Market Overview:
The global smart connected HVAC market is expected to grow at a CAGR of 10.5% during the forecast period from 2018 to 2030. The growth in this market can be attributed to the increasing demand for energy-efficient and comfortable homes and buildings, growing awareness about the benefits of smart connected HVAC systems, and rising adoption of IoT-enabled devices. The global smart connected HVAC market is segmented on the basis of type into single split systems, multi split systems, and VRF systems. The single split system segment is expected to account for the largest share of the global market in 2018 owing to its low cost and easy installation. However, the VRF system segment is projected to grow at a higher CAGR during the forecast period as it offers superior performance compared with other types of HVAC systems. On basis application wise commercial sector will have highest growth rate where as residential sector will hold major share in terms revenue generated by Smart Connected hvac Market .
Product Definition:
A Smart Connected HVAC system is a heating, ventilation, and air conditioning (HVAC) system that is connected to the internet. Smart Connected HVAC systems can be controlled remotely using a smartphone or computer, and they can also send alerts if there is a problem with the system. The importance of Smart Connected HVAC systems is that they can help save energy and money by allowing homeowners to control their home's temperature from anywhere in the world.
Single Split Systems:
Single-split systems are used to split the hot and cold sides of a heat pump. It is also known as single-pass system, which means that it only passes through the temperature of the fluid once. The advantage of this system is that it reduces energy wastage by approximately 50% because there is no need for multiple passes through different temperatures.
The global single split systems market size was valued at USD 1,867.7 million in 2016.
Multi Split Systems:
Multi split systems are a set of controls that operate more than one HVAC unit. It is used to control the temperature and humidity in multiple rooms from single system. The multi-split systems can be connected through wired or wireless connection, which allows controlling the units from mobile devices or central control panel.
Application Insights:
The commercial application segment dominated the global smart connected HVAC market in 2017 and is projected to expand at a CAGR of XX% from 2018 to 2030. The growth can be attributed to the increasing adoption of energy-efficient technologies that result in cost savings as well as reduce carbon footprint. Furthermore, technological advancements such as integration with security systems, home monitoring systems and control units are further expected to drive demand over the forecast period.
Residential application segment accounted for more than 50% share of the overall revenue in 2017 owing to rising awareness among consumers regarding comfort control and improved indoor air quality resulting in reduced sick days among children. In addition, growing concerns regarding rising electricity bills due to usage increase by 0600HVAC system temperature have resulted in increased adoption across end-use industries including healthcare, hospitality etc., which is anticipated fuel demand for HVAC systems across residential applications globally over next eight years or so.
Regional Analysis:
North America dominated the global market in 2017. The region is expected to maintain its position during the forecast period. This can be attributed to increasing penetration of smart connected hvac systems, growing adoption by consumers, and technological advancements in existing systems. Moreover, rising awareness regarding energy conservation and emission control standards is also driving demand for smart connected hvac products in this region.
Growth Factors:
- Increasing demand for energy-efficient and smart buildings
- Proliferation of IoT and big data analytics
- Growing awareness about the benefits of smart connected HVAC systems
- Rising demand for green buildings and LEED certification
- Development of innovative technologies that improve the performance of smart connected HVAC systems
Scope Of The Report
Report Attributes
Report Details
Report Title
Smart Connected HVAC Market Research Report
By Type
Single Split Systems, Multi Split Systems, VRF Systems
By Application
Commercial, Residential
By Companies
Johnson Controls, Carrier, Daikin, Lennox, LG HVAC, Mitsubishi Electric, Fujitsu General
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
230
Number of Tables & Figures
161
Customization Available
Yes, the report can be customized as per your need.
Global Smart Connected HVAC Market Report Segments:
The global Smart Connected HVAC market is segmented on the basis of:
Types
Single Split Systems, Multi Split Systems, VRF Systems
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Commercial, Residential
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Johnson Controls
- Carrier
- Daikin
- Lennox
- LG HVAC
- Mitsubishi Electric
- Fujitsu General
Highlights of The Smart Connected HVAC Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Single Split Systems
- Multi Split Systems
- VRF Systems
- By Application:
- Commercial
- Residential
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Smart Connected HVAC Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Smart Connected HVAC is a technology that allows you to control your homeu2019s heating, cooling and air conditioning using your smartphone or computer. With Smart Connected HVAC, you can access real-time information about your system status, make changes to settings and even receive alerts when things go wrong.
