The global HVAC electronics market size was valued at $21,850.5 million in 2021, and is projected to reach $38,037.2 million by 2031, registering a CAGR of 5.7% from 2022 to 2031.
Heating, Ventilation, And Air Conditioning (HVAC) electronic is installed to regulate the operation of a heating, ventilating, and air-conditioning system. The sensing device are utilized to compare the actual state, such as humidity or temperature, with a target state. Ventilation is one of the most important aspects of HVAC systems as a lack of fresh air increases the concentration of air pollutants and decreases the oxygen level in indoor spaces. Such systems are adopted in the industrial, commercial, and residential sectors.
HVAC electronics consists of devices that enhance performance of heating, ventilation, and air conditioning equipment. HVAC electronics are installed in various industry verticals such as industrial, enterprises, retail, hospitality, and residential. Development of smart cities in emerging countries and government initiatives are expected to boost the building automation & electronics industry, which propels the HVAC electronics market growth. HVAC electronics systems are responsible for maintaining an indoor comfort level for occupants as well as reducing energy consumption. The popularity of integrated electronics systems has increased significantly owing to their ease of use, ability to improve efficiency of HVAC systems and increase in concept of smart homes & buildings.
Development of IoT-enabled HVAC systems, growth in the construction market, and rise in demand for building automation systems (BASs) are some factors that propel the market growth. Furthermore, rise in global temperatures has increased the frequency and intensity of heat waves, draughts, and rainfall. These factors affect relative humidity, thereby altering the performance and energy consumption of HVAC equipment. These factors are expected to boost the demand for effective humidity control systems in the coming years. However, fluctuations in raw material prices may hamper the market growth. Furthermore, rise in demand for cloud computing in HVAC offers lucrative opportunities for growth in the HVAC electronics market. Moreover, rise in government investments in construction sector is creating demand for HVAC systems and thus is expected to drive the HVAC electronics market growth. For instance, in October 2020, the government of India planned to spend around $1.4 trillion in next five years on infrastructural development.
The HVAC electronics market is segmented on the basis of type, implementation type, end user, and region. By type, the market is categorized into heating equipment, cooling equipment, and ventilation equipment. Depending on implementation type, it is fragmented into new construction and retrofit. On the basis of end user, it is categorized into residential, commercial, and industrial. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Heating, Ventilation, And Air Conditioning (HVAC) electronic is installed to regulate the operation of a heating, ventilating, and air-conditioning system. The sensing device are utilized to compare the actual state, such as humidity or temperature, with a target state. Ventilation is one of the most important aspects of HVAC systems as a lack of fresh air increases the concentration of air pollutants and decreases the oxygen level in indoor spaces. Such systems are adopted in the industrial, commercial, and residential sectors.
HVAC electronics consists of devices that enhance performance of heating, ventilation, and air conditioning equipment. HVAC electronics are installed in various industry verticals such as industrial, enterprises, retail, hospitality, and residential. Development of smart cities in emerging countries and government initiatives are expected to boost the building automation & electronics industry, which propels the HVAC electronics market growth. HVAC electronics systems are responsible for maintaining an indoor comfort level for occupants as well as reducing energy consumption. The popularity of integrated electronics systems has increased significantly owing to their ease of use, ability to improve efficiency of HVAC systems and increase in concept of smart homes & buildings.
Development of IoT-enabled HVAC systems, growth in the construction market, and rise in demand for building automation systems (BASs) are some factors that propel the market growth. Furthermore, rise in global temperatures has increased the frequency and intensity of heat waves, draughts, and rainfall. These factors affect relative humidity, thereby altering the performance and energy consumption of HVAC equipment. These factors are expected to boost the demand for effective humidity control systems in the coming years. However, fluctuations in raw material prices may hamper the market growth. Furthermore, rise in demand for cloud computing in HVAC offers lucrative opportunities for growth in the HVAC electronics market. Moreover, rise in government investments in construction sector is creating demand for HVAC systems and thus is expected to drive the HVAC electronics market growth. For instance, in October 2020, the government of India planned to spend around $1.4 trillion in next five years on infrastructural development.
