Report Coverage
The report “HVAC Sensor Market
– Forecast (2023-2028)”, by IndustryARC, covers an in-depth analysis of the
following segments of the HVAC Sensor market.
By Geography: North America, South
America, Europe, APAC, and RoW
Key Takeaways
The APAC region is anticipated
to dominate the HVAC sensors market with a value share of approximately 40% in
2023, followed by North America with a 29% value share in the HVAC Sensors market.
One of the main reasons
propelling the market's expansion is the quickening pace of urbanization and
industrialization around the globe. The need for HVAC sensors as a part of the
cooling and heating system, is growing significantly due to the substantial
rise in the erection of various commercial and residential buildings
internationally. Due to its key benefits over the various sensors currently in
use, it is anticipated that the adoption of this cutting-edge technology will
rise quickly in the future. This aspect has had an important effect on the
expansion of the marketplace.
By Type- Segment Analysis
The CO & CO2 Sensors segment is set to witness
the highest growth of 6.5% during 2024-2030. Carbon Monoxide (CO) sensors are
employed in HVAC systems to detect the presence of carbon monoxide in the air
moving through the duct return, supply, or both in HVAC end-user applications especially
in commercial and industrial sectors. There are four types of CO sensors
including opto-chemical CO sensors, biomimetic CO sensors, electro-chemical CO
sensors, and semiconductor CO detectors. Carbon dioxide sensors are also
employed to monitor the level of carbon dioxide in the HVAC supply, return, or
both. There are two major types of CO2 sensors,
namely, chemical CO2 sensors and Non-Dispersive Infrared (NDIR) CO2 sensors. The increasing launches of CO and CO2 sensors
are driving the market growth, for instance, in 2021, Sensirion launched a new
product in its SCD4x miniaturized CO₂ sensor series. The SCD42 was designed for
HVAC applications. These sensors are used to monitor the air quality in
under-ventilated areas or zones with higher occupancy in a building to override
the rated intake of fresh air and ventilate the outdoor air flow rates if the
CO2 concentration crosses the threshold level.
By Application- Segment Analysis
The air conditioning segment dominated the HVAC Sensor market attributing
a share of 28% in 2023. The demand for HVAC sensors in air conditioning
applications has surged, driven by the need for energy-efficient and smart
climate control solutions in both residential and commercial spaces. These
sensors play a crucial role in optimizing HVAC systems, enhancing overall
efficiency, and ensuring a comfortable environment. The residential sector
benefits from sensor-based HVAC systems that adapt to varying conditions,
promoting energy savings.
By End Use Industry - Segment Analysis
The Automotive industry is set to witness significant growth in the HVAC
Sensor market during 2024-2030. HVAC sensors are used in a vehicle for
controlling the internal temperature of the vehicle cabin. The HVAC system
provides purified air to the vehicle cabin, ensuring vehicle comfort to the
driver and the passenger. According to The International Organisation
Internationale des Constructeurs d'Automobiles (OICA), Global sales of
passenger cars have increased from 54 million units in 2020 to 57 million units
in 2022. The increasing production and sales of electric vehicles have raised
the demand for HVAC sensors in the automotive industry. For instance, according
to the International Energy Agency (IEA), electric car sales reached a record 3
million in 2020, up by 40% from 2019. The Net Zero Emissions by 2050 scenario
projects 300 million electric cars on the road and accounts for over 60% of new
car sales, compared with only 4.6% in 2020. Thus, the rapidly rising sales of electric
vehicles are estimated to drive the growth of the automotive industry, and in
turn of the HVAC sensors market.
