Results from a recent survey finds that a majority of the leading companies operating in the global HVAC sensors and controllers market are focused on mergers and acquisitions and even collaborations to gain better traction.
These strategies have also supported the companies to expand their product portfolio. According to the report by Transparency Market Research (TMR), companies such as Emerson Electric, Schneider Electric, and Siemens AG are already working towards expanding their global presence by establishing distribution and manufacturing centers around the world.
Besides these companies operating at a global level, the market for HVAC sensors and controllers exhibits a largely fragmented vendor landscape. A majority of regions have a considerably long list of companies providing HVAC sensors and controllers.
According to TMR, the global HVAC market is calculated to exhibit a compound annual growth rate of 6.9% from 2016 to 2024. Expanding at this pace, the market which stood at $5.8 billion in 2015, is projected to reach $9.34 billion by the end of 2024. By application, the universal controllers segment led the market in 2015 with a valuation of $2.14 billion. Regionally, North America is expected to continue leading the global HVAC sensors and controllers market, through the forecast period. It held over 33 percent of the revenue share in the market in 2015.
Commercial Building Sector to Drive HVAC Sensor/Controller Growth
The global HVAC sensors and controllers market is driven by the impressive growth witnessed in non-residential businesses. Maintaining indoor air quality is a crucial concern for these businesses, which is achievable through HVAC sensors and controllers. As businesses switch from mechanical to electronic systems, the demand for HVAC sensors and controllers is expected to rise in response. This will subsequently provide opportunities for the entry of new players, thus aiding expansion of the global HVAC sensors and controllers market.
Internet of Things to Provide Opportunities
The market is projected to gain significantly from the implementation of the Internet of Things (IoT). Leading players are already aiming to optimally capitalize on IoT technologies over the next decade, to achieve significant growth in commercial and non-commercial sectors, alike. The building automation system is already included in most modern HVAC systems. Integrating IoT with the same, will enable HVAC sensors and controllers establish wider communication streams within related devices installed in a building.
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