HVAC Controls Market Size

HVAC Controls Market size was valued at USD 17.49 Billion in 2023 and is expected to exceed USD 55.57 Billion by 2036, registering over 9.3% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of hvac controls is assessed at USD 18.98 Billion. The reason behind the growth is impelled by the increasing ratio of smart homes throughout the world. Smart homes have an impact on daily routines which utilizes a smart home system that can be operated remotely and automate operations to assure constant comfort in the home. This can lead to higher adoption of HVAC systems that can be integrated into home automation systems.

For instance, the proportion of smart homes surpassed around 178 million across the globe in the year 2022. 

The globally rising construction of residential buildings is believed to fuel market growth. A radical increase in worldwide population has been observed which has doubled the construction of residential buildings within the past few decades in various regions of the world. Urban areas have been densely populated as a result of such a massive increase in the construction of residential buildings. Such an increase has been influencing the rise in the demand for HVAC control systems for the smooth functioning of several heating, ventilation, and cooling devices.

For instance, new residential construction in the United States was predicted to soar by approximately USD 89 billion in 2022.