Market Trends of Europe HVAC Controls Industry
This section covers the major market trends shaping the Europe HVAC Controls Market according to our research experts:
Residential End User Segment is Expected to Grow at a Significant Rate Over the Forecast Period
- The residential segment is anticipated to witness significant demand for HVAC control systems, owing to the evolving market scenario across developing European countries.
- The adoption of HVAC control systems in residential settings is driven by increased awareness of energy efficiency and thereby protecting the environment. The adoption of HVAC equipment by residences in Europe is driving the ancillary demand for control systems.
- Furthermore, the control systems contribute largely to reducing electricity bills. Progressive government legislation in the form of tax credits formulated by the European Union to increase energy efficiency and the focus on cost-saving systems contributes to the growth of the market.
- With people being largely restricted to homes during the pandemic and the commercialization of HVAC control systems for residential use, the studied market is expected to register high demand in the envisaged period. The compulsion to stay at home, facilitated by the increase in disposable income has led to installing HVAC control systems in residential settings.
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Germany to hold Significant Market Share Over the Forecast Period
- Germany is expected to hold significant market share in the studied market over the forecast period. The adoption of HVAC control systems is driven by the need to control the temperature indoors. The country's annual temperature hovers around 10 degrees Celsius, creating a demand for air conditioning in commercial buildings.
- With the growing temperatures in recent years the demand for air conditioners is expected to increase steadily over the coming years. This has further driven the technologically advanced country to adopt smart controlling thermostats in homes and commercial settings alongside the HVAC equipment.
- Combined with this, the government energy regulations and environmental regulations such as Regulation 842/2006/EC stipulate that refrigerant leaks are to be eliminated by carrying out leak inspections in the country. Such occurrences can be controlled by monitored usage of the HVAC equipment with the controls systems.
- The government's measures to create a climate-neutral building stock by 2050 are insufficient, and the country's German Housing Association (GdW) and the CDU Economic Council are looking to shift to decentral heating. The focus on energy efficiency is expected to impact the HVAC controls market over the forecast period positively.
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