Some of the major companies in the smart connected hvac market are Johnson Controls, Carrier, Daikin, Lennox, LG HVAC, Mitsubishi Electric, Fujitsu General.
The smart connected hvac market is expected to grow at a compound annual growth rate of 10.5%.
1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Smart Connected HVAC Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Smart Connected HVAC Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Smart Connected HVAC Market - Supply Chain
4.5. Global Smart Connected HVAC Market Forecast
4.5.1. Smart Connected HVAC Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Smart Connected HVAC Market Size (000 Units) and Y-o-Y Growth
4.5.3. Smart Connected HVAC Market Absolute $ Opportunity
5. Global Smart Connected HVAC Market Analysis and Forecast by Type
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Type
5.2.2. Y-o-Y Growth Projections by Type
5.3. Smart Connected HVAC Market Size and Volume Forecast by Type
5.3.1. Single Split Systems
5.3.2. Multi Split Systems
5.3.3. VRF Systems
5.4. Absolute $ Opportunity Assessment by Type
5.5. Market Attractiveness/Growth Potential Analysis by Type
6. Global Smart Connected HVAC Market Analysis and Forecast by Application
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Application
6.2.2. Y-o-Y Growth Projections by Application
6.3. Smart Connected HVAC Market Size and Volume Forecast by Application
6.3.1. Commercial
6.3.2. Residential
6.4. Absolute $ Opportunity Assessment by Application
6.5. Market Attractiveness/Growth Potential Analysis by Application
7. Global Smart Connected HVAC Market Analysis and Forecast by Sales Channel
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Sales Channel
7.2.2. Y-o-Y Growth Projections by Sales Channel
7.3. Smart Connected HVAC Market Size and Volume Forecast by Sales Channel
7.3.1. Manufacturer/Distributor/Service Provider
7.3.2. Aftermarket
7.4. Absolute $ Opportunity Assessment by Sales Channel
7.5. Market Attractiveness/Growth Potential Analysis by Sales Channel
8. Global Smart Connected HVAC Market Analysis and Forecast by Region
8.1. Market Trends
8.2. Introduction
8.2.1. Basis Point Share (BPS) Analysis by Region
8.2.2. Y-o-Y Growth Projections by Region
8.3. Smart Connected HVAC Market Size and Volume Forecast by Region
8.3.1. North America
8.3.2. Latin America
8.3.3. Europe
8.3.4. Asia Pacific
8.3.5. Middle East and Africa (MEA)
8.4. Absolute $ Opportunity Assessment by Region
8.5. Market Attractiveness/Growth Potential Analysis by Region
8.6. Global Smart Connected HVAC Demand Share Forecast, 2019-2026
9. North America Smart Connected HVAC Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.2. North America Smart Connected HVAC Market Size and Volume Forecast by Country
