The HVAC Sensors Market is expected to reach $2,407.41 million by 2023 at a CAGR of 5.10%
- Vasu T
- Sep 20, 2018
- 2 min read
According to the new market research report by IndustryARC titled “HVAC Sensors Market By Type (Temperature Sensors, Humidity Sensors, CO Sensors, CO2 Sensors, Air Velocity Sensors, Pressure Sensors, Flow Sensors, Others), By Application (Duct, Room, Cable, Wall, Immersion, Others), By End Use (Residential, Commercial, Industrial, Automotive) and Geography – Forecast (2018 - 2023)”, the market will be driven by a growing emphasis on industrial automation and growing concerns on maintaining good indoor air quality.
Asia Pacific Will Dominate the HVAC Sensors Market
Asia Pacific will dominate the HVAC Sensors Market in the coming years. It is expected to reach $ 1,068.65 million at a CAGR of 5.89 %. China is the largest manufacturer of HVAC products across the globe. This is due to the presence of many manufacturing industries. Growing infrastructural developments in different industries along with government initiatives are driving the demand for the HVAC sensors in the country. India is the fastest growing region for HVAC sensors due to the growth of construction activities in the infrastructural and real estate sector. Japan is the second largest manufacturer of HVAC systems in Asia Pacific region. In South Korea, many leading industries have established their production facilities in the region. This factor enhances the growth of temperature sensors in South Korea.
Selected Analysis Done in the Full Report:
The commercial segment will dominate the HVAC Sensors Market in the coming years. In 2017, this segment earned revenue of $686.09 million. It will reach $879.18 million by 2023 at a CAGR of 4.22%. The commercial HVAC sensors can be used for larger capacity installation with central air conditioning and ducted systems that need various sensors to maintain the required temperature in commercial buildings. A commercial building can be made energy efficient with the help of HVAC sensors in the HVAC equipment along with the heating and cooling systems. The factors responsible for the growth of HVAC tools in the commercial segment include strict regulations, reduction in prices, and increase in consumer spending.
Excerpts on Market Growth Factors
Growth of consumer electronics, automotive, and construction sectors spur the demand for the temperature control sensor. This demand is seen in developed countries due to the rise in population and increasing urbanisation.
Rise in the consumer spending and growing urbanisation drives the growth of the HVAC sensors.
Increasing demand for air conditioners in passenger cars elevates the growth of the temperature sensors in the coming years.
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Key players of the HVAC Sensors Market
Johnson Controls and Honeywell International are the dominant players in the HVAC Sensors Market during the forecast period. Siemens AG Company is the third largest company in the market. Johnson Controls provides energy efficient solutions, integrated infrastructure, and intelligent buildings. It has formed a joint venture with Hitachi Appliances to improve the performance of their air conditioning products. Honeywell International is an American company that manufactures consumer and commercial products and offers different services. Siemens AG Company is the largest engineering company in Europe. It offers products and services in power and gas, power generation services, energy management, and building technologies.
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