAC end-user applications especially in commercial and industrial sectors. There are four types of CO sensors including opto-chemical CO sensors, biomimetic CO sensors, electro-chemical CO sensors, and semiconductor CO detectors. Carbon dioxide sensors are also employed to monitor the level of carbon dioxide in the HVAC supply, return, or both. There are two major types of CO2 sensors, namely, chemical CO2 sensors and Non-Dispersive Infrared (NDIR) CO2 sensors. The increasing launches of CO and CO2 sensors are driving the market growth, for instance, in 2021, Sensirion launched a new product in its SCD4x miniaturized CO₂ sensor series. The SCD42 was designed for HVAC applications. These sensors are used to monitor the air quality in under-ventilated areas or zones with higher occupancy in a building to override the rated intake of fresh air and ventilate the outdoor air flow rates if the CO2 concentration crosses the threshold level.

By Application - Segment Analysis

The air conditioning segment dominated the HVAC Sensor market attributing a share of 28% in 2023. The demand for HVAC sensors in air conditioning applications has surged, driven by the need for energy-efficient and smart climate control solutions in both residential and commercial spaces. These sensors play a crucial role in optimizing HVAC systems, enhancing overall efficiency, and ensuring a comfortable environment. The residential sector benefits from sensor-based HVAC systems that adapt to varying conditions, promoting energy savings.

By End Use Industry - Segment Analysis

The Automotive industry is set to witness significant growth in the HVAC Sensor market during 2024-2030. HVAC sensors are used in a vehicle for controlling the internal temperature of the vehicle cabin. The HVAC system provides purified air to the vehicle cabin, ensuring vehicle comfort to the driver and the passenger. According to The International Organisation Internationale des Constructeurs d'Automobiles (OICA), Global sales of passenger cars have increased from 54 million units in 2020 to 57 million units in 2022. The increasing production and sales of electric vehicles have raised the demand for HVAC sensors in the automotive industry. For instance, according to the International Energy Agency (IEA), electric car sales reached a record 3 million in 2020, up by 40% from 2019. The Net Zero Emissions by 2050 scenario projects 300 million electric cars on the road and accounts for over 60% of new car sales, compared with only 4.6% in 2020. Thus, the rapidly rising sales of electric vehicles are estimated to drive the growth of the automotive industry, and in turn of the HVAC sensors market.

By Geography - Segment Analysis

Asia Pacific region dominated the HVAC Sensor market attributing a share of 40% in 2022. Driving factors include increasing urbanization, rising disposable incomes, and the growing demand for energy-efficient HVAC systems in countries like China, India, Japan, South Korea, and Australia. The region's booming construction sector, coupled with government initiatives promoting energy-efficient buildings, is driving the adoption of HVAC sensors. These sensors play a crucial role in optimizing energy consumption, improving indoor air quality, and enhancing overall comfort and safety. In 2022, Germany's BMW announced the commencement of production at its new plant in China with an investment of 15billion yuan ($2.24 billion) as the carmaker accelerates electric vehicle (EV) production. The rising investment and growth of various sectors such as automotive and construction are expected to boost the demand for HVAC sensors during the forecast period.

Drivers - HVAC Sensor Market

  • Need to Replace and Modernize Older HVAC Systems to Reduce Power Consumption
Buildings are estimated to account for nearly a third of the world’s energy consumption and almost 40% of energy-related carbon dioxide emissions, according to the World Economic Forum According to the World Green Building Council, the energy required for a building's operations - such as heating, cooling, and powering the structure - is responsible for about one-third of those emissions. Iota Communications reports that the typical office building's annual energy expenditures come to around $30,000. HVAC systems often consume the most energy in a commercial building. The U.S. Department of Energy estimates that HVAC systems typically consume 35% of the energy in a building. An old HVAC system will operate less effectively since it will consume greater amounts of energy and break down more quickly BEMS is a sophisticated method to monitor and control the building's energy needs. During the pandemic, there was a surge in the demand for HVAC systems with air purification features. Modernized ventilation systems provide an important public health function that filtrates the air and reduces airborne contaminants, including particles containing viruses.

