HVAC Controls Market Trends

Growth Drivers

• Global Effect of Climate Change– The massive rise in industrialization and urbanization has increased the ratio of carbon emissions in the environment. The issue of carbon has doubled the problem of climatic change within the past few decades. Owing to rising temperatures and the unpredictability of the weather, HVAC equipment has become a utility rather than a luxury, which is anticipated to fuel the market growth during the projected time frame. For instance, the earth's surface temperature in 2020 was about 0.97 Celsius degrees higher than it was on average during the 20th century.
• Escalating Adoption of Smart Thermostats- A smart thermostat is completely a Wi-Fi-enabled device that can manage and control the heating and cooling of a smart home for optimal performance and tracking of energy consumption. As of these multiple advantages the integration of smart thermostats has been growing in residential, and commercial spaces, which is also projected to skyrocket market growth in the coming years. According to a survey statistic, in Germany, approximately 18% of homes had fitted smart thermostats by 2021.

Challenges

• Associated Complexities in Upgradation of HVAC Control Systems - HVAC controls have varied types of sensors and equipment that regulate airflow, temperature, and so on. Such complex configuration is also very sensitive to electrical issues. Thus, such complexities make it difficult to upgrade the existing HVAC control systems, which is estimated to hinder market growth in the coming years. 
• High Cost of HVAC Controls
• Lack of Skilled Professionals for Appropriate Installation and Retrofitting of HVAC Controls