By Geography - Segment
Analysis
Asia Pacific region dominated the HVAC Sensor market attributing a
share of 40% in 2022. Driving factors include increasing urbanization, rising disposable
incomes, and the growing demand for energy-efficient HVAC systems in countries
like China, India, Japan, South Korea, and Australia. The region's booming
construction sector, coupled with government initiatives promoting
energy-efficient buildings, is driving the adoption of HVAC sensors. These
sensors play a crucial role in optimizing energy consumption, improving indoor
air quality, and enhancing overall comfort and safety. In 2022, Germany's BMW
announced the commencement of production at its new plant in China with an
investment of 15billion yuan ($2.24 billion) as the carmaker accelerates
electric vehicle (EV) production. The rising investment and growth of various
sectors such as automotive and construction are expected to boost the demand
for HVAC sensors during the forecast period.
Drivers – HVAC Sensor Market
· Need to Replace and Modernize Older HVAC Systems to Reduce Power
Consumption
Buildings are estimated to account
for nearly a third of the world’s energy consumption and almost 40% of
energy-related carbon dioxide emissions, according to the World Economic Forum According to the World Green Building Council, the energy required for a
building's operations—such as heating, cooling, and powering the structure—is
responsible for about one-third of those emissions. Iota Communications reports
that the typical office building's annual energy expenditures come to around
$30,000. HVAC systems often consume the most energy in a commercial building. The U.S. Department of Energy estimates that HVAC systems typically
consume 35% of the energy in a building. An old HVAC system will operate less
effectively since it will consume greater amounts of energy and break down more
quickly BEMS is a sophisticated method to monitor and
control the building's energy needs. During the pandemic, there was a surge in the
demand for HVAC systems with air purification features. Modernized
ventilation systems provide an important public health function that filtrates
the air and reduces airborne contaminants, including particles containing
viruses.
Increasing Popularity of Smart Homes
Smart homes use internet-connected
devices to enable the remote monitoring and management of appliances and
systems such as heating, cooling, lighting, etc. The advantages of smart homes
are energy efficiency, customization, and ease of use. Smart home technology
further increases reliance on accurate sensing. The total energy consumption,
CO2 footprint, and operation costs of residential, commercial, and industrial
buildings directly depend on the quality of the HVAC installation and its integration
in the sensor network. According to the U.S. DoE, smart building technology can
reduce energy by more than 60% in residential buildings and up to 59% in
commercial buildings. Additionally, investing in AI
smart building technology that provides good indoor air quality standards has
proven to improve employee productivity and cognitive function in office
buildings by more than 10%. Thus, the increasing popularity of smart homes
drives the demand for HVAC sensors.
Growing
Adoption of Building Energy Management Systems (BEMS)
HVAC systems are an essential part of buildings
and are associated with high costs. According to the Australian Department of
Climate Change, Energy, the Environment and Water, a typical HVAC system
accounts for approximately 40% of total building consumption and 70% of base
building consumption. Building Energy Management Systems (BEMS) are
computer‐based automated systems that monitor and control all energy‐related
systems from mechanical and electrical equipment in buildings. Energy
management protects businesses from unnecessary expenditure on energy by
allowing accurate and automated management of energy systems and supply.
According to Radiocrafts, BEMS can help an organization save up to 10% to 30%
of their current energy consumption. Due to the Russia-Ukraine war, energy
prices are skyrocketing in the EU. Thus, the growing adoption of BEMS acts as a
driver for the HVAC sensor market.
Challenges –HVAC Sensor Market
The proper functioning of an HVAC system depends heavily on the correct
selection, positioning, and installation of sensors. Sensors can be installed to measure several
different parameters such as the number of occupants, temperature, humidity,
carbon dioxide, etc. The selected sensor should be capable of detecting the
quantity under study (Temperature, humidity, CO2, etc.), that the expected
range of values is within the detecting range of the sensor, and that the
sensor has the desired accuracy and sensitivity. The correct
positioning of the sensors is crucial for the correct functioning of the HVAC
system. For instance, temperature and humidity sensors must not be exposed to
direct solar radiation or be installed close to heat sources. Such factors can restrain the growth of the HVAC sensor
market.