The HVAC electronics market is segmented on the basis of type, implementation type, end user, and region. By type, the market is categorized into heating equipment, cooling equipment, and ventilation equipment. Depending on implementation type, it is fragmented into new construction and retrofit. On the basis of end user, it is categorized into residential, commercial, and industrial. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the hvac electronics market analysis from 2021 to 2031 to identify the prevailing hvac electronics market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the hvac electronics market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global hvac electronics market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Type
- Heating Equipment
- Cooling Equipment
- System
- Centralized
- Decentralized
- Ventilation Equipment
By Installation type
- New Constructions
- Retrofits
By End User
- Residential
- Commercial
- Industrial
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Russia
- Poland
- Netherlands
- Sweden
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Thailand
- Indonesia
- Vietnam
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Argentina
- Saudi Arabia
- UAE
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
- Johnson Controls
- LG Electronics
- United Technologies
- Emerson
- Honeywell
- Lennox
- Mitsubishi Electric
- Nortek
- Samsung Electronics Co Ltd
- ABB
- Carrier Global Corporation
- Daikin Industries
- Danfoss
- Delta Controls
- Hitachi,Ltd
- Schneider Electric
- Siemens AG
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: HVAC ELECTRONICS MARKET, BY TYPE
CHAPTER 5: HVAC ELECTRONICS MARKET, BY INSTALLATION TYPE
CHAPTER 6: HVAC ELECTRONICS MARKET, BY END USER
CHAPTER 7: HVAC ELECTRONICS MARKET, BY REGION
CHAPTER 8: COMPANY LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, titled, “HVAC Electronics Market," the HVAC Electronics Market size was valued at $21.9 billion in 2021, and is estimated to reach $38 billion by 2031, growing at a CAGR of 5.7% from 2022 to 2031.Commonly observed types of HVAC electronics are cooling equipment, heating equipment, and ventilation equipment. Among these, the temperature electronics system segment accounts for the largest market size by value in 2020, owing to increase in demand from various industries such as construction and manufacturing. The market is analyzed with respect to different applications in industrial verticals such as industrial, commercial, and residential. The market is mainly driven by global economic growth and development in residential, commercial, and industrial sectors. However, fluctuations in raw material prices and complexity of upgrading HVAC systems limit the growth of the HVAC electronics market.
In 2021, Asia-Pacific accounted the highest HVAC Electronics Market share in terms of revenue, followed by Europe and North America. Moreover, the market in Asia-Pacific is growing with a high CAGR, owing to urbanization and industrial development in countries such as China, India, and Japan.
Moreover, favorable government policies to promote industries such as automotives and food & beverages across the globe drives demand for the HVAC electronics market. In addition, increase in infrastructure spending and growth in demand for cooling and heating systems in the residential and commercial sectors propel demand for HVAC electronics.
Furthermore, on the basis of end users, the commercial segment is anticipated to grow rapidly during the forecast period, owing to rise in commercial projects such as malls, hotels, and resorts as well as growth in initiatives for smart cities. For instance, in February 2020, the government of the UAE passed a tender of $2.7 billion for infrastructure projects under its public-private partnership (PPP) model. These infrastructure projects include industrial and commercial structures. Similarly, in October 2020, the government of South Korea and the Inter-American Development Bank (IDB) collaborated to invest around $1.3 billion in Latin American smart city projects. Such factors drive the HVAC electronics market growth.
However, during the COVID-19 pandemic, various manufacturers in the HVAC electronics market had to stop their business in countries such as China, the U.S., and India. This break directly impacted the sales of HVAC electronics companies. In addition, lack of manpower and raw materials constricted the supply of equipment of HVAC electronics systems, which negatively influenced the growth of the market. However, the reopening of production facilities and introduction of vaccines for coronavirus disease are anticipated to lead to the re-opening of HVAC electronics companies.
Key Findings of the Study
- The report provides an extensive analysis of the current and emerging global HVAC electronics market trends and dynamics.
- Depending on type, the cooling equipment segment has dominated the market, in terms of revenue in 2021 and ventilation equipment segment is projected to grow at a significant CAGR during the HVAC electronics market forecast period.
- By end user, the commercial segment has registered the highest revenue in 2021.
- By installation type, the new construction segment has registered the highest revenue in 2021.
- Asia-Pacific is projected to register the highest growth rate in the coming years.
- The key players within the global HVAC electronics market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the HVAC electronics industry.
- The report provides an extensive analysis of the current trends and emerging opportunities of the market.
- In-depth global HVAC electronics market analysis is conducted by constructing estimations for the key segments between 2022 and 2031.
Companies Mentioned
- Johnson Controls
- Lg Electronics
- United Technologies
- Emerson
- Honeywell
- Lennox
- Mitsubishi Electric
- Nortek
- Samsung Electronics Co Ltd
- Abb
- Carrier Global Corporation
- Daikin Industries
- Danfoss
- Delta Controls
- Hitachi,Ltd
- Schneider Electric
- Siemens Ag
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 263 |
| Published | August 2022 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 21850.5 million |
| Forecasted Market Value ( USD | $ 38037.2 million |
| Compound Annual Growth Rate | 5.7% |
| Regions Covered | Global |
| No. of Companies Mentioned | 17 |
