The HVAC Sensors Market is expected to reach $2,407.41 million by 2023 at a CAGR of 5.10%.
Asia Pacific Will Dominate the HVAC Sensors Market: ď‚— Asia Pacific will dominate the HVAC Sensors Market in the coming
years. It is expected to reach $ 1,068.65 million at a CAGR of 5.89 %. China is the largest manufacturer of HVAC products across the globe. This is due to the presence of many manufacturing industries. ď‚— Growing infrastructural developments in different industries along
with government initiatives are driving the demand for the HVAC sensors in the country. India is the fastest growing region for HVAC sensors due to the growth of construction activities in the infrastructural and real estate sector. Japan is the second largest manufacturer of HVAC systems in Asia Pacific region. In South Korea, many leading industries have established their production facilities in the region. This factor enhances the growth of temperature sensors in South Korea.
Selected Regulatory Analysis Done in the Full Report: ď‚— The commercial segment will dominate the HVAC Sensors Market in
the coming years. In 2017, this segment earned revenue of $686.09 million. It will reach $879.18 million by 2023 at a CAGR of 4.22%. ď‚— The commercial HVAC sensors can be used for larger capacity
installation with central air conditioning and ducted systems that need various sensors to maintain the required temperature in commercial buildings. A commercial building can be made energy efficient with the help of HVAC sensors in the HVAC equipment along with the heating and cooling systems. The factors responsible for the growth of HVAC tools in the commercial segment include strict regulations, reduction in prices, and increase in consumer spending.
Selected Driving Factors Mentioned in the Full Report ď‚— Growth of consumer electronics, automotive, and
construction sectors spur the demand for the temperature control sensor. This demand is seen in developed countries due to the rise in population and increasing urbanisation. ď‚— Rise in the consumer spending and growing urbanisation
drives the growth of the HVAC sensors. ď‚— Increasing demand for air conditioners in passenger cars
elevates the growth of the temperature sensors in the coming years.
Key Players of the HVAC Sensors Market : Johnson Controls and Honeywell International are the dominant players in the HVAC Sensors Market during the forecast period. Siemens AG Company is the third largest company in the market. Johnson Controls provides energy efficient solutions, integrated infrastructure, and intelligent buildings.
It has formed a joint venture with Hitachi Appliances to improve the performance of their air conditioning products. Honeywell International is an American company that manufactures consumer and commercial products and offers different services. Siemens AG Company is the largest engineering company in Europe. It offers
products and services in power and gas, power generation services, energy management, and building technologies. Download Sample Report Contact : sales@industryarc.com
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