Market Introduction
Strong adoption of the HVAC systems among commercial buildings, homes, and the automotive sector is driving the growth of the Europe HVAC sensors market. The increasing pollution norms and growing concerns toward energy consumption have fueled the adoption of advanced sensors for HVAC systems. Further, companies are developing advanced HVAC sensors to improve the efficiency of HVAC system. For instance, in March 2020, BELIMO, a Switzerland-based company introduced new ultrasonic flow sensors for the HVAC application. These inline flow sensors are equipped with automatic glycol measurement and compensation features for maximizing HVAC system efficiency. The increasing development in the sensors to improve the system efficiency is mounting the growth of the market in the industrial, commercial, and residential sectors. In Europe, the demand for HVAC sensors is propelled by the stringent government regulations for efficient building management systems. Also, the presence of robust automotive manufacturing units in Europe is propelling the demand for HVAC sensors used in automobiles. The governments in the Europe region are focusing on the development of tourism industry and growth of industrial sector, which is expected to boost the demand for HVAC systems in the region.
Furthermore, in case of COVID-19, Europe is highly affected specially the UK. The European HVAC sensors manufacturers experienced a lower demand rate from the European as well as international HVAC system manufacturers. The European semiconductor manufacturers have observed and are also experiencing tough times to supply their products in adequate quantities to respective customers. This is majorly due to the significant disruption in raw material supply chain business. The semiconductor components or sensor manufacturers are witnessing two or more weeks of delay in receiving raw materials, which is pressurizing the manufacturers to slow down the production pace, which is showcasing the declination trend in revenue generation. The UK and France have numerous HVAC systems and HVAC sensors manufacturers, while the Russia has significantly large number of HVAC equipment manufacturers. The emergence of COVID-19 virus has negatively impacted the businesses of European HVAC systems manufacturers as well as HVAC sensors market players. Additionally, the UK, France, Germany, and Italy have been observing the second wave of COVID-19 over the past couple of weeks, which has again compelled the manufacturers to restrict their production unit workforce, resulting in deceleration in HVAC sensors demand.
Market Overview and Dynamics
The Europe HVAC sensors market is expected to grow from US$ 918.96 million in 2019 to US$ 1,527.50 million by 2027; it is estimated to grow at a CAGR of 6.9 % from 2020 to 2027. Growth of smart cities across Europe region is expected to escalate the Europe HVAC sensors market. As smart cities across the European developing countries are still under developing stage, various governments are taking initiatives for the development of smart cities in their respective economies. The initiative of European government toward green and smart cities is adding impetus to the present HVAC industry in the Europe for the development of energy efficient and economical HVAC systems. This has resulted in shifting the focus of HVAC market players to Europe market. Further, the European Commission (EC), under its Smart Cities Initiative aims to significantly promote energy-efficient and low carbon technologies. The increasing focus of governments across Europe for the Smart Cities development is anticipated to further create a demand for HVAC sensors, which will drive the Europe HVAC sensors market during forecast period.
Key Market Segments
In terms of type, the temperature sensors segment accounted for the largest share of the Europe HVAC sensors market in 2019. In terms of end user, the commercial segment held a larger market share of the Europe HVAC sensors market in 2019.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the Europe HVAC sensors market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are BELIMO AIRCONTROLS (USA), INC.; Emerson Electric Co.; Honeywell International Inc.; Johnson Controls, Inc.; Schneider Electric; Senmatic A/S; Sensata Technologies, Inc.; Sensirion AG; Siemens AG; TE Connectivity Ltd.
Reasons to buy report
Europe HVAC Sensors Market Segmentation
Europe HVAC Sensors Market - By Type
Europe HVAC Sensors Market - By End User
Europe HVAC Sensors Market - By Country
Europe HVAC Sensors Market - Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2019 | US$ 918.96 Million |
| Market Size by 2027 | US$ 1,527.50 Million |
| CAGR (2020 - 2027) | 6.9 % |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Type
|
| Regions and Countries Covered |
Europe
|
| Market leaders and key company profiles |
|
The Europe HVAC Sensors Market is valued at US$ 918.96 Million in 2019, it is projected to reach US$ 1,527.50 Million by 2027.
As per our report Europe HVAC Sensors Market, the market size is valued at US$ 918.96 Million in 2019, projecting it to reach US$ 1,527.50 Million by 2027. This translates to a CAGR of approximately 6.9 % during the forecast period.
The Europe HVAC Sensors Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Europe HVAC Sensors Market report:
The Europe HVAC Sensors Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Europe HVAC Sensors Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Europe HVAC Sensors Market value chain can benefit from the information contained in a comprehensive market report.
Please tell us your area of interest
(Market Segments/ Regions and Countries/ Companies)
E 1803, Panchshil Towers,
Wagholi, Haveli,
Pune - 412207,
Maharashtra, India
US:+16467917070
sales@businessmarketinsights.com
Get Free Sample For Europe HVAC Sensors Market
