International. Amid the crisis generated by Covid-19, the global HVAC controls market, estimated at US$16.1 billion in 2020, is projected to reach a value of US$33.1 billion by 2027, growing at a CAGR of 10.9% during the 2020-2027 analysis period, as reported by ResearchAndMarkets.com
Temperature and humidity control, one of the segments analyzed in the report, is projected to register a compound annual growth rate of 11.9% and reach 14.7 billion US dollars by the end of the analysis period. After an initial analysis of the business implications of the pandemic and its induced economic crisis, growth in the Ventilation Control segment is readjusted to a revised CAGR of 9.8% for the next 7-year period.
Markets
The HVAC controls market in the US is estimated at US$4.3 billion in the year 2020. China, the world's second-largest economy, is forecast to reach a projected market size of $7.2 billion by 2027, with a CAGR of 14.5%. during the analysis period from 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each of which forecasts growth of 7.4% and 9.4% respectively over the period 2020-2027. Within Europe, Germany is forecast to grow at approximately 8.5% CAGR.
Segments
In the global Integrated Control segment, the US, Canada, Japan, China and Europe will drive the CAGR of 9.9% estimated for this segment. These regional markets representing a combined market size of US$2.9 billion in 2020 will reach a projected size of US$5.6 billion at the close of the analysis period.
China will remain one of the fastest growing countries in this group of regional markets. Led by countries such as Australia, India and South Korea, the market in Asia-Pacific is forecast to reach US$4.8 billion by 2027, while Latin America will expand at a CAGR of 12.1% during the analysis period.
