The overall growth in the construction sector with new offices and buildings being constructed every year is creating a demand influx in the HVAC industry, and it is subsequently influencing the HVAC sensors market which is poised to witness a valuation of $2407.41 million by the end of 2023. Furthermore, the forecast period will observe an increment in the demand for HVAC sensors at a CAGR of 5.10%, as per the findings documented in a recently published report by IndustryARC.
The HVAC sensors market research report title, “HVAC Sensors Market: By Type (Temperature, Humidity, Pressure & Flow, Motion), By Application (Vent & Duct, Cables, Outdoors, Walls, Pipes & Tanks), By End Users (Residential, Commercial, Industrial & Automotive); Geographic Analysis – Forecast (2018-2023)” is compiled with all the facts, figures, and statistics that will provide a peek into the dynamics of the HVAC sensors market. Furthermore, the analyst has listed out trends, opportunities, and foreseeable challenges that will be disrupting the HVAC sensors market.
HVAC Sensors Market: Geographical Analysis & Leading Segments
APAC had the maximum HVAC sensors market with a regional valuation of $758.23 million as of 2017. This is attributable to the expansion of the real estate sector in order fulfill the infrastructural demand of the projected rise in the population. Furthermore, the commercial sector is booming in countries such as Japan, China, India, and others, which creates a demand for HVAC systems, and a subsequent demand for HVAC sensors.
APAC HVAC sensors market is followed by North America, which also happens to be a lucrative HVAC sensors marketplace owing to the demand from the US. According to Energy Saver in the U.S. Department of Energy’s (DOE), three-quarters of the homes in the US have air-conditioners, and they are attributed to utilizing 6% of the overall electricity-consumption in the country. HVAC sensors help to gauge temperature and reduce electricity-consumption. The sensors play the same role in storage water heaters too. The Air-conditioner, Heating, & Refrigeration Institute (AHRI) assessed that the US shipments of the residential gas storage water heaters for December 2017 grown moderately as compared to December 2016, and 387,947 units were shipped. This growth in the shipment of gas storage water heaters created demand for HVAC sensors that were used in the water heaters.
The key end-use industry in the HVAC sensors market is found to be in the real estate sector, and the application will grow at a CAGR of 6.29% during the forecast period 2018-2023. This is because of the increase in real estate construction activities across the globe in order to fulfill housing requirement of the world population.
HVAC Sensors Market: Trends and Growth Drivers
· Automotive Industry Offering Opportunities –
According to the International Organization of Motor Vehicles Manufacturers (OICA), the number of vehicles produced in 2017 was 97.3 million. Most of the vehicles, especially, passenger ones are incorporated with air-conditioners, which require HVAC sensors. The increase in production of vehicles created a demand for HVAC sensors.
· The Need for Energy Management is driving the HVAC Sensors Market –
There is a growing concern pertaining to the consumption of electricity, and therefore, it has become imperative to use gadgets that can help save energy. HVAC sensors help in saving energy as they keep track of temperature in HVAC systems. A user can adjust the temperature and avoid extraneous consumption of energy. The need for energy management is creating opportunities in the HVAC sensors market.
HVAC Sensors Market: Competitive Landscape
Some of the key companies identified in the HVAC sensors market intelligence report that are striving to capitalize on the customer-base are Johnson Controls, Inc., Honeywell International, Inc., Siemens AG, Schneider Electric, Sensata Technologies, Inc., and others.
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a) Temperature Sensors Market
b) IoT Sensors Market
c) RTD Temperature Sensors Market
d) Pressure Sensors Market
What can you expect from the report?
The HVAC sensors market report is prepared with the main agenda to cover the following 20 points:
1. Market Size by Product Categories & Applications 11. Demand Analysis (Revenue & Volume)
2. Market trends & Relevant Market Data 12. Country level Analysis
3. Manufacturer Landscape 13. Competitor Analysis
4. Distributor Landscape 14. Market Shares Analysis
5. Pricing Analysis 15. Value Chain Analysis
6. Top 10 End user Analysis 16. Supply Chain Analysis
7. Product Benchmarking 17. Strategic Analysis
8. Product Developments 18. Current & Future Market Landscape Analysis
9. Mergers & Acquisition Analysis 19. Opportunity Analysis
10. Patent Analysis 20. Revenue and Volume Analysis
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