North America Smart HVAC Controls Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Product Type (Smart Thermostat, Smart Air Vent, and Others), Implementation Type (New Construction and Retrofit), and Application (Residential, Commercial, and Industrial)
Market Introduction
Smart heating, ventilation, and air conditioning (HVAC) systems is an integral part of facilities and smart buildings management. Smart HVAC controls offers a wide range of sensors and advanced control technologies which helps detect operational needs of buildings. Rising penetration of the Internet of Things (IoT) is one of the major factors contributing to the growth of the smart HVAC controls market, as nowadays, the manufacturers are integrating IoT technology with HVAC systems. Manufacturers program the systems to work with other linked systems, such as door locks and powered window shades, in real-time. Increasing connectivity of machine to machine (M2M) is encouraging users to use HVAC units with intelligent machine systems. In addition, companies use components, such as sensors, to collect real-time data and monitor indoor environmental conditions to enhance the user experience. Increasing use of intelligent sensor technology would propel the demand for smart HVAC controls during the forecast period. However, the lack of awareness of potential benefits of smart HVAC controls and associated costs of installation and maintenance may hinder the market growth.
Furthermore, the governments' energy management initiatives for environmental degradation are also expected to propel the North America smart HVAC controls market growth. Regulations have been introduced in several countries to ensure that buildings have smart heating and cooling systems to enhance their energy efficiency. According to a study conducted by the American Council for an Energy-Efficient Economic, the use of smart HVAC saves energy cost by approx. 5–15%. Also, a large number of well-funded startups is offering innovative HVAC solutions and services. With the presence of leading manufacturers—such as Daikin North America LLC, Honeywell International Inc., and Lennox International—focused on the R&D and production of smart HVAC controls, the US is expected to dominate the smart HVAC controls market in North America during the forecast period.
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Market Overview and Dynamics
The North America smart HVAC controls market was valued at US$ 2,743.4 million in 2019 and is expected to grow at a CAGR of 9.2% during the forecast period of 2020 to 2027 to reach US$ 5,471.0 million by 2027.
The rising importance of indoor air quality and load reduction is one of the major factors expected to drive the North America smart HVAC controls market during the forecast period. Moreover, the positive impact of codes and standards is another major factor driving the growth of smart HVAC controls market.
In North America, the US, Canada, and Mexico are major economies. The region is witnessing growth in its manufacturing and construction industries. The tech-giants are continuously contributing to technological advancements, which has created a stir in the competitive market across the region. The region's population is more inclined toward technological developments due to high spending power. The companies in this region are continuously enhancing their overall business processes to meet customer demand for high-quality products and services efficiently.
The US dominated the smart HVAC controls market in 2019 and is expected to dominate the market with the largest share during the forecast period. The growth of the smart HVAC controls market in the US is mainly driven by the considerable growth of several new HVAC based equipment manufacturing companies each year, which are funded by several capitalists, thereby increasing the market scope. Further, the federal government focuses on bringing back the manufacturing companies to the US, which are shifted overseas to achieving cost-competitiveness. The government announced its plans to provide tax cuts to manufacturers with facilities in the US and impose higher tariffs on overseas manufacturers. These initiatives by government would further boost the country's manufacturing industry's growth, which would accelerate the smart HVAC controls market in the US during the forecast period.
Key Market Segments
Based on product type, in 2019, the smart air vent segment held the largest share of the North America smart HVAC controls market. Smart thermostats use door sensors and high precision motion to save energy by switching off automatically when residents are sleeping or are outside the home. In addition, smart thermostat helps find perfect climate in the room and ensures optimal home energy consumption. Furthermore, increasing adoption of digitalization could save around 10% of total energy consumption in commercial and residential buildings by 2040, according to the International Energy Agency (IEA). This has gradually led to an increase in number of automated buildings, resulting in expanding the smart HVAC controls market.
In terms of implementation type, the retrofit segment contributed a substantial share in 2019. Increased product launches and developments contribute to the growth of the North America smart HVAC controls market for the retrofit segment. For example, Siemens RDS110.R—the wireless smart thermostat and its accessories—represents a new heating control retrofit solution for light commercial and residential buildings. Such product portfolios are likely to drive the market growth for the retrofit segment during the forecast period.
Based on application, in 2019, the residential segment held the largest share of the North America smart HVAC controls market. Due to airtight building infrastructure with inefficient ventilation systems, the adoption rate of smart HVAC controls is significantly increasing in order to reduce health issues. Furthermore, due to increasing use of these systems integrated with smart homes, the residential segment is expected to gain momentum during the forecast period.
Major Sources and Companies Listed
A few of the major primary and secondary sources referred to while preparing this report on the North America smart HVAC controls market are company websites, annual reports, financial reports, national government documents, and statistical database. Major companies listed in the smart HVAC controls market report are Honeywell International Inc.; Siemens AG; DAIKIN INDUSTRIES, Ltd.; Carrier Global Corporation; Emerson Electric Co.; Haier Group Corporation; Hitachi, Ltd.; LG Electronics; Lennox International Inc.; and Trane Technologies plc.