Phasing Out Certain Refrigerants may Result in Lower Demand for Toxicity
Sensors
Despite their low toxicity, refrigerants can displace oxygen, at
high concentrations, which can result in accidental injury or death by oxygen
deprivation. Toxicity sensors reduce the risks from releases through early
detection. Activation of a sensor, for example, can cause an alarm signal and
lead to HVAC shutdown and activation of damper controls to prevent the spread
of toxic gas. R22 is a single-component
refrigerant used traditionally in both air conditioners and heat pumps. On Jan.
1, 2020, the U.S. Environmental Protection Agency (EPA) banned the production
and import of R22 because of its particularly harmful impact on the ozone layer
when released into the air. Phasing out the R22 refrigerant could lead to lower
demand for toxicity sensors and thus affect the HVAC sensors markets.
Market Landscape
Acquisitions, Expansions, Product launches, and Partnerships are key
strategies adopted by players in the HVAC Sensor market. In 2022, the HVAC
Sensor Market share has been consolidated by the top ten players accounting for
more than 50% of the share. Major players in the HVAC Sensor market are Johnson
Controls, Inc., Siemens AG, TE Connectivity Corporation, Honeywell
International, Inc, Sensata Technologies Inc., Sensirion, Omron Corporation,
Emerson Electric Co., Greystone Energy Systems Inc., Acal Bfi and others.
Developments:
Ø In 2023, Johnson Controls-Hitachi Air Conditioning Launches
Emissions-Reducing Residential HVAC Dual Fuel Heat Pump System.
Ø In 2023, Johnson Controls acquired M&M Carnot to enhance its sustainable
Industrial Refrigeration portfolio.
Ø In 2022, Siemens equips
the RDG200 thermostat with new CO2 monitoring and control features with a
built-in CO2 sensor for monitoring and controlling indoor air quality. It helps
to provide a healthy indoor climate and a safe place to work and achieves high
energy efficiency and reduced energy costs.
Table 1: Global HVAC Sensor Market Value, By Geography, 2015-2023 ($Million)
Table 2: Global HVAC Sensor Market Volume, By Geography, 2015-2023 (Million Units)
Table 3: Global HVAC Sensors Market, Product Benchmarking
Table 4: Global HVAC Sensor Market Value, By Type, 2015-2023 ($Million)
Table 5: Global HVAC Sensor Market Shipments, By Type, 2015-2023 (Million Units)
Table 6: HVAC Sensor Market Value, By Application, 2015-2023, ($Million)
Table 7: HVAC Sensor Market Volume, By End-use, 2019-2024 (Million Units)
Table 8: HVAC Sensor Market Value, By End Use, 2019-2024 ($Million)
Table 9: HVAC Sensor Market Volume, By Region, 2019-2024 (Million Units)
Table 10: HVAC Sensor Market Value, By Region, 2019-2024 ($Million)
Table 11: North America: HVAC Sensor Market Value, By Type, 2019-2024 ($Million)
Table 12: North America: HVAC Sensor Market Value, By Application, 2019-2024 ($Million)
Table 13: North America: HVAC Sensor Market Value, By End-Use, 2019-2024 ($Million)
Table 14: North America: HVAC Sensor Market Value, By Country, 2019-2024 ($Million)
Table 15: U.S.: GDP – Composition of 2015, By End Use
Table 16: Canada: GDP – Composition of 2015, By End Use
