Smart Air Vent Segment to Dominate North America Smart HVAC Controls Market during 2019–2027
According to The Insight Partners market research study on “North America Smart HVAC Controls Market Forecast to 2027 – COVID-19 Impact and Analysis – by Product Type, Implementation Type, and Application,” the market is expected to reach US$ 5,471.0 million by 2027 from US$ 2,743.4 million in 2019. The market is estimated to grow at a CAGR of 9.2% from 2020 to 2027. The report provides trends prevailing in the North America smart HVAC controls market along with the drivers and restraints pertaining to the market growth. Rise in importance of indoor air quality and load reduction is driving the growth of the North America smart HVAC controls market. However, the lack of awareness and high-cost expenditure are restraining the market growth.
The North America smart HVAC controls market is segmented on the basis of product type, implementation type, and application. Based on product type, the market is segmented into smart thermostat, smart air vent, and others. In 2019, the smart air vent segment held the largest market share. In terms of implementation type, the market is bifurcated into new construction and retrofit. The retrofit segment contributed a substantial share in 2019. Based on application, the market is segmented into residential, commercial, and industrial. In 2019, the residential segment held the largest share of the North America smart HVAC controls market.
In North America, the US, Canada, and Mexico are major economies. The region is witnessing growth in its manufacturing and construction industries. The tech-giants are continuously contributing to technological advancements, which is creating a stir in the competitive market across the region. The population in North America is more inclined toward technological developments due to high spending power. Therefore, companies in this region are continuously enhancing their overall business processes to meet customer demand for high-quality products and services efficiently.
The US led the smart HVAC controls market in 2019. It is anticipated to be the largest revenue contributor to the market throughout the forecast period owing to the harsh climate conditions in a few continent areas and the large-scale adoption of smart homes. Customers adopt the product seamlessly to enable temperature and humidity control to improve their comfort at home. The demand for these products in the region is expected to propel rapid development in the building automation sector and widespread technology adoption. Moreover, for ensuring a sustainable future, the US Department of Energy (DOE) is investing in energy-efficiency standards across the country. By promoting transformative science and technology products, the DOE provides prosperity and security. This, in turn, has led it toward the implementation of energy-efficiency standards on air conditioners, refrigerators, ventilators, and so on. Further, green HVAC systems are adopted across North America to lower energy consumption, reduce cost, and improve energy-efficiency.
Countries such as the US and Canada adopted smart HVAC control systems to maintain social distancing and safety at facilities. The COVID-19 pandemic created a positive impact on the market in the first half of 2020. It provided lucrative opportunities for the market to enhance solution offering with new contactless and wireless technology. The market could also bounce back in the longer term, provided that interest rates remain low and the pandemic is soon contained. However, the majority of investments may move significantly across verticals. Structural changes in the use of office space and the retail, leisure, and hospitality sectors appear to have caused the contingent social distancing measures introduced with the spread of COVID-19. Therefore, with an increasing emphasis on Indoor Air Quality (IAQ) and improved ventilation solutions, it is likely that the climate control requirements in these vertical areas would change significantly in the coming period. Besides, sustainable HVAC solutions with end-to-end applications are expected to pave the way in the post-COVID-19 era due to the growing demand for sustainable solutions with high energy efficiency levels.
Honeywell International Inc.; Siemens AG; DAIKIN INDUSTRIES, Ltd.; Carrier Global Corporation; Emerson Electric Co.; Haier Group Corporation; Hitachi, Ltd.; LG Electronics; Lennox International Inc.; and Trane Technologies plc are among the leading companies in the North America smart HVAC controls market. The companies are adopting organic growth strategies, such as product launches and expansions, to sustain their position in the dynamic market. For instance, in January, 2019, DAIKIN INDUSTRIES, Ltd. launched a new Daikin One+ smart thermostat, which is an intelligent home air management controller.
The report segments the North America smart HVAC controls market as follows:
North America Smart HVAC Controls Market – by Product Type
North America Smart HVAC Controls Market – by Implementation Type
- New Construction
- Retrofit
North America Smart HVAC Controls Market – by Application
North America Smart HVAC Controls Market – by Country
- US
- Canada
- Mexico
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