According to the latest research report titled “HVAC Sensors Market Forecast to 2027 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 5,264.70 million by 2027, registering a CAGR of 6.7% during 2020–2027.
Increasing Demand for HVAC Sensors from Residential Sector to Drive Market Growth
Sensor is a vital component of any HVAC system that maintains an indoor climate and increases the efficiency of these systems. Moreover, these sensors are integrated into HVAC systems for building automation controls. The commercial HVAC systems integrate higher number of sensors to maintain the desired parameters for a larger space, which is major driver for the commercial segment. The residential AC manufacturers are developing new models with advanced HVAC sensors to benefit the customers in offering best-in-class products. Countries such as India, China, the UAE, and Taiwan are strongly expanding their range of HVAC systems, which is creating strong growth opportunities for the HVAC sensors market players. The HVAC sensors enable manufacturers to offer advancements such as improved temperature sensing, pressure sensing, and air quality improvement in HVAC systems.
The market players are offering advanced sensors for new HVAC systems and retrofit sensing solutions for existing systems to improve their performance. For instance, in November 2020, Honeywell International Inc. introduced a new line of indoor air quality sensors (IAQ) and electronic air cleaners (EACs) with UV systems. The IAQ sensors integrated in the HVAC system improve the air quality of indoor spaces. These IAQ sensors are also suitable for retrofit installation in an existing HVAC system in buildings.
In October 2018, Emerson company surveyed to evaluate the importance of HVAC systems in residential and commercial places. As per the survey, 76% of the respondents say that they aren’t comfortable in their own homes owing to zoning, indoor air quality, and humidity. This survey depicts that there is a great opportunity for commercial and residential HVAC contractors to offer an enhanced solution for customers. Thus, the residential sector has a strong demand for an HVAC system, which offers lucrative opportunities for the HVAC sensors.
Key Findings of Study:
• Companies from different regions are forming partnerships to develop advanced HVAC systems with the integration of advanced sensors. With the increasing adoption of HVAC systems, consumption of sensors is also increasing. For instance, Siemens Smart Infrastructure unit formed a partnership with Auto-Info to develop COVID-19 mobile testing units with a rapid test lab. The lab will be equipped with Siemens’s flexible and scalable HVAC control solution.
• Growing demand for air conditioning systems in Asian countries is expected to boost the growth of the HVAC sensors market during the forecast period by creating demand for HVAC Sensors. For instance, according to the IEA report, China produced the 70% of the world’s room air conditioners in June 2019. Also, the demand for space cooling in buildings is increasing at 13% per year since 2000. Such increased production and consumption of air-cooling technologies is supplementing the HVAC sensors market growth in China.
• The advent of smart buildings and smart homes in Europe propels the growth of the HVAC sensors market in the region. The construction industry has already started to shift toward smart systems to improve energy efficiency. Commercial and residential buildings are experiencing increased productivity in HVAC systems with smart technologies, which is accelerating the growth of the HVAC sensors market. The market has a significant growth in Europe owing to the presence of leading sensor manufacturers such as Siemens AG; Johnson Controls, Inc.; Schneider Electric; TE Connectivity Ltd; and Sensirion AG.