Table 17: Mexico: GDP – Composition of 2015, By End Use
Table 18: Europe: HVAC Sensor Market Value, By Type, 2019-2024 ($Million)
Table 19: Europe: HVAC Sensor Market Value, By Application, 2019-2024 ($Million)
Table 20: Europe: HVAC Sensor Market Value, By End-Use, 2019-2024 ($Million)
Table 21: Europe: HVAC Sensor Market Value, By Country, 2019-2024 ($Million)
Table 22: U.K.: GDP – Composition of 2015, By End Use
Table 23: Germany: GDP – Composition of 2015, By End Use
Table 24: France: GDP – Composition of 2015, By End Use
Table 25: APAC: HVAC Sensor Market Value, By Type, 2019-2024 ($Million)
Table 26: APAC: HVAC Sensor Market Value, By Application, 2019-2024 ($Million)
Table 27: APAC: HVAC Sensor Market Value, By End-Use, 2019-2024 ($Million)
Table 28: APAC: HVAC Sensor Market Value, By Country, 2019-2024 ($Million)
Table 29: China: GDP – Composition of 2015, By End Use
Table 30: Japan: GDP – Composition of 2015, By End Use
Table 31: India: GDP – Composition of 2015, By End Use
Table 32: South Korea: GDP – Composition of 2015, By End Use
Table 33: RoW: HVAC Sensor Market Value, By Type, 2019-2024 ($Million)
Table 34: RoW: HVAC Sensor Market Value, By Application, 2019-2024 ($Million)
Table 35: RoW: HVAC Sensor Market Value, By End-Use, 2019-2024 ($Million)
Table 36: RoW: HVAC Sensor Market Value, By Country, 2019-2024 ($Million)
List of Figures:
Figure 1: Global HVAC Market Value, 2014-2020 ($Million)
Figure 2: Global HVAC Sensors Market Value & Volume, 2015-2023 ($Million, Million Units)
Figure 3: Global HVAC Sensors Market Value, By Type, 2015-2023 ($Million)
Figure 4: Global HVAC Sensors Market Volume, By Type, 2015-2023 (Million Units)
Figure 5: Global HVAC Sensors Market Value, By Application, 2015-2023 ($Million)
Figure 6: Global HVAC Sensor Market Value Share, By End User, 2018 (%)
Figure 7: Global HVAC Sensor Market Value Share, By End User, 2023 (%)
Figure 8: Global HVAC Sensors Market Revenue Share, By Company, 2016 (%)
Figure 9: HVAC Sensors Patents, By Year, 2013-2018*
Figure 10: HVAC Sensors Patents, By Companies (2013-2018*) (%)
Figure 11: Honeywell International, Inc.
Figure 12: Schneider Electric
Figure 13: Johnson Controls, Inc.
Figure 14: Siemens AG
Figure 15: Sensata Technologies, Inc.
Figure 16: EPS, By Company, 2013-2015($)
Figure 17: Global Total and Urban Population, 2015-2050 (Billions)
Figure 18: Global Consumer and Disposable Income Growth, 2009-2016 (%)
Figure 19: Bargaining Power of Suppliers – HVAC Sensor Market
Figure 20: Bargaining Power of Buyers – HVAC Sensor Industry
Figure 21: Threat from Substitutes –HVAC Sensor Industry
Figure 22: Threat from New Entrants – HVAC Sensor Industry
Figure 23: HVAC Sensor Industry - Porter’s Five Forces
Figure 24: HVAC Sensor Market Value Chain
Figure 25: Estimated ASP of HVAC Sensor, By Type, 2015 – 2023 ($/ Unit)
Figure 26: Estimated ASP of HVAC Sensor, By Application, 2015 – 2023 ($/ Unit)
Figure 27: HVAC Sensor Equipment Market Lifecycle
Figure 28: Global HVAC Temperature Sensor Market Value, 2015-2023 ($Million)
Figure 29: Global HVAC Humidity Sensor Market Value, 2015-2023 ($Million)
Figure 30: Global HVAC CO & CO2 Sensor Market Value, 2015-2023 ($Million)
