International. According to ReportLinker's report "Global HVAC Controls Industry" the global HVAC controls market will reach 21.8 billion by 2027.
According to ReportLinker the global market for controls for HVAC systems is estimated at 13.3 billions (USD) in 2020, but presents a compound annual growth of 7.4%, during the period 2020-2027.
In addition, the report forecasts that temperature and humidity control will register a CAGR of 8.3% and reach USD 9.6 billion also by 2027. "Taking into account the ongoing post-pandemic recovery, growth in the ventilation control segment is readjusted to a revised CAGR of 6.1% for the next 7-year period."
The US market is estimated in the document to be at $3.6 billion, while China is forecast to grow at a CAGR of 11.4%.
Another interesting fact is that China is forecast to reach a projected market size of USD 4700 million, with a CAGR of 11.4%. during the analysis period from 2020 to 2027. Other notable geographic markets include Japan and Canada, each with potential growth of 4.6% and 6.2%, respectively.
However, Europe will be the territory with the highest growth, with approximately 5.6% CAGR. While the Asia-Pacific market will be led by countries such as Australia, India and South Korea, where the territory will reach 3,000 million USD by 2027.