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
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product Type, Implementation Type, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada
TABLE OF CONTENTS
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 Smart HVAC Controls Market – By Product Type
1.3.2 Smart HVAC Controls Market – By Implementation Type
1.3.3 Smart HVAC Controls Market – By Application
1.3.4 Smart HVAC Controls Market- By Country
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Smart HVAC Controls Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America
4.3 Expert Opinion
4.4 Ecosystem Analysis
5. Smart HVAC Controls –Market Dynamics
5.1 Market Drivers
5.1.1 Rise in Importance of Indoor Air Quality and Load Reduction
5.1.2 Positive Impact of Codes and Standards on Market Growth
5.2 Market Restraints
5.2.1 Lack of Awareness and High Cost Expenditure
5.3 Market Opportunities
5.3.1 Growing Demand for Cloud Computing in HVAC
5.4 Future Trends
5.4.1 Continuous Advancements in Smart HVAC Control Solutions
5.5 Impact Analysis of Drivers and Restraints
6. Smart HVAC Controls Market – North America Analysis
6.1 North America Smart HVAC Controls Market Overview
6.2 North America Smart HVAC Controls Market – Revenue and Forecast to 2027 (US$ Million)
6.3 Market Positioning – Five Key Players
7. Smart HVAC Controls Market Analysis – By Product Type
7.1 Overview
7.2 North America Smart HVAC Controls Market Breakdown, by Product Type, 2019 & 2027
7.3 Smart Thermostat
7.3.1 Overview
7.3.2 Smart Thermostat Market Revenue and Forecast to 2027 (US$ Million)
7.4 Smart Air Vent
7.4.1 Overview
7.4.2 Smart Air Vent Market Revenue and Forecast to 2027 (US$ Million)
7.5 Other Types
7.5.1 Overview
7.5.2 Other Types Market Revenue and Forecast to 2027 (US$ Million)
8. Smart HVAC Controls Market Analysis – By Implementation Type
8.1 Overview
8.2 North America Smart HVAC Controls Market Breakdown, by Implementation Type, 2019 & 2027
8.3 New Construction
8.3.1 Overview
8.3.2 New Construction Market Revenue and Forecast to 2027 (US$ Million)
8.4 Retrofit
8.4.1 Overview
8.4.2 Retrofit Market Revenue and Forecast to 2027 (US$ Million)
9. Smart HVAC Controls Market Analysis – By Application
9.1 Overview
9.2 North America Smart HVAC Controls Market Breakdown, by Application, 2019 & 2027
9.3 Residential
9.3.1 Overview
9.3.2 Residential Market Revenue and Forecast to 2027 (US$ Million)
9.4 Commercial
9.4.1 Overview
9.4.2 Commercial Market Revenue and Forecast to 2027 (US$ Million)
9.5 Industrial
9.5.1 Overview
9.5.2 Industrial Market Revenue and Forecast to 2027 (US$ Million)
10. Smart HVAC Controls Market – By Country Analysis
10.1.1 North America: Smart HVAC Controls Market, by Key Country
10.1.1.1 US: Smart HVAC Controls Market – Revenue and Forecast to 2027 (US$ Million)
10.1.1.1.1 US: Smart HVAC Controls Market, by Product Type
10.1.1.1.2 US: Smart HVAC Controls Market, by Implementation Type
10.1.1.1.3 US: Smart HVAC Controls Market, by Application
10.1.1.2 Canada: Smart HVAC Controls Market – Revenue and Forecast to 2027 (US$ Million)
10.1.1.2.1 Canada: Smart HVAC Controls Market, by Product Type
10.1.1.2.2 Canada: Smart HVAC Controls Market, by Implementation Type
10.1.1.2.3 Canada: Smart HVAC Controls Market, by Application
10.1.1.3 Mexico: Smart HVAC Controls Market – Revenue and Forecast to 2027 (US$ Million)
10.1.1.3.1 Mexico: Smart HVAC Controls Market, by Product Type
10.1.1.3.2 Mexico: Smart HVAC Controls Market, by Implementation Type
10.1.1.3.3 Mexico: Smart HVAC Controls Market, by Application
11. Smart HVAC Controls Market- COVID-19 Impact Analysis
11.1 Overview
11.2 North America
12. Smart HVAC Controls Market-Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 New Product Development
13. Company Profiles
13.1 Carrier Global Corporation
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 DAIKIN INDUSTRIES, Ltd.