9.2.1. U.S.
9.2.2. Canada
9.3. Absolute $ Opportunity Assessment by Country
9.4. North America Smart Connected HVAC Market Size and Volume Forecast by Application
9.4.1. Commercial
9.4.2. Residential
9.5. Basis Point Share (BPS) Analysis by Application
9.6. Y-o-Y Growth Projections by Application
9.7. North America Smart Connected HVAC Market Size and Volume Forecast by Type
9.7.1. Single Split Systems
9.7.2. Multi Split Systems
9.7.3. VRF Systems
9.8. Basis Point Share (BPS) Analysis by Type
9.9. Y-o-Y Growth Projections by Type
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.10.4. By Sales Channel
9.11. North America Smart Connected HVAC Demand Share Forecast, 2019-2026
10. Latin America Smart Connected HVAC Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Latin America Average Pricing Analysis
10.2. Latin America Smart Connected HVAC Market Size and Volume Forecast by Country
10.2.1. Brazil
10.2.2. Mexico
10.2.3. Rest of Latin America
10.3. Absolute $ Opportunity Assessment by Country
10.4. Latin America Smart Connected HVAC Market Size and Volume Forecast by Application
10.4.1. Commercial
10.4.2. Residential
10.5. Basis Point Share (BPS) Analysis by Application
10.6. Y-o-Y Growth Projections by Application
10.7. Latin America Smart Connected HVAC Market Size and Volume Forecast by Type
10.7.1. Single Split Systems
10.7.2. Multi Split Systems
10.7.3. VRF Systems
10.8. Basis Point Share (BPS) Analysis by Type
10.9. Y-o-Y Growth Projections by Type
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.10.4. By Sales Channel
10.11. Latin America Smart Connected HVAC Demand Share Forecast, 2019-2026
11. Europe Smart Connected HVAC Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Europe Average Pricing Analysis
11.2. Europe Smart Connected HVAC Market Size and Volume Forecast by Country
11.2.1. Germany
11.2.2. France
11.2.3. Italy
11.2.4. U.K.
11.2.5. Spain
11.2.6. Russia
11.2.7. Rest of Europe
11.3. Absolute $ Opportunity Assessment by Country
11.4. Europe Smart Connected HVAC Market Size and Volume Forecast by Application
11.4.1. Commercial
11.4.2. Residential
11.5. Basis Point Share (BPS) Analysis by Application
11.6. Y-o-Y Growth Projections by Application
11.7. Europe Smart Connected HVAC Market Size and Volume Forecast by Type
11.7.1. Single Split Systems
11.7.2. Multi Split Systems
11.7.3. VRF Systems
11.8. Basis Point Share (BPS) Analysis by Type
11.9. Y-o-Y Growth Projections by Type
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.10.4. By Sales Channel
11.11. Europe Smart Connected HVAC Demand Share, 2019-2026
12. Asia Pacific Smart Connected HVAC Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Asia Pacific Average Pricing Analysis
12.2. Asia Pacific Smart Connected HVAC Market Size and Volume Forecast by Country
12.2.1. China
12.2.2. Japan
12.2.3. South Korea
12.2.4. India
12.2.5. Australia
12.2.6. Rest of Asia Pacific (APAC)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Asia Pacific Smart Connected HVAC Market Size and Volume Forecast by Application
12.4.1. Commercial
12.4.2. Residential
12.5. Basis Point Share (BPS) Analysis by Application
12.6. Y-o-Y Growth Projections by Application
12.7. Asia Pacific Smart Connected HVAC Market Size and Volume Forecast by Type
12.7.1. Single Split Systems
12.7.2. Multi Split Systems
12.7.3. VRF Systems
12.8. Basis Point Share (BPS) Analysis by Type
12.9. Y-o-Y Growth Projections by Type
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.10.4. By Sales Channel
12.11. Asia Pacific Smart Connected HVAC Demand Share, 2019-2026
13. Middle East & Africa Smart Connected HVAC Market Analysis and Forecast
