International. According to Zion Market Research's report, the global HVAC controls market was valued at approximately $11.49 billion in 2017 and is expected to generate around $29.2 billion in revenue by the end of 2024, with growth of around 14.25% between 2018 and 2024.
Rapid technological advancements coupled with digitalization are expected to drive the growth of the market for HVAC controls. The growth and development of this market is mainly due to the ability of HVAC controls to work in extreme conditions.
In addition, declining sensor pricing and IoT integration into HVAC controls are further driving its growth. The concept of energy management techniques through wireless modular devices in smart buildings will also have a positive impact on the growth of this market. These devices remove internal pollutants from the air, such as volatile organic compounds, unpleasant odors, etc. and provide clean air outdoors.
The growing demand for building automation systems and the increasing deployment of smart devices will increase the adoption rate of HVAC control devices in the coming years. Several government initiatives towards a clean, green and sustainable environment will lead to the growth of smart buildings in both urban and semi-urban areas. These factors are expected to drive the control of the HVAC market growth during the forecast period.
The commercial segment will dominate the market in the coming years due to the development of smart cities and other commercial spaces in urban and semi-urban areas in developing countries, with a focus mainly on minimizing energy consumption and increasing energy efficiency.
Based on the system, the HVAC controls market can be segmented into temperature control, integration control, humidity control, and ventilation control. The integration control segment is expected to dominate the market. This is because they allow a better operation of the HVAC controls since they offer customization.