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Honeywell International Inc.
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 Emerson Electric Co.
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 Siemens AG
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 Haier Group Corporation
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 Hitachi, Ltd.
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 Lennox International Inc.
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 LG Electronics
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
13.10 Trane Technologies plc
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Products and Services
13.10.4 Financial Overview
13.10.5 SWOT Analysis
13.10.6 Key Developments
14. Appendix
14.1 About The Insight Partners
14.2 Word IndexLIST OF TABLES
Table 1. North America Smart HVAC Controls Market – Revenue and Forecast to 2027 (US$ Million)
Table 2. North America Smart HVAC Controls Market, by Country – Revenue and Forecast to 2027 (USD Million)
Table 3. US: Smart HVAC Controls Market, by Product Type –Revenue and Forecast to 2027 (US$ Million)
Table 4. US: Smart HVAC Controls Market, by Implementation Type –Revenue and Forecast to 2027 (US$ Million)
Table 5. US: Smart HVAC Controls Market, by Application –Revenue and Forecast to 2027 (US$ Million)
Table 6. Canada: Smart HVAC Controls Market, by Product Type – Revenue and Forecast to 2027 (US$ Million)
Table 7. Canada: Smart HVAC Controls Market, by Implementation Type – Revenue and Forecast to 2027 (US$ Million)
Table 8. Canada: Smart HVAC Controls Market, by Application – Revenue and Forecast to 2027 (US$ Million)
Table 9. Mexico: Smart HVAC Controls Market, by Product Type – Revenue and Forecast to 2027 (US$ Million)
Table 10. Mexico: Smart HVAC Controls Market, by Implementation Type – Revenue and Forecast to 2027 (US$ Million)
Table 11. Mexico: Smart HVAC Controls Market, by Application – Revenue and Forecast to 2027 (US$ Million)
Table 12. List of AbbreviationLIST OF FIGURES
Figure 1. Smart HVAC Controls Market Segmentation
Figure 2. Smart HVAC Controls Market Segmentation – By Country
Figure 3. North America Smart HVAC Controls Market Overview
Figure 4. Smart Air Vent Type Segment held the Largest Share
Figure 5. Retrofit Implementation Type Segment held the Largest Share
Figure 6. Residential Application Segment held the Largest Share
Figure 7. North America: PEST Analysis
Figure 8. Expert Opinion
Figure 9. Smart HVAC Controls Market: Impact Analysis of Drivers and Restraints
Figure 10. North America Smart HVAC Controls Market – Revenue and Forecast to 2027 (US$ Million)
Figure 11. North America Smart HVAC Controls Market Breakdown, by Product Type, 2019 & 2027 (%)
Figure 12. North America Smart Thermostat Market Revenue and Forecast to 2027 (US$ Million)
Figure 13. North America Smart Air Vent Market Revenue and Forecast to 2027 (US$ Million)
Figure 14. Other Types Market Revenue and Forecast to 2027 (US$ Million)
Figure 15. North America Smart HVAC Controls Market Breakdown, by Implementation Type, 2019 & 2027 (%)
Figure 16. New Construction Market Revenue and Forecast to 2027 (US$ Million)
Figure 17. Retrofit Market Revenue and Forecast to 2027 (US$ Million)
Figure 18. North America Smart HVAC Controls Market Breakdown, by Application, 2019 & 2027 (%)
Figure 19. Residential Market Revenue and Forecast to 2027 (US$ Million)
Figure 20. Commercial Market Revenue and Forecast to 2027 (US$ Million)
Figure 21. Industrial Market Revenue and Forecast to 2027(US$ Million)
Figure 22. North America: Smart HVAC Controls Market Revenue Share, by Key Country (2019 and 2027)
Figure 23. US: Smart HVAC Controls Market – Revenue and Forecast to 2027 (US$ Million)
Figure 24. Canada: Smart HVAC Controls Market – Revenue and Forecast to 2027 (US$ Million)
Figure 25. Mexico: Smart HVAC Controls Market – Revenue and Forecast to 2027 (US$ Million)
Figure 26. Impact of COVID-19 Pandemic in North American Markets
- 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
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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