Reasons to Buy Report
- To understand the North America smart HVAC controls market landscape and identify market segments that are most likely to guarantee a strong return
- To stay ahead of the race by comprehending the ever-changing competitive landscape for the market
- To efficiently plan M&A and partnership deals in the market by identifying market segments with the most promising probable sales
- To make knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segments in the market
- To obtain North America smart HVAC controls market revenue forecast by various segments from 2020–2027
North America Smart HVAC Controls Market Segmentation
By Implementation Type
- New Construction
- Retrofit
By Application
Company Profiles
- Honeywell International Inc.
- Siemens AG
- DAIKIN INDUSTRIES, Ltd.
- Carrier Global Corporation
- Emerson Electric Co.
- Haier Group Corporation
- Hitachi, Ltd.
- LG Electronics
- Lennox International Inc.
- Trane Technologies plc
TABLE OF CONTENTS
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 Smart HVAC Controls Market – By Product Type
1.3.2 Smart HVAC Controls Market – By Implementation Type
1.3.3 Smart HVAC Controls Market – By Application
1.3.4 Smart HVAC Controls Market- By Country
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Smart HVAC Controls Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America
4.3 Expert Opinion
4.4 Ecosystem Analysis
5. Smart HVAC Controls –Market Dynamics
5.1 Market Drivers
5.1.1 Rise in Importance of Indoor Air Quality and Load Reduction
5.1.2 Positive Impact of Codes and Standards on Market Growth
5.2 Market Restraints
5.2.1 Lack of Awareness and High Cost Expenditure
5.3 Market Opportunities
5.3.1 Growing Demand for Cloud Computing in HVAC
5.4 Future Trends
5.4.1 Continuous Advancements in Smart HVAC Control Solutions
5.5 Impact Analysis of Drivers and Restraints
6. Smart HVAC Controls Market – North America Analysis
6.1 North America Smart HVAC Controls Market Overview
6.2 North America Smart HVAC Controls Market – Revenue and Forecast to 2027 (US$ Million)
6.3 Market Positioning – Five Key Players
7. Smart HVAC Controls Market Analysis – By Product Type
7.1 Overview
7.2 North America Smart HVAC Controls Market Breakdown, by Product Type, 2019 & 2027
7.3 Smart Thermostat
7.3.1 Overview
7.3.2 Smart Thermostat Market Revenue and Forecast to 2027 (US$ Million)
7.4 Smart Air Vent
7.4.1 Overview
7.4.2 Smart Air Vent Market Revenue and Forecast to 2027 (US$ Million)
7.5 Other Types
7.5.1 Overview
7.5.2 Other Types Market Revenue and Forecast to 2027 (US$ Million)
8. Smart HVAC Controls Market Analysis – By Implementation Type
8.1 Overview
8.2 North America Smart HVAC Controls Market Breakdown, by Implementation Type, 2019 & 2027
8.3 New Construction
8.3.1 Overview
8.3.2 New Construction Market Revenue and Forecast to 2027 (US$ Million)
8.4 Retrofit
8.4.1 Overview
8.4.2 Retrofit Market Revenue and Forecast to 2027 (US$ Million)
9. Smart HVAC Controls Market Analysis – By Application
9.1 Overview
9.2 North America Smart HVAC Controls Market Breakdown, by Application, 2019 & 2027
9.3 Residential
9.3.1 Overview
9.3.2 Residential Market Revenue and Forecast to 2027 (US$ Million)
9.4 Commercial
9.4.1 Overview
9.4.2 Commercial Market Revenue and Forecast to 2027 (US$ Million)
9.5 Industrial
9.5.1 Overview
9.5.2 Industrial Market Revenue and Forecast to 2027 (US$ Million)
10. Smart HVAC Controls Market – By Country Analysis
10.1.1 North America: Smart HVAC Controls Market, by Key Country
10.1.1.1 US: Smart HVAC Controls Market – Revenue and Forecast to 2027 (US$ Million)
10.1.1.1.1 US: Smart HVAC Controls Market, by Product Type
10.1.1.1.2 US: Smart HVAC Controls Market, by Implementation Type
10.1.1.1.3 US: Smart HVAC Controls Market, by Application
10.1.1.2 Canada: Smart HVAC Controls Market – Revenue and Forecast to 2027 (US$ Million)
10.1.1.2.1 Canada: Smart HVAC Controls Market, by Product Type
10.1.1.2.2 Canada: Smart HVAC Controls Market, by Implementation Type
10.1.1.2.3 Canada: Smart HVAC Controls Market, by Application
10.1.1.3 Mexico: Smart HVAC Controls Market – Revenue and Forecast to 2027 (US$ Million)
10.1.1.3.1 Mexico: Smart HVAC Controls Market, by Product Type
10.1.1.3.2 Mexico: Smart HVAC Controls Market, by Implementation Type
10.1.1.3.3 Mexico: Smart HVAC Controls Market, by Application
11. Smart HVAC Controls Market- COVID-19 Impact Analysis
11.1 Overview
11.2 North America
12. Smart HVAC Controls Market-Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 New Product Development
13. Company Profiles
13.1 Carrier Global Corporation
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 DAIKIN INDUSTRIES, Ltd.