Figure 31: Global HVAC Pressure Sensor Market Value, 2015-2023 ($Million)
Figure 32: Global HVAC Occupancy Sensor Market Value, 2015-2023 ($Million)
Figure 33: Global HVAC Flow Sensor Market Value, 2015-2023 ($Million)
Figure 34: Global HVAC Other Sensor Market Value, 2015-2023 ($Million)
Figure 35: Room: HVAC Sensor Market Value, 2015-2023, ($Million)
Figure 36: Duct: HVAC Sensor Market Value, 2015-2023, ($Million)
Figure 37: Outdoor: HVAC Sensor Market Value, 2015-2023, ($Million)
Figure 38: Cables: HVAC Sensor Market Value, 2015-2023, ($Million)
Figure 39: Wall: HVAC Sensor Market Value, 2015-2023, ($Million)
Figure 40: Immersion: HVAC Sensor Market Value, 2015-2023, ($Million)
Figure 41: Others: HVAC Sensor Market Value, 2015-2023, ($Million)
Figure 42: Classification of HVAC Sensors market, By End-Use
Figure 43: Residential: HVAC Sensor Market Value, 2019-2024 ($Million)
Figure 44: The U.S. Non-residential construction spending, December-2014 to April-2015
Figure 45: Commercial: HVAC Sensor Market Value, 2019-2024 ($Million)
Figure 46: Industrial: HVAC Sensor Market Value, 2019-2024 ($Million)
Figure 47: Automotive: HVAC Sensor Market Value, 2019-2024 ($Million)
Figure 48: Global HVAC Sensors Market - By Geography
Figure 49: U.S.: GDP and Population, 2012-2015 ($Trillion, Million)
Figure 50: U.S.: GDP – Composition of 2015, By Sector of Origin
Figure 51: U.S.: Export and Import Value, 2012-2015 ($Trillion)
Figure 52: Canada: GDP and Population, 2012-2015 ($Trillion, Million)
Figure 53: Canada: GDP – Composition of 2015, By Sector of Origin
Figure 54: Canada: Export and Import Value, 2012-2015 ($Billion)
Figure 55: Mexico: GDP and Population, 2012-2015 ($Trillion, Million)
Figure 56: Mexico: GDP – Composition of 2015, By Sector of Origin
Figure 57: Mexico: Export and Import Value, 2012-2015 ($Billion)
Figure 58: U.S.: HVAC Sensors Market Value, 2015 -2023 ($Million)
Figure 59: Canada: HVAC Sensors Market Value, 2015 -2023 ($Million)
Figure 60: Mexico: HVAC Sensors Market Value, 2015 -2023 ($Million)
Figure 61: North America: HVAC Sensors Market CAGR, By Country, 2015 -2023 (%)
Figure 62: U.K.: GDP and Population, 2012-2015 ($Trillion, Million)
Figure 63: U.K.: GDP – Composition of 2015, By Sector of Origin
Figure 64: U.K.: Export and Import Value, 2012-2015 ($Billion)
Figure 65: Germany: GDP and Population, 2012-2015 ($Trillion, Million)
Figure 66: Germany: GDP – Composition of 2015, By Sector of Origin
Figure 67: Germany: Export and Import Value, 2012-2015 ($Billion)
Figure 68: France: GDP and Population, 2012-2015 ($Trillion, Million)
Figure 69: France: GDP – Composition of 2015, By Sector of Origin
Figure 70: France: Export and Import Value, 2012-2015 ($Billion)
Figure 71: Germany: HVAC Sensors Market Value, 2015 -2023 ($Million)
Figure 72: France: HVAC Sensors Market Value, 2015 -2023 ($Million)
Figure 73: U.K.: HVAC Sensors Market Value, 2015 -2023 ($Million)
Figure 74: Rest of Europe.: HVAC Sensors Market Value, 2015 -2023 ($Million)
Figure 75: Europe: HVAC Sensors Market CAGR, By Country, 2015 -2023 (%)
Figure 76: China: GDP and Population, 2012-2015 ($Trillion, Million)
Figure 77: China: GDP – Composition of 2015, By Sector of Origin
