At 16.2% CAGR, the South & Central America HVAC Controls Market is Projected to be worth US$ 1,059.86 million by 2030, says Business Market Insights

According to Business Market Insights research, the South & Central America HVAC controls market was valued at US$ 318.66 million in 2022 and is expected to reach US$ 1,059.86 million by 2030, registering a CAGR of 16.2% from 2022 to 2030. Advancement in green technology and Rising adoption of cloud computing in HVAC are the critical factors attributed to the South & Central America HVAC controls market expansion.

The South & Central America HVAC controls market is undergoing a transformative shift driven by the integration of green technologies. With the rise of geothermal systems and smart thermostats, a shift is seen in the market. A sustainable approach to real estate development is becoming imperative, prompting HVAC professionals and property owners to prioritize environmentally friendly solutions. Energy efficiency has emerged as a paramount concern for both HVAC experts and consumers. This has sparked a growing interest in energy-efficient systems that promise substantial future cost savings. The trajectory of the HVAC industry is set to be shaped by the expansion of systems utilizing alternative heating fuels like electricity and hydrogen. This shift is fueled by heightened consumer awareness of environmental issues and the demand for eco-friendly products. Prominent manufacturers, including Daikin and Carrier, are actively pursuing cleaner solutions to cater to environmentally conscious consumers. Carrier's Hybrid Heat System, for instance, seamlessly integrates advanced control technology with versatile heat sources, allowing the system to dynamically switch between energy sources based on external weather conditions. Furthermore, governments are taking initiatives behind eco-initiatives, endorsing eco-friendly HVAC systems. Thus, the trajectory of the South & Central America HVAC controls market is directed towards an increasingly green future. As green technologies continue to shape the industry, demand for HVAC controls is anticipated to surge in the forthcoming years, driven by the imperative of energy efficiency and sustainable practices.

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

Based on component, the South & Central America HVAC controls market is bifurcated into hardware and software & services. The hardware segment held 67.5% share of South & Central America HVAC controls market in 2022, amassing US$ 215.16 million. It is projected to garner US$ 734.34 million by 2030 to expand at 16.6% CAGR during 2022–2030. The hardware segment is further segmented into sensor, controllers, smart vents, and others.

Based on installation type, the South & Central America HVAC controls market is bifurcated into new installation and retrofit. The retrofit segment held 77.4% share of South & Central America HVAC controls market in 2022, amassing US$ 246.50 million. It is projected to garner US$ 840.07 million by 2030 to expand at 16.6% CAGR during 2022–2030.

Based on system, the South & Central 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 48.1% share of South & Central America HVAC controls market in 2022, amassing US$ 153.12 million. It is projected to garner US$ 540.47 million by 2030 to expand at 17.1% CAGR during 2022–2030.

Based on end user industry, the South & Central America HVAC controls market is segmented into residential, commercial, and industrial. The commercial segment held 65.4% share of South & Central America HVAC controls market in 2022, amassing US$ 208.34 million. It is projected to garner US$ 717.68 million by 2030 to expand at 16.7% CAGR during 2022–2030.

Based on country, the South & Central America HVAC controls market is segmented into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil captured 61.4% share of South & Central America HVAC controls market in 2022. It was assessed at US$ 195.58 million in 2022 and is likely to hit US$ 686.47 million by 2030, exhibiting a CAGR of 17.0% during 2022–2030.

Key players operating in the South & Central America HVAC controls market report Carrier Global Corporation; DAIKIN INDUSTRIES, Ltd.; Emerson Electric Co.; Honeywell International Inc.; Johnson Controls, Inc.; Schneider Electric SE; Siemens AG; and Lennox International Inc., among others.