Increasing Popularity of Smart Homes

Smart homes use internet-connected devices to enable the remote monitoring and management of appliances and systems such as heating, cooling, lighting, etc. The advantages of smart homes are energy efficiency, customization, and ease of use. Smart home technology further increases reliance on accurate sensing. The total energy consumption, CO2 footprint, and operation costs of residential, commercial, and industrial buildings directly depend on the quality of the HVAC installation and its integration in the sensor network. According to the U.S. DoE, smart building technology can reduce energy by more than 60% in residential buildings and up to 59% in commercial buildings. Additionally, investing in AI smart building technology that provides good indoor air quality standards has proven to improve employee productivity and cognitive function in office buildings by more than 10%. Thus, the increasing popularity of smart homes drives the demand for HVAC sensors.

Growing Adoption of Building Energy Management Systems (BEMS)

HVAC systems are an essential part of buildings and are associated with high costs. According to the Australian Department of Climate Change, Energy, the Environment and Water, a typical HVAC system accounts for approximately 40% of total building consumption and 70% of base building consumption. Building Energy Management Systems (BEMS) are computer‐based automated systems that monitor and control all energy‐related systems from mechanical and electrical equipment in buildings. Energy management protects businesses from unnecessary expenditure on energy by allowing accurate and automated management of energy systems and supply. According to Radiocrafts, BEMS can help an organization save up to 10% to 30% of their current energy consumption. Due to the Russia-Ukraine war, energy prices are skyrocketing in the EU. Thus, the growing adoption of BEMS acts as a driver for the HVAC sensor market.

Challenges - HVAC Sensor Market

High Cost of Sensors

The proper functioning of an HVAC system depends heavily on the correct selection, positioning, and installation of sensors. Sensors can be installed to measure several different parameters such as the number of occupants, temperature, humidity, carbon dioxide, etc. The selected sensor should be capable of detecting the quantity under study (Temperature, humidity, CO2, etc.), that the expected range of values is within the detecting range of the sensor, and that the sensor has the desired accuracy and sensitivity. The correct positioning of the sensors is crucial for the correct functioning of the HVAC system. For instance, temperature and humidity sensors must not be exposed to direct solar radiation or be installed close to heat sources. Such factors can restrain the growth of the HVAC sensor market.

Phasing Out Certain Refrigerants may Result in Lower Demand for Toxicity Sensors

Despite their low toxicity, refrigerants can displace oxygen, at high concentrations, which can result in accidental injury or death by oxygen deprivation. Toxicity sensors reduce the risks from releases through early detection. Activation of a sensor, for example, can cause an alarm signal and lead to HVAC shutdown and activation of damper controls to prevent the spread of toxic gas. R22 is a single-component refrigerant used traditionally in both air conditioners and heat pumps. On Jan. 1, 2020, the U.S. Environmental Protection Agency (EPA) banned the production and import of R22 because of its particularly harmful impact on the ozone layer when released into the air. Phasing out the R22 refrigerant could lead to lower demand for toxicity sensors and thus affect the HVAC sensors markets.

Market Landscape

Acquisitions, Expansions, Product launches, and Partnerships are key strategies adopted by players in the HVAC Sensor market. In 2022, the HVAC Sensor Market share has been consolidated by the top ten players accounting for more than 50% of the share. Major players in the HVAC Sensor market are Johnson Controls, Inc., Siemens AG, TE Connectivity Corporation, Honeywell International, Inc, Sensata Technologies Inc., Sensirion, Omron Corporation, Emerson Electric Co., Greystone Energy Systems Inc., Acal Bfi and others.

Developments:

  • In 2023, Johnson Controls-Hitachi Air Conditioning Launches Emissions-Reducing Residential HVAC Dual Fuel Heat Pump System.
  • In 2023, Johnson Controls acquired M&M Carnot to enhance its sustainable Industrial Refrigeration portfolio.
  • In 2022, Siemens equips the RDG200 thermostat with new CO2 monitoring and control features with a built-in CO2 sensor for monitoring and controlling indoor air quality. It helps to provide a healthy indoor climate and a safe place to work and achieves high energy efficiency and reduced energy costs.


