Implementation of Internet of Things (IoT) to Generate Promising Opportunities for HVAC Sensors and Controllers Manufacturers
Sensors and controllers work as the intelligence element in HVAC systems – be it in buildings, aircraft, or vehicles. The automotive industry, in particular, is shaping up as a high-value consumer of HVAC sensors. In addition, the rising focus of market players on technological advancements in order to expand their product portfolio is expected to encourage the growth of the global HVAC sensors and controllers market in the next few years. According to a research study published by Transparency Market Research (TMR), in 2015, the global market for HVAC sensors and controllers was worth US$5.18 bn and is estimated to reach a value of US$9.34 bn by the end of 2024. The market is projected to register a healthy 6.90% CAGR between 2016 and 2024.
In this blog, TMR addresses several questions related to the opportunities and growth prospects in the global HVAC sensors and controllers market.
Q. What are the key factors boosting the demand for HVAC sensors and controllers?
The growing need for enhanced energy efficiency and low environmental impact are the key factors augmenting the growth of the global HVAC sensors and controllers market. The rising awareness about energy conservation among consumers is also expected to encourage the growth of the market in the next few years. In addition, the rising demand for HVAC sensors and controllers from the construction and automotive industries is accelerating the market’s growth worldwide. The emergence of smart devices and the growing consumer inclination towards them are contributing significantly towards sales of HVAC sensors and controllers.
Q. What type of technological advancements have benefitted the global HVAC sensors and controllers market the most?
With the growing focus on technological developments in this field, key players in the market are emphasizing on aligning strategies and policies with the latest technological shifts. The integration of lighting and HVAC controls and the advent of IP technology and digital systems in advanced HVAC systems are estimated to offer innovative products. As a result, the rising demand for these products is expected to fuel the growth of the overall market. The growing implementation of the Internet of Things (IoT) is offering several benefits for diverse industries, especially the electrical sector. Recent advancements by leading players that are expected to drive the global market are:
The launch of a low-power miniature MEMS barometric pressure sensor by Infineon Technologies AG that offers an advanced level of accuracy and precision for IoT devices, wearable gadgets, and mobiles.
The introduction of Synco IC by the Building Technologies Division of Siemens AG for remote monitoring of HVAC units is expected to promote energy savings and reduce servicing costs.
Q. Which geographical region is expected to lead the global HVAC sensors and controllers market in the near future?
Among the key geographical segments, North America accounts for a massive share in the global market at present and is estimated to lead in the coming years. In 2015, North America held a share of 33% in the global HVAC sensors and controllers market, owing to the growing need for lower power consumption. In addition, the need to replace older systems with advanced ones for better connectivity and increasing implementation in diverse industrial sectors are propelling the HVAC sensors and controllers market in North America. Furthermore, Europe, Latin America, and Asia Pacific are expected to witness significant growth in the next few years.
Read Full Press Release @ http://www.transparencymarketresearch.com/pressrelease/hvac-sensors-controllers-market.htm
The increasing number of collaborations and mergers and acquisition among the prominent players is estimated to expand the application base and lead to the launch of innovative products and services, thus augmenting the growth of the global HVAC sensors and controllers market.