Figure 78: China: Export and Import Value, 2012-2015 ($Billion)
Figure 79: Japan: GDP and Population, 2012-2015 ($Trillion, Million)
Figure 80: Japan: GDP – Composition of 2015, By Sector of Origin
Figure 81: Japan: Export and Import Value, 2012-2015 ($Billion)
Figure 82: India: GDP and Population, 2012-2015 ($Trillion, Million)
Figure 83: India: GDP – Composition of 2015, By Sector of Origin
Figure 84: India: Export and Import Value, 2012-2015 ($Billion)
Figure 85: South Korea: GDP and Population, 2012-2015 ($Trillion, Million)
Figure 86: South Korea: GDP – Composition of 2015, By Sector of Origin
Figure 87: South Korea: Export and Import Value, 2012-2015 ($Billion)
Figure 88: China: HVAC Sensors Market Value, 2015 -2023 ($Million)
Figure 89: India: HVAC Sensors Market Value, 2015 -2023 ($Million)
Figure 90: Japan: HVAC Sensors Market, 2015-2023 ($Million)
Figure 91: South Korea: HVAC Sensors Market, 2015-2023 ($Million)
Figure 92: Rest Of APAC: HVAC Sensors Market, 2015-2023 ($Million)
Figure 93: APAC: HVAC Sensors Market CAGR, By Country (%)
Figure 94: South America: HVAC Sensors Market Value, 2015 -2023, ($Million)
Figure 95: Middle-East: HVAC Sensors Market Value, 2015 -2023, ($Million)
Figure 96: Africa: HVAC Sensors Market Value, 2015 -2023, ($Million)
Figure 97: CAGR: HVAC Sensors Market CAGR, By Region, (%)
Figure 98: HVAC Sensors Market Entropy Share, By Strategy, 2013-2018 (%)
Figure 99: HVAC Sensors Market Entropy, By Total Number of Developments, By Year, 2013-2018
Figure 100: Johnson controls, Inc. Sales, 2013-2015 ($Million)
Figure 101: Johnson controls, Inc. Sales, By Business Segment, 2015 (%)
Figure 102: Johnson controls, Inc. Sales, By Geography, 2015 (%)
Figure 103: Siemens AG: Revenue, 2013-2016 ($Billion)
Figure 104: Siemens AG: Total Revenue, By Business Segment, 2016 (%)
Figure 105: Siemens AG: Total Revenue, By Geography, 2016 (%)
Figure 106: TE Connectivity Corporation, Sales, 2013-2016 ($Billion)
Figure 107: TE Connectivity Corporation Revenue, By Business Segment, 2016 (%)
Figure 108: TE Connectivity Corporation Revenue, By Geography, 2016 (%)
Figure 109: Honeywell International, Inc. Net Sales, 2013-2016 ($Billion)
Figure 110: Honeywell International, Inc. Net Sales Share, By Business Segment, 2015 (%)
Figure 111: Honeywell International, Inc. Net Sales Share, By Geography, 2015 (%)
Figure 112: Senseta Technologies Inc. Net Revenue, 2013-2015 ($Million)
Figure 113: Senseta Technologies Inc. Net Revenue Share, By Business Segment, 2015 (%)
Figure 114: Senseta Technologies Inc. Net Revenue Share, By Geography, 2015 (%)
Figure 115: Acal Bfi, Revenue, 2013-2016* ($Million)
Figure 116: Acal Bfi. Revenue, By Business Segment, 2015 (%)
Figure 117: Acal Bfi. Revenue, By Geography, 2015 (%)
Figure 118: Omron Corporation, Revenue, 2013-2016 ($Million)
Figure 119: Omron Corporation, Revenue, By Business Segment, 2015 (%)
Figure 120: Omron Corporation, Revenue, By Geography, 2015 (%)
Figure 121: Emerson Electric Net Sales, 2012-2015 ($Million)
Figure 122: Emerson Electric Net Sales Share, By Business Segment, 2015 (%)
Figure 123: Emerson Electric Net Sales Share, By Geography, 2015 (%)