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Table of Contents

1. HVAC Sensors Market - Overview
1.1. Definitions and Scope
2. HVAC Sensors Market - Executive summary
2.1. Market Revenue, Market Size and Key Trends by Company
2.2. Key Trends by type of Application
2.3. Key Trends segmented by Geography
3. HVAC Sensors Market
3.1. Comparative analysis
3.1.1. Product Benchmarking - Top 10 companies
3.1.2. Top 5 Financials Analysis
3.1.3. Market Value split by Top 10 companies
3.1.4. Patent Analysis - Top 10 companies
3.1.5. Pricing Analysis
4. HVAC Sensors Market - Startup companies Scenario Premium
4.1. Top 10 startup company Analysis by
4.1.1. Investment
4.1.2. Revenue
4.1.3. Market Shares
4.1.4. Market Size and Application Analysis
4.1.5. Venture Capital and Funding Scenario
5. HVAC Sensors Market - Industry Market Entry Scenario Premium
5.1. Regulatory Framework Overview
5.2. New Business and Ease of Doing business index
5.3. Case studies of successful ventures
5.4. Customer Analysis - Top 10 companies
6. HVAC Sensors Market Forces
6.1. Drivers
6.2. Constraints
6.3. Challenges
6.4. Porters five force model
6.4.1. Bargaining power of suppliers
6.4.2. Bargaining powers of customers
6.4.3. Threat of new entrants
6.4.4. Rivalry among existing players
6.4.5. Threat of substitutes
7. HVAC Sensors Market - Strategic analysis
7.1. Value chain analysis
7.2. Opportunities analysis
7.3. Product life cycle
7.4. Suppliers and distributors Market Share
8. HVAC Sensors Market - By Type (Market Size - $Million / $Billion)
8.1. Market Size and Market Share Analysis
8.2. Application Revenue and Trend Research
8.3. Product Segment Analysis
8.3.1. Introduction
8.3.2. Temperature Sensors
8.3.3. Humidity Sensors
8.3.4. Pressure & Flow Sensors
8.3.5. Motion Sensors
8.3.6. Smoke & Gas Sensors
8.3.7. Others
9. HVAC Sensors Market - By Application (Market Size - $Million / $Billion)
9.1. Introduction
9.2. Room Air Temperature
9.3. Solar Refrigerators
9.4. Solar Water Heaters
9.5. Boiler Controls
9.6. Duct Air Temperature
9.7. Duct Air Pressure
9.8. Commercial Chillers
9.9. Commercial Cooking Equipment
9.10. Compressors and Motors
9.11. Container Storage
9.12. Electronic Expansion Valves
9.13. Forced Air Furnaces
9.14. Heat Pumps
9.15. Ice Machine
9.16. Air Conditioner
9.17. Pool Heater Equipment
9.18. Refrigerator
9.19. Beverage Dispensing
9.20. Underfloor Heating and Ice Melting
9.21. Water Heaters
9.22. Others
10. HVAC Sensors - By End Users(Market Size - $Million / $Billion)
10.1. Segment type Size and Market Share Analysis
10.2. Application Revenue and Trends by type of Application
10.3. Application Segment Analysis by Type
10.3.1. Introduction
10.3.2. Aerospace
10.3.3. Automotive
10.3.4. Chemical
10.3.5. Energy and Power
10.3.6. Food and Beverage
10.3.7. Medical
10.3.8. Metal Processing
10.3.9. Mining
10.3.10. Oil and Gas
10.3.11. Pharmaceutical
10.3.12. Plastic
10.3.13. Rubber
10.3.14. Water
10.3.14.1. Waste Water
10.3.14.2. Drinking Water
10.3.15. Others
11. HVAC Sensors - By Geography (Market Size - $Million / $Billion)
11.1. HVAC Sensors Market - North America Segment Research
11.2. North America Market Research (Million / $Billion)
11.2.1. Segment type Size and Market Size Analysis
11.2.2. Revenue and Trends
11.2.3. Application Revenue and Trends by type of Application
11.2.4. Company Revenue and Product Analysis
