Market Size of Europe HVAC Controls Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2019 - 2022 |
CAGR | 7.10 % |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Europe HVAC Controls Market Analysis
The Europe HVAC controls market is expected to grow at 7.1% CAGR during the forecast period of 2021 - 2026. The COVID-19 pandemic disrupted various industries across the region. The pandemic significantly influenced the HVAC industry, as the demand for the systems observed a major drop during the initial months, owing to lockdown restrictions and businesses refraining from investing in new equipment. Owing to this, the HVAC services market observed a significant hit during those months.
- The market is driven by the growing demand for remote technology, IoT usage, smart homes complemented by the growth of HVAC equipment adoption. This could be further attributed to the increase in new households, rising average construction spending, rising government spending on sustainable building development, rapid urbanization, and growth in disposable income across several European economies.
- The increased focus on smart technologies across Europe is driving the need for HVAC control systems. The control systems help optimize the management of air handling units and chiller units in domestic, commercial, and industrial settings. The need to control temperature settings according to the external atmosphere and the current occupancy is furthering the growth of the studied market.
- The HVAC control systems help reduce energy consumption costs, allowing automation of the HVAC equipment and saving the operational cost of companies. The higher efficiency level could be achieved through wireless controls and sensors in residential, commercial, and industrial settings and contributes to the broader adoption of HVAC control systems.
- The surging demand for improved energy-efficient control systems that have a low impact on the environment positively impacts the market's growth. This is favored by government legislation that stresses lowering the environmental impact of HVAC systems and could be achieved by using the HVAC controls.
- The adoption of the control systems for HVAC equipment is marked with stunted awareness amongst industry players. Alongside stipulated budget for investing in HVAC control systems, the inconsistency in awareness could create uncertainties for the acceptance of HVAC control systems.
- The COVID 19 pandemic has led to an unprecedented impact on the supply chain of industries across Europe, and the studied market was also impacted by the same. Although, the adoption of IoT-enabled devices and remote working due to the pandemic is expected to help in the revival of the market.
- Furthermore, the pandemic raised concerns of the spread of the Coronavirus through HVAC systems which were negated by various organizations. In March 2020, REHVA, the European Federation of HVAC associations, concluded that air conditioning, humidification, and duct cleaning have no considerable effect on the transmission of COVID-19. They insisted that air conditioning and humidification have no possible impact on the transmission of the virus.
Europe HVAC Controls Industry Segmentation
HVAC control systems are used to regulate, and manage the flow of water, steam, and air to stabilize pressure, humidity, and achieve the desired temperature. The market scope of Europe HVAC controls tracks down the adoption of different HVAC control systems like Standalone, Programmable, and Thermostats used by several end-users such as residential, commercial, and industrial. The study also focuses on the impact of COVID-19 on the market ecosystem. In the report scope, the existing control system provider landscape is also covered, which consists of major players operating in the market.
Europe HVAC Controls Market Size Summary
The Europe HVAC controls market is poised for significant growth, driven by the increasing demand for smart technologies and IoT integration in residential, commercial, and industrial settings. The market's expansion is supported by factors such as rapid urbanization, rising disposable incomes, and government initiatives promoting sustainable building practices. The focus on energy efficiency and cost-saving measures is further propelling the adoption of HVAC control systems, which optimize air handling and chiller units while reducing energy consumption. Despite the challenges posed by the COVID-19 pandemic, including supply chain disruptions and initial declines in demand, the market is expected to recover and thrive, aided by the growing trend of remote working and IoT-enabled devices.
Germany is anticipated to hold a significant share of the market, driven by the need for effective indoor temperature control and compliance with stringent environmental regulations. The country's commitment to energy efficiency and climate-neutral building goals is expected to positively influence the HVAC controls market. The competitive landscape is characterized by strategic partnerships and collaborations among key players, such as Belimo and Facilio, and J2 Innovations and Clivet SpA, aimed at enhancing building performance and sustainability. These collaborations, along with the ongoing development of innovative solutions, are set to strengthen the market's position and drive its growth over the forecast period.
Europe HVAC Controls Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Market Overview
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1.2 Industry Value Chain Analysis
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1.3 Industry Attractiveness -Porter's Five Forces Analysis
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1.3.1 Bargaining Power of Suppliers
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1.3.2 Bargaining Power of Consumers
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1.3.3 Threat of New Entrants
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1.3.4 Intensity of Competitive Rivalry
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1.4 Impact of COVID-19 on the Industry Ecosystem
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Europe HVAC Controls Market Size FAQs
What is the current Europe HVAC Controls Market size?
The Europe HVAC Controls Market is projected to register a CAGR of 7.10% during the forecast period (2024-2029)
Who are the key players in Europe HVAC Controls Market?
Siemens AG, Honeywell International Inc., Johnson Controls, Schneider Electric and Kieback&Peter GmbH & Co. KG are the major companies operating in the Europe HVAC Controls Market.