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Honeywell International Inc.
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 Emerson Electric Co.
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 Siemens AG
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 Haier Group Corporation
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 Hitachi, Ltd.
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 Lennox International Inc.
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 LG Electronics
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
13.10 Trane Technologies plc
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Products and Services
13.10.4 Financial Overview
13.10.5 SWOT Analysis
13.10.6 Key Developments
14. Appendix
14.1 About The Insight Partners
14.2 Word IndexLIST OF TABLES
Table 1. North America Smart HVAC Controls Market – Revenue and Forecast to 2027 (US$ Million)
Table 2. North America Smart HVAC Controls Market, by Country – Revenue and Forecast to 2027 (USD Million)
Table 3. US: Smart HVAC Controls Market, by Product Type –Revenue and Forecast to 2027 (US$ Million)
Table 4. US: Smart HVAC Controls Market, by Implementation Type –Revenue and Forecast to 2027 (US$ Million)
Table 5. US: Smart HVAC Controls Market, by Application –Revenue and Forecast to 2027 (US$ Million)
Table 6. Canada: Smart HVAC Controls Market, by Product Type – Revenue and Forecast to 2027 (US$ Million)
Table 7. Canada: Smart HVAC Controls Market, by Implementation Type – Revenue and Forecast to 2027 (US$ Million)
Table 8. Canada: Smart HVAC Controls Market, by Application – Revenue and Forecast to 2027 (US$ Million)
Table 9. Mexico: Smart HVAC Controls Market, by Product Type – Revenue and Forecast to 2027 (US$ Million)
Table 10. Mexico: Smart HVAC Controls Market, by Implementation Type – Revenue and Forecast to 2027 (US$ Million)
Table 11. Mexico: Smart HVAC Controls Market, by Application – Revenue and Forecast to 2027 (US$ Million)
Table 12. List of AbbreviationLIST OF FIGURES
Figure 1. Smart HVAC Controls Market Segmentation
Figure 2. Smart HVAC Controls Market Segmentation – By Country
Figure 3. North America Smart HVAC Controls Market Overview
Figure 4. Smart Air Vent Type Segment held the Largest Share
Figure 5. Retrofit Implementation Type Segment held the Largest Share
Figure 6. Residential Application Segment held the Largest Share
Figure 7. North America: PEST Analysis
Figure 8. Expert Opinion
Figure 9. Smart HVAC Controls Market: Impact Analysis of Drivers and Restraints
Figure 10. North America Smart HVAC Controls Market – Revenue and Forecast to 2027 (US$ Million)
Figure 11. North America Smart HVAC Controls Market Breakdown, by Product Type, 2019 & 2027 (%)
Figure 12. North America Smart Thermostat Market Revenue and Forecast to 2027 (US$ Million)
Figure 13. North America Smart Air Vent Market Revenue and Forecast to 2027 (US$ Million)
Figure 14. Other Types Market Revenue and Forecast to 2027 (US$ Million)
Figure 15. North America Smart HVAC Controls Market Breakdown, by Implementation Type, 2019 & 2027 (%)
Figure 16. New Construction Market Revenue and Forecast to 2027 (US$ Million)
Figure 17. Retrofit Market Revenue and Forecast to 2027 (US$ Million)
Figure 18. North America Smart HVAC Controls Market Breakdown, by Application, 2019 & 2027 (%)
Figure 19. Residential Market Revenue and Forecast to 2027 (US$ Million)
Figure 20. Commercial Market Revenue and Forecast to 2027 (US$ Million)
Figure 21. Industrial Market Revenue and Forecast to 2027(US$ Million)
Figure 22. North America: Smart HVAC Controls Market Revenue Share, by Key Country (2019 and 2027)
Figure 23. US: Smart HVAC Controls Market – Revenue and Forecast to 2027 (US$ Million)
Figure 24. Canada: Smart HVAC Controls Market – Revenue and Forecast to 2027 (US$ Million)
Figure 25. Mexico: Smart HVAC Controls Market – Revenue and Forecast to 2027 (US$ Million)
Figure 26. Impact of COVID-19 Pandemic in North American Markets
- Carrier Global Corporation
- DAIKIN INDUSTRIES, Ltd.
- Honeywell International Inc
- Emerson Electric Co.
- Siemens AG
- Haier Group Corporation
- Hitachi, Ltd.
- Lennox International Inc.
- LG Electronics
- Trane Technologies plc