11.2.5. North America Product type and Application Market Size
11.2.5.1. U.S.
11.2.5.2. Canada
11.2.5.3. Mexico
11.2.5.4. Rest of North America
11.3. HVAC Sensors - South America Segment Research
11.4. South America Market Research (Market Size - $Million / $Billion)
11.4.1. Segment type Size and Market Size Analysis
11.4.2. Revenue and Trends
11.4.3. Application Revenue and Trends by type of Application
11.4.4. Company Revenue and Product Analysis
11.4.5. South America Product type and Application Market Size
11.4.5.1. Brazil
11.4.5.2. Venezuela
11.4.5.3. Argentina
11.4.5.4. Ecuador
11.4.5.5. Peru
11.4.5.6. Colombia
11.4.5.7. Costa Rica
11.4.5.8. Rest of South America
11.5. HVAC Sensors - Europe Segment Research
11.6. Europe Market Research (Market Size - $Million / $Billion)
11.6.1. Segment type Size and Market Size Analysis
11.6.2. Revenue and Trends
11.6.3. Application Revenue and Trends by type of Application
11.6.4. Company Revenue and Product Analysis
11.6.5. Europe Segment Product type and Application Market Size
11.6.5.1. U.K
11.6.5.2. Germany
11.6.5.3. Italy
11.6.5.4. France
11.6.5.5. Netherlands
11.6.5.6. Belgium
11.6.5.7. Spain
11.6.5.8. Denmark
11.6.5.9. Rest of Europe
11.7. HVAC Sensors - APAC Segment Research
11.8. APAC Market Research (Market Size - $Million / $Billion)
11.8.1. Segment type Size and Market Size Analysis
11.8.2. Revenue and Trends
11.8.3. Application Revenue and Trends by type of Application
11.8.4. Company Revenue and Product Analysis
11.8.5. APAC Segment - Product type and Application Market Size
11.8.5.1. China
11.8.5.2. Australia
11.8.5.3. Japan
11.8.5.4. South Korea
11.8.5.5. India
11.8.5.6. Taiwan
11.8.5.7. Malaysia
12. HVAC Sensors Market - Entropy
12.1. New product launches
12.2. M&A's, collaborations, JVs and partnerships
13. HVAC Sensors Market - Industry / Segment Competition landscape Premium
13.1. Market Share Analysis
13.1.1. Market Share by Country - Top companies
13.1.2. Market Share by Region - Top 10 companies
13.1.3. Market Share by type of Application - Top 10 companies
13.1.4. Market Share by type of Product / Product category - Top 10 companies
13.1.5. Market Share at global level - Top 10 companies
13.1.6. Best Practices for companies
14. HVAC Sensors Market - Key Company List by Country Premium
15. HVAC Sensors Market Company Analysis
15.1. Market Share, Company Revenue, Products, M&A, Developments
15.2. Emerson Electric
15.3. Schneider Electric
15.4. Siemens AG
15.5. Honeywell
15.6. Sensirion
15.7. Sensata Technologies
15.8. ACAL BFI
15.9. Robert Bosch GmbH
15.10. Infineon Technologies AG
15.11. Company 10
15.12. Company 11
15.13. Company 12 and more
16. HVAC Sensors Market - Appendix
16.1. Abbreviations
16.2. Sources
17. HVAC Sensors Market - Methodology
17.1. Research Methodology
17.1.1. Company Expert Interviews
17.1.2. Industry Databases
17.1.3. Associations
17.1.4. Company News
17.1.5. Company Annual Reports
17.1.6. Application Trends
17.1.7. New Products and Product database
17.1.8. Company Transcripts
17.1.9. R&D Trends
17.1.10. Key Opinion Leaders Interviews
17.1.11. Supply and Demand Trends

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • Emerson Electric
  • Schneider Electric
  • Siemens AG
  • Honeywell
  • Sensirion
  • Sensata Technologies
  • ACAL BFI
  • Robert Bosch GmbH
  • Infineon Technologies AG

Methodology

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