13.1. Introduction
13.1.1. Basis Point Share (BPS) Analysis by Country
13.1.2. Y-o-Y Growth Projections by Country
13.1.3. Asia Pacific Average Pricing Analysis
13.2. Middle East & Africa Smart Connected HVAC Market Size and Volume Forecast by Country
13.2.1. Saudi Arabia
13.2.2. South Africa
13.2.3. UAE
13.2.4. Rest of Middle East & Africa (MEA)
13.3. Absolute $ Opportunity Assessment by Country
13.4. Middle East & Africa Smart Connected HVAC Market Size and Volume Forecast by Application
13.4.1. Commercial
13.4.2. Residential
13.5. Basis Point Share (BPS) Analysis by Application
13.6. Y-o-Y Growth Projections by Application
13.7. Middle East & Africa Smart Connected HVAC Market Size and Volume Forecast by Type
13.7.1. Single Split Systems
13.7.2. Multi Split Systems
13.7.3. VRF Systems
13.8. Basis Point Share (BPS) Analysis by Type
13.9. Y-o-Y Growth Projections by Type
13.10. Market Attractiveness/Growth Potential Analysis
13.10.1. By Country
13.10.2. By Product Type
13.10.3. By Application
13.10.4. By Sales Channel
13.11. Middle East & Africa Smart Connected HVAC Demand Share, 2019-2026
14. Competition Landscape
14.1. Global Smart Connected HVAC Market: Market Share Analysis
14.2. Smart Connected HVAC Distributors and Customers
14.3. Smart Connected HVAC Market: Competitive Dashboard
14.4. Company Profiles (Details Overview, Financials, Developments, Strategy)
14.4.1. Johnson Controls
14.4.1.1. Overview
14.4.1.2. Financials
14.4.1.3. Developments
14.4.1.4. Strategic Outlook
14.4.2. Carrier
14.4.2.1. Overview
14.4.2.2. Financials
14.4.2.3. Developments
14.4.2.4. Strategic Outlook
14.4.3. Daikin
14.4.3.1. Overview
14.4.3.2. Financials
14.4.3.3. Developments
14.4.3.4. Strategic Outlook
14.4.4. Lennox
14.4.4.1. Overview
14.4.4.2. Financials
14.4.4.3. Developments
14.4.4.4. Strategic Outlook
14.4.5. LG HVAC
14.4.5.1. Overview
14.4.5.2. Financials
14.4.5.3. Developments
14.4.5.4. Strategic Outlook
14.4.6. Mitsubishi Electric
14.4.6.1. Overview
14.4.6.2. Financials
14.4.6.3. Developments
14.4.6.4. Strategic Outlook
14.4.7. Fujitsu General
14.4.7.1. Overview
14.4.7.2. Financials
14.4.7.3. Developments
14.4.7.4. Strategic Outlook
14.4.8. COMPANY8
14.4.8.1. Overview
14.4.8.2. Financials
14.4.8.3. Developments
14.4.8.4. Strategic Outlook
14.4.9. COMPANY9
14.4.9.1. Overview
14.4.9.2. Financials
14.4.9.3. Developments
14.4.9.4. Strategic Outlook
14.4.10. COMPANY 10
14.4.10.1. Overview
14.4.10.2. Financials
14.4.10.3. Developments
14.4.10.4. Strategic Outlook
14.4.11. COMPANY 11
14.4.11.1. Overview
14.4.11.2. Financials
14.4.11.3. Developments
14.4.11.4. Strategic Outlook
14.4.12. COMPANY 12
14.4.12.1. Overview
14.4.12.2. Financials
14.4.12.3. Developments
14.4.12.4. Strategic Outlook
14.4.13. COMPANY 13
14.4.13.1. Overview
14.4.13.2. Financials
14.4.13.3. Developments
14.4.13.4. Strategic Outlook
14.4.14. COMPANY 14
14.4.14.1. Overview
14.4.14.2. Financials
14.4.14.3. Developments
14.4.14.4. Strategic Outlook
14.4.15. COMPANY 15
14.4.15.1. Overview
14.4.15.2. Financials
14.4.15.3. Developments
14.4.15.4. Strategic Outlook
14.4.16. COMPANY 16
14.4.16.1. Overview
14.4.16.2. Financials
14.4.16.3. Developments
14.4.16.4. Strategic Outlook
14.4.17. COMPANY 17
14.4.17.1. Overview
14.4.17.2. Financials
14.4.17.3. Developments
14.4.17.4. Strategic Outlook
14.4.18. COMPANY 18
14.4.18.1. Overview
14.4.18.2. Financials
14.4.18.3. Developments
14.4.18.4. Strategic Outlook
14.4.19. COMPANY 19
14.4.19.1. Overview
14.4.19.2. Financials
14.4.19.3. Developments
14.4.19.4. Strategic Outlook
14.4.20. COMPANY 20
14.4.20.1. Overview
14.4.20.2. Financials
14.4.20.3. Developments
14.4.20.4. Strategic Outlook