North America Smart HVAC Controls Market to Grow at a CAGR of 9.2% to reach US$ 5,471.0 Million from 2020 to 2027

The North America smart HVAC controls market is expected to grow from US$ 2,743.4 million in 2019 to US$ 5,471.0 million by 2027; it is estimated to grow at a CAGR of 9.2% from 2020 to 2027.

The US dominated the North America smart HVAC controls market in 2019 and is expected to dominate the market with the highest share during the forecast period. The market growth in the US is mainly driven by the considerable growth of several new HVAC-based equipment manufacturing companies each year, which are funded by several capitalists, thereby increasing the market scope. Further, the federal government focuses on bringing back the manufacturing companies to the US, which were shifted overseas for achieving cost-competitiveness. The government announced its plans to provide tax cuts to manufacturers with facilities in the US and impose higher tariffs on overseas manufacturers. These initiatives by government would boost the growth of the country's manufacturing industry, which, in turn, would accelerate the smart HVAC controls market in the US during the forecast period. Moreover, the increasing number of product launches is anticipated to propel the market growth during the forecast period. For example, in 2019, Siemens launched the RDS120-B smart thermostat for the US market with BACnet IP and the standalone RDS120 smart thermostat. These smart thermostats have a sleek design, programming capabilities, and mobile application to maintain comfortable and energy-efficient rooms.

Canada's extreme climate, with dry winters and hot, cold, humid summers, drives significant energy consumption for building heating, ventilation, cooling, humidification, and dehumidification. Therefore, the builders across Canada are adopting a smart HVAC control system that reduces electricity consumption, greenhouse gas emissions, and natural gas consumption. Moreover, the increasing number of companies offering smart HVAC control systems in Canada is anticipated to propel the market's growth during the forecast period. The US based retailer, Walmart with its entrance into the Mexican supermarket sector, has redefined the local retail industry, building a more dynamic and modern retail market in the country. Other international retailers, such as HEB and the French retailer Carrefour, have also entered the retail market in Mexico. Thus, significant growth in the retail sector leads to the demand for large and well-equipped buildings, which drives the implementation of smart HVAC control systems.

North America Smart HVAC Controls Market Segmentation

North America Smart HVAC Controls Market – by Product Type

• Smart Thermostat
• Smart Air Vent
• Others

North America Smart HVAC Controls Market – by Implementation Type

• New Construction
• Retrofit

North America Smart HVAC Controls Market – by Application

• Residential
• Commercial
• Industrial              

North America Smart HVAC Controls Market – by Country

• United States
• Canada
• Mexico

North America Smart HVAC Controls Market - Companies Mentioned

• Carrier Global Corporation
• DAIKIN INDUSTRIES, Ltd
• Honeywell International Inc
• Emerson Electric Co.
• Siemens AG
• Haier Group Corporation
• Hitachi, Ltd.
• Lennox International Inc.
• LG Electronics
• Trane Technologies plc

North America Smart HVAC Controls Report Scope