At 18.8% CAGR, the North America HVAC Controls Market is Projected to be worth US$ 8,613.05 million by 2030, says Business Market Insights

According to Business Market Insights research, the North America HVAC controls market was valued at US$ 2,171.44 million in 2022 and is expected to reach US$ 8,613.05 million by 2030, registering a CAGR of 18.8% from 2022 to 2030. Growth in construction sector and implementation of smart, connected, and energy efficient IOT-enabled HVAC systems are the critical factors attributed to the North America HVAC controls market expansion.

 In Nov 2020, Davis Center Ballroom has premier conference and event destination at Burlington undergone a construction project to reconfigure the HVAC ductwork and replace the HVAC control systems. Such adoptions of HVAC contributing to the growth of HVAC controls market worldwide. Also, the growth of the building industry is attributed to rapidly expanding urban population's desire for a higher standard of living. Moreover, the development of commercial structures, including office buildings, movie theatres, retail malls, and recreational facilities, is accelerating the installation of HVAC systems. A few economies intend to expand their industrial sectors by fostering a welcoming business environment for foreign investors and providing assistance to domestic firms. HVAC system is one of the essential systems in the construction process. Thus, the expansion of construction activities propels the deployment of HVAC systems, which drives the growth of the North America HVAC controls market.

On the contrary, high cost and technical complexities hurdles the growth of North America HVAC controls market.

Based on component, the North America HVAC controls market is bifurcated into hardware and software & services. The hardware segment held 59.6% share of North America HVAC controls market in 2022, amassing US$ 1,293.88 million. It is projected to garner US$ 5,322.23 million by 2030 to expand at 19.3% CAGR during 2022–2030. The hardware segment is further segmented into sensor, controllers, smart vents, and others.

Based on installation type, the North America HVAC controls market is bifurcated into new installation and retrofit. The retrofit segment held 59.8% share of North America HVAC controls market in 2022, amassing US$ 1,298.68 million. It is projected to garner US$ 5,444.29 million by 2030 to expand at 19.6% CAGR during 2022–2030.

Based on system, the North America 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 40.0% share of North America HVAC controls market in 2022, amassing US$ 868.63 million. It is projected to garner US$ 3,772.23 million by 2030 to expand at 20.1% CAGR during 2022–2030.

Based on end user industry, the North America HVAC controls market is segmented into residential, commercial, and industrial. The commercial segment held 53.9% share of North America HVAC controls market in 2022, amassing US$ 1,170.82 million. It is projected to garner US$ 4,950.53 million by 2030 to expand at 19.7% CAGR during 2022–2030.

Based on country, the North America HVAC controls market is segmented into the US, Canada, and Mexico. Our regional analysis states that the US captured 84.3% share of North America HVAC controls market in 2022. It was assessed at US$ 1,830.96  million in 2022 and is likely to hit US$ 7,398.30  million by 2030, exhibiting a CAGR of 19.1% CAGR during 2022–2030.

Key players operating in the North America HVAC controls market report Carrier Global Corporation; DAIKIN INDUSTRIES, Ltd.; Delta Controls; 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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