HVAC Sensor Market Size (2023 - 2030)

The global HVAC Sensor market size was worth USD 15.2 billion in 2022 and is projected to reach USD 25.8 billion by 2030 with a CAGR of 9.8% during 2023 - 2030. 

Heating Ventilating and Air Conditioning (HVAC) sensor systems are most commonly used for reducing energy consumption. Sensors are inserted into the device that the state of temperature. HVAC sensors are the most commonly used as it compares the input temperature of the room or buildings. HVAC sensors manage to regulate and monitor various devices like air temperature, quality in office buildings and homes, and pressure. 

Market Drivers

Factors driving the HVAC sensor market include increasing demand for cloud computing in HVAC, rising strong growth in the construction field, especially in developed and developing nations. The booming urban population needs a superior standard of living which results in construction growth escalates the HVAC sensor market growth globally. The demand for HVAC sensors and controls is increasing due to the execution of advanced technology smart devices boost the market growth. 

The rising need for developing sensors to upgrade the efficiency of the system escalates the growth across the residential, commercial, and industry sectors. The quick emergence of IoT enabled HVAC systems to propel the HVAC Sensors market growth. Moreover, growing pollution and increasing demand for energy-saving smart technologies like HVAC smart sensors stimulate the market growth during the forecast period. 

Market Restrains

Executing HVAC systems among the developed countries is highly increasing due to the high cost associated with implementing the systems. Also, a lack of knowledge about HVAC standards restrains the HVAC sensors market growth during the timeline period.

COVID-19 Impact on HVAC Sensor Market

With the recent outbreak of novel coronavirus (COVID-19), the world is experiencing an unprecedented challenge. The World Health Organization (WHO) has announced emergency public health. However, the HVAC Sensor market has experienced unusual growth during the pandemic period. The pandemic is hindering the HVAC equipment supply and other control components due to strict disturbances in the supply chain globally. Due to the sudden outburst of the pandemic period, there is a sudden fall in HVAC sensors or devices for few applications which diminishes the supply chain of electronic devices.

The COVID-19 impact on the HVAC sensor market varies in different regions globally. The HVAC sensors market is experiencing a downfall, due to the strict lockdown imposed by different nations and governments. However, the market is expected to witness stable growth in the upcoming years. The manufacturers of different electronic and semi-conductor products like sensors are likely to witness considerable delays in the supply chain of electronic devices. Europe is largely affected particularly the U.K.

HVAC SENSORS MARKET REPORT COVERAGE

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Segment Analysis

The research report on the global HVAC Sensor Market is segmented and sub-segmented based on the following categories:

HVAC Sensor Market - By Type

• Temperature Sensors
• Humidity Sensors
• CO Sensors
• CO2 Sensors
• Air Velocity Sensors
• Pressure / Occupancy Sensors
• Flow Sensors
• Others

HVAC Sensor Market - By Application

• Room
• Duct
• Outdoor
• Cables
• Wall 
• Immersion
• Others

HVAC Sensor Market - By End-User

• Commercial
• Residential
• Industrial
• Transportation & Logistics
• Industrial
• Commercial
• Residential

Regional Analysis

The HVAC sensors market in Asia-Pacific is dominating and holds the largest share during the forecast period. The South Asian countries are supporting the HVAC Sensors market tremendously. In countries like India and China, the demand for HVAC sensors is augmenting due to an increase in population, rising expenditure of people, and diversified climatic conditions. By 2040, Southeast Asia is expected to reach 300 million units of consumption. 

North America is likely to hold a significant share in the HVAC sensors market. The United States Department of Energy evaluates as heating and cooling account for nearly 45% of the average household's utility price. Around 45% of the energy is consumed by the government of the U.S, as per the evaluation of the National Electrical Manufacturers Association (NEMA). 

Europe is awaited to grow with significant growth in the HVAC Sensors market. The European market growth owes to the increasing demand for replacing existing systems with the latest and more complicated controllers. Increasing smart cities throughout Europe fuels the HVAC Sensors market growth. The European government is more centering on developing Smart Cities, which fuels the market growth. In 2022 March, BELIMO launched a new ultrasonic flow sensor for the HVAC application. 

Latin American HVAC sensors market has witnessed large growth due to an increase in the number of various industry verticals owing to the attainability of cheap labor together with foreign investments. Brazil is leading the HVAC Sensors market with the highest perforation and rising use of smartphones globally. Brazil is focusing on performing temperature sensors in wearable devices in wearable devices connected through smartphones.

The Middle East & Africa is scheduled to experience quick growth in the HVAC Sensors market. The market growth is attributed to the growing adoption and industrialization of new technology influencing different sectors. The African HVAC Sensors market is expected to have a considerable growth rate in the market. Factors like rising consumer demands for less-cost, and energy-efficient products fuel the market demand. 

HVAC Sensors Market Key Players

Honeywell International Inc (US), Schneider Electric (France), Carrier Global Corporation (US), Emerson Electric (US), Trane Technologies Plc (Ireland), Lennox (US), Delta Controls (Canada), OJ Electronics (Denmark), KMC Controls (US), Daikin Industries (Japan), LG Electronics (South Korea), Siemens (Germany), Jackson Systems (US), Johnson Controls (US), and Distech Controls (Canada) are some of the major players operating in the HVAC Sensor market. 

Notable Happenings in the global HVAC Sensor Market

• On December 07, 2022, Honeywell disclosed a new airborne particle that makes use of AI and cloud computing that allows HVAC service providers and environmental testing professionals. 
• On July 01, 2022, LG Electronics has provided a Smart HVAC solution.
• On April 29, 2022, Lennox International revealed the Model L packaged rooftop line during the Lennox Commercial Product Showcase.
• On March 13, 2022, Siemens introduced its new Climatix Rooftop Unit (RTU) optimization solution. The solution is launched in such a way as to ease the efficacy for small to large-size buildings that include restaurants, offices, and K-12 facilities.