Report : HVAC Sensors Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Type (Temperature Sensors, Humidity Sensors, Pressure & Flow Sensors, Motion Sensors, Smoke & Gas Sensors, and Others) and End User (Residential, Commercial, and Industrial)
Asia Pacific to Hold Largest Share in HVAC Sensors Market during 2020–2027
According to our latest market study on “HVAC Sensors Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Type (Temperature Sensors, Humidity Sensors, Pressure & Flow Sensors, Motion Sensors, Smoke & Gas Sensors, and Others) and End User (Residential, Commercial, and Industrial),” the market was valued at US$ 3,222.20 million in 2019 and is projected to reach US$ 5,264.70 million by 2027; it is expected to grow at a CAGR of 6.7% from 2020 to 2027. The report highlights the key factors driving the market growth and prominent players with their developments in the market.
The growth of the global HVAC sensors market is mainly attributed to robust growth in construction sector in developed and developing nations. HVAC sensors are commonly used in applications such as room, duct, cable, immersion, wall, and others. The various application areas are expected to play a significant role in future. This rapid growth of the construction sector is attributed to the rising urban population demanding better standard of living. Further, the rise in commercial construction such as shopping malls, recreational centers, cinema halls, and office buildings is boosting the installation of HVAC systems.
Requirement for automatic and well-regulated air-conditioning in automobiles is constantly growing. The advancement in HVAC sensors used in automobiles enables zone-wise climate control and provides protection from external harmful gases and odor. Moreover, the automotive manufacturers are making constant efforts to further improve the vehicle comfort concerning climate. For instance, the integration of carbon-dioxide (CO2) sensors in automotive HVAC systems is one of the significant developments in the automotive HVAC systems market. According to Organisation Internationale des Constructeurs d'Automobiles (OICA), ~91.3 million vehicles were sold across the world in 2019. These developments coupled with rising automotive sales are propelling the growth of the HVAC sensors market.
Surge in Demand for Smart HVAC Systems is Creating Business Opportunities to Market Players
The HVAC industry is growing at a faster rate in North America, Europe, and Asia Pacific with an advent of supporting IoT sensors. China, India, the US, Germany, and the UK are among the countries that are strongly adopting HVAC systems. Further, rising demand from South Asian countries is strongly supporting the market growth. For instance, according to IEA report, the Southeast Asia is expected to reach the consumption of 300 million units by 2040. The increasing pollution and rising demand for energy-saving smart technologies, such as smart HVAC systems, are expected to accelerate the market growth during the forecast period.
The report segments the global HVAC sensors market as follows: