HVAC Sensors Market Size (2021-2031) and Regional Overview
The HVAC sensors market size is projected to reach US$ 5717.67 million by 2031 from US$ 3570.56 million in 2023. The market is expected to register a CAGR of 6.1% in 2023–2031.
The increasing sensor compatibility with the Internet of Things (IoT) platform is likely to remain a key HVAC sensors market trend.
HVAC Sensors Market Analysis
The HVAC sensor market was utilized by several industries, such as commercial, residential, automobile, and others. Nowadays, there is fierce competition in the business world because leading organizations must prioritize environmental preservation, productivity, quality, safety, and safety. Over the past few years, HVAC systems have been used extensively in many programs all over the world. Numerous sensors, including pressure and temperature sensors, among others, find a use that makes them possible. HVAC systems provide good air quality and thermal comfort for both car and room interiors. The HVAC sensors are used to address the needs of various end users who are concerned about energy efficiency. They assist in providing properly maintained interior spaces with low power usage.
HVAC Sensors Market Overview
HVAC systems are frequently utilized to maintain, control, and thereby lower energy usage. An audio device that mimics a real condition, such as temperature or the target world, is included in the frequency. The most significant kind of HVAC sensor helps to keep the proper temperature and modify the needed temperature by differentiating the input temperature from the building or room temperature. For end users including industrial, residential, and commercial buildings, HVAC sensors can manage, control, and monitor various operations like air pressure, temperature, and quality. As a result, HVAC sensors are becoming increasingly commonplace due to the necessity to save energy.
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HVAC Sensors Market: Strategic Insights
Market Size Value in US$ 3,222.20 Million in 2019 Market Size Value by US$ 5,264.70 Million by 2027 Growth rate CAGR of 6.7% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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HVAC Sensors Market: Strategic Insights
| Market Size Value in | US$ 3,222.20 Million in 2019 |
| Market Size Value by | US$ 5,264.70 Million by 2027 |
| Growth rate | CAGR of 6.7% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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HVAC Sensors Market Drivers and Opportunities
Increasing Need to Modernize and Replace Older HVAC Systems to Reduce Power Consumption
The World Economic Forum estimates that buildings are responsible for over 40% of energy-related carbon dioxide emissions and nearly a third of global energy consumption. About one-third of those emissions, according to the World Green Building Council, are caused by the energy needed for a building's operations, which include heating, cooling, and powering the structure. According to Iota Communications, the average office building spends about $30,000 a year on electricity. In a commercial structure, HVAC systems frequently use the most energy. According to estimates from the U.S. Department of Energy, HVAC systems normally account for 35% of a building's energy use. The need for HVAC systems with air filtration characteristics increased during the pandemic. Updated ventilation systems serve a crucial public health purpose by filtering the air and lowering airborne pollutants, such as virus-containing particles.
Building Energy Management System Adoption Is Growing (BEMS)
Buildings cannot function without HVAC systems despite their exorbitant expense. The Australian Department of Climate Change, Energy, the Environment and Water estimates that the average HVAC system uses about 40% of the building's overall energy consumption and 70% of its base energy use. The computer-based automated systems known as Building Energy Management Systems (BEMS) keep an eye on and regulate every energy-related system in buildings, including mechanical and electrical equipment. By enabling precise and automated control of energy systems and supply, energy management shields companies against needless energy spending. A company can reduce its present energy usage by up to 10% to 30% with the aid of BEMS, claims Radiocrafts. As a result of the due to conflict between Russia and Ukraine, energy prices are skyrocketing in the EU. Thus, the building energy management system Adoption (BEMS) is anticipated to present new opportunities for the HVAC players during the forecast period.
HVAC Report Segmentation Analysis
Key segments that contributed to the derivation of the HVAC analysis are type and end users.
- Based on the type, the HVAC is segmented into temperature sensors, humidity sensors, pressure & flow sensors, motion sensors, smoke & gas sensors, and others. The temperature sensors segment held a larger market share in 2023.
Based on the end user, the HVAC sensors market is segmented into residential, commercial, and industrial.
HVAC Sensors Market Share Analysis by Geography
The geographic scope of the HVAC sensors market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. Due to a huge number of contemporary, well-developed infrastructure, including commercial buildings, industrial facilities, and residential properties, North America has the biggest market share for HVAC sensors and controllers. There is a sizable market for HVAC sensors and controllers due to the abundance of buildings with complex HVAC systems.
HVAC Sensors Market Report Scope
HVAC Sensors Market News and Recent Developments
The HVAC sensors market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for speech and language disorders and strategies:
- In October 2023, Sensata Technologies announced the launch of the Sensata Resonix RGD sensor, the first leak detection sensor with UL certification for multiple A2L refrigerant gases used in heating, ventilation, and air conditioning (HVAC) equipment. The new leak detection sensors support HVAC manufacturers’ transition to refrigerants with a lower global warming impact. (Source: Sensata Technologies, Press Release)
- In January 2023, Third Reality Launched a Temperature and Humidity Sensor. (Source: Third Reality, Press Release)
HVAC Sensors Market Report Coverage and Deliverables
The “HVAC Sensors Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The increasing need to modernize and replace older HVAC systems to reduce power consumption and the growing building energy management system adoption are the major factors that propel the global HVAC sensors market.
The global HVAC sensors market was estimated to be US$ 3570.56 million in 2023 and is expected to grow at a CAGR of 6.1 % during the forecast period 2023 - 2031.
Increasing sensor compatibility with the Internet of Things (IoT) platform is anticipated to play a significant role in the global HVAC sensors market in the coming years.
The key players holding majority shares in the global HVAC sensors market are Siemens AG, Emerson Electric Co., Honeywell International Inc., Johnson Controls, Inc., and Schneider Electric.
The global HVAC sensors market is expected to reach US$ 5717.67 million by 2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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