The global HVAC sensor market was valued at $ 3,222. 20 million in 2019 and is expected to reach $ 5,264. 70 million by 2027; It is expected to grow at a CAGR of 6.7% over the 2020-2027 period.
New York, March 23, 2021 (GLOBE NEWSWIRE) – Reportlinker.com Announces the Release of the report “HVAC Sensors Market Forecast to 2027 – Impact of COVID-19 and Global Analysis by Type and End-User” – https: // www. reportlinker.com/p06038335/?utm_source=GNW
Due to geographic location, the HVAC sensor market is segmented into North America, Europe, APAC, MEA and SAM. APAC dominated the market in 2019 due to factors such as varied climatic conditions, increasing population, increasing spending ability of people and availability of affordable systems and rapid urbanization in APAC’s developing countries.
The presence of various manufacturers of HVAC systems and sensors in countries such as China and India also affects the demand for HVAC sensors in the region.
The growing population in the area and the growing economic capabilities of various nations have encouraged the adoption of HVAC systems. The increasing introduction of air conditioning in Southeast Asia offers market participants a great opportunity. According to the IEA report, only 15% of households in Southeast Asia had air conditioning in November 2019, which indicates great potential for market participants. The factors such as rising individual incomes and rising temperatures are driving the adoption of HVAC systems. According to the IEA report, the Southeast Asian region is expected to reach consumption of 300 million units by 2040. The increasing pollution and demand for energy-saving smart technologies such as intelligent HVAC systems is expected to accelerate the market growth over the forecast period. In addition, companies in the market continue to improve their solution offerings, which complements the market growth. For example, the company Delta offers O3 zone control systems for smart buildings that are equipped with a new O3 sensor hub to control HVAC, smart lighting, access control and other systems in the specific zones. Such a development in the range of intelligent building solutions offers a lucrative opportunity for market growth.
The HVAC sensor market is segmented by type, end-user, and geography. Based on Type, the market is segmented into Temperature Sensors, Humidity Sensors, Pressure and Flow Sensors, Motion Sensors, Smoke and Gas Sensors, and others.
The demand for efficient HVAC systems is gradually increasing due to rising electricity prices around the world. The DoE estimates that HVAC accounts for ~ 45% of the average household electricity bill.
According to the National Electrical Manufacturers Association (NEMA), ~ 45% of the US government’s energy is used by HVAC systems in buildings. An HVAC system regulates and monitors pressure, temperature and air quality.
The sensor is an important component of any HVAC system that maintains the indoor climate and increases the efficiency of these systems. In addition, these sensors are integrated into HVAC systems to control building automation.
According to the Electronic Components Industry Association (ECIA), the occurrence of the COVID-19 outbreak has resulted in delays in product release, disruption to supply chain events, and other activities in the industry. Several manufacturers temporarily put the production units in production units due to reduced demand for the product due to lockdown measures and limited manufacturing resources.
Manufacturers of various electronics and semiconductor products, such as sensors, experience a significant delay in lead times, which has weakened the supply chain. All of these factors hinder the HVAC sensor market.
The overall size of the HVAC Sensors market has been derived using both primary and secondary sources. To begin the research process, extensive desk research was carried out using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves to provide an overview and forecast for the HVAC Sensors market in relation to all segments. In addition, several primary interviews with industry participants and commentators were carried out to validate the data and gain more analytical insights into the topic.
Participants in this process include industry experts such as vice presidents, business development managers, market intelligence managers and national sales managers, as well as external consultants such as valuation experts, research analysts and key opinion leaders specializing in the HVAC sensor market. Some key companies featured in the report are Emerson Electric Co., Belimo Aircontrols (USA) Inc., Honeywell International Inc., Johnson Control, Schneider Electric, Semantic AS, Sensata Technologies Inc., Sensiron AG, Siemens AG, and TE Connectivity. Various other market players are analyzed who are contributing significant revenues to the growth of the HVAC Sensors market.
Read the full report: https://www.reportlinker.com/p06038335/?utm_source=GNW
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