Report : Europe HVAC Controls Market Forecast to 2030 - Regional Analysis - by Component (Hardware and Software & Services), Installation Type (New Installation and Retrofit), System (Temperature Control System, Humidity Control System, Ventilation Control System, and Integrated Control System), and End User (Residential, Commercial, and Industrial)
At 19.6% CAGR, the Europe HVAC Controls Market is Speculated to be worth US$ 7,582.79 million by 2030, says Business Market Insights
According to Business Market Insights research, the Europe HVAC controls market was valued at US$ 1,815.69 million in 2022 and is expected to reach US$ 7,582.79 million by 2030, registering a CAGR of 19.6% from 2022 to 2030. Implementation of smart, connected, and energy efficient IOT-enabled HVAC systems and development of smart cities are the critical factors attributed to the Europe HVAC controls market expansion.
Lighting and HVAC systems use the most energy in commercial or residential buildings. Air conditioners and electric fans contribute to ~20% of the total electricity consumption in a building. As per a report by International Energy Agency (IEA), the energy demand from air conditioners is expected to grow three times by 2050. Implementation of IoT into HVAC systems enables remote appliance control and significantly better customer-centric services. Main advantage of integrating IoT in the energy sector is the operational insight into HVAC appliances and techniques to reduce energy usage significantly. HVAC contractors can get their devices to monitor occupancy inside the building by combining smart devices with motion sensors. The system might recommend that the customer dial down the heating (or cooling) to save energy through an app message when there is no movement for an extended time inside the building. Moreover, the controls use the most recent networking and AI technologies, enabling them to gradually learn the preferences of the tenants and adapt to their comfort requirements. HVAC manufacturers aim to grow their market share by offering consumers intelligent HVAC solutions. Implementation of machine-to-machine (M2M) connectivity with IoT in various applications supports cost savings, resource conservation, predictive maintenance, comfort control, and healthy building performance. As a result, there is a higher need for IoT-based HVAC control systems. Thus, implementation of smart, connected, and energy-efficient IoT-enabled HVAC systems bolsters the Europe HVAC controls market growth.
On the contrary, high cost and technical complexities hurdles the growth of Europe HVAC controls market.
Based on component, the Europe HVAC controls market is bifurcated into hardware and software & services. The hardware and software segment held 61.0% share of Europe HVAC controls market in 2022, amassing US$ 1,107.53 million. It is projected to garner US$ 4,784.47 million by 2030 to expand at 20.1% CAGR during 2022–2030. The hardware segment is further segmented into sensor, controllers, smart vents, and others.
Based on installation type, the Europe HVAC controls market is bifurcated into new installation and retrofit. The retrofit segment held 67.4% share of Europe HVAC controls market in 2022, amassing US$ 1,223.52 million. It is projected to garner US$ 5,317.68 million by 2030 to expand at 20.2% CAGR during 2022–2030.
Based on system, the Europe HVAC controls market is segmented into temperature control system, humidity control system, ventilation control system, and integrated control system. The temperature control system segment held 38.6% share of Europe HVAC controls market in 2022, amassing US$ 700.97 million. It is projected to garner US$ 3,212.55 million by 2030 to expand at 21.0% CAGR during 2022–2030.
Based on end user industry, the Europe HVAC controls market is segmented into residential, commercial, and industrial. The commercial segment held 57.2% share of Europe HVAC controls market in 2022, amassing US$ 1,038.62 million. It is projected to garner US$ 4,579.14 million by 2030 to expand at 20.4% CAGR during 2022–2030.
Based on country, the Europe HVAC controls market is segmented into the UK, Germany, France, Italy, Russia, and the Rest of Europe. Our regional analysis states that the UK captured 30.1% share of Europe HVAC controls market in 2022. It was assessed at US$ 545.98 million in 2022 and is likely to hit US$ 2,543.95 million by 2030, exhibiting a CAGR of 21.2% during 2022–2030.
Key players operating in the Europe HVAC controls market report Carrier Global Corporation; DAIKIN INDUSTRIES, Ltd.; Acuity Brands, Inc.; Emerson Electric Co.; Honeywell International Inc.; Johnson Controls, Inc.; Schneider Electric SE; Siemens AG; and Lennox International Inc., among others.
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