HVAC controls market to grow by $ 4.81 bn during 2020-24

The global advanced HVAC controls market is poised to grow by USD 4.81 billion during 2020-2024, progressing at a CAGR of over 8% during the forecast period, a report by Technavio said.

According to the report, although the COVID-19 pandemic continues to transform the growth of various industries, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities, the report forecasts.

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Azbil Corp., Delta Electronics Inc., Emerson Electric Co., Honeywell International Inc., Ingersoll Rand Inc., Johnson Controls International Plc, Lennox International Inc., Mitsubishi Electric Corp., Schneider Electric SE, and Siemens AG are some of the major market participants.