HVAC Actuators Market by End-user and Geography - Forecast and Analysis 2020-2024

The hvac actuators market share is expected to increase by USD 382.15 million from 2019 to 2024, and the market's growth momentum will accelerate at a CAGR of 4.23%.

This hvac actuators market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers hvac actuators market segmentations by end-user (non-residential and residential) and geography (APAC, North America, Europe, and South America). The hvac actuators market report also offers information on several market vendors, including Azbil Corp., BELIMO Holding AG, Dwyer Instruments Inc., ElectroCraft Inc., Honeywell International Inc., Johnson Controls International Plc, National Environmental Products Ltd., Rotork Plc, Schneider Electric SE, and Siemens AG among others.

What will the HVAC Actuators Market Size be During the Forecast Period?

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HVAC Actuators Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The growing demand for fail-proof hvac controls is notably driving the hvac actuators market growth, although factors such as high r&d investments in hvac technology may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the hvac actuators industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key HVAC Actuators Market Driver

The growing demand for fail-proof hvac controls is notably driving the hvac actuators market growth. The emergence of technologies such as cloud computing and big data analytics necessitates the construction of data centers across the world. The popularity of social media and IoT has also increased the need for data centers to store and process information with fast retrieval time. Thus, the increase in the number of data centers is positively impacting the demand for highly efficient and fail-proof HVAC systems as the downtime of these installations needs to be minimal. For instance, a Tier 4 data center typically has an uptime of 99.995% in a year (downtime of 0.005% is equivalent to 26.28 minutes in a year). As HVAC systems play an integral role in maintaining the optimum temperature of such installations, the demand for fail-proof controls such as HVAC actuators is increasing. Moreover, the demand for fail-proof HVAC actuators is increasing from food processing, medical devices, and pharmaceutical industries. All these factors are expected to drive the global HVAC actuators market during the forecast period.

Key HVAC Actuators Market Trend

The advent of the smart havc systems is the key trend driving the hvac actuators market growth. A smart HVAC system is an intelligent technology that enables users to control their HVAC equipment remotely using a smartphone, tablet, or desktop. A smart HVAC system gives consumers more user-friendly, efficient, and accessible control over the traditional HVAC system. Furthermore, a smart HVAC system can not only operate more efficiently but also reduce energy costs. A smart HVAC system can help in saving around 13% on energy bills per month. The benefits of smart HVAC systems are encouraging enterprises such as Johnson Controls International Plc (Johnson Controls International) to offer such solutions. Johnson Controls International offers smart HVAC equipment that helps users in maximizing control to improve efficiency, reduce operating costs, and extend equipment life. These benefits are driving the adoption of HVAC systems and contributing to the growth in demand for HVAC actuators. Hence, the advent of smart HVAC systems will drive the global HVAC actuators market during the forecast period.

Key HVAC Actuators Market Challenge

The major challenge impeding the hvac actuators market growth is the high r&d investments in hvac technology. The advancements require several modifications in systems such as control systems to make them compatible with HVAC systems. This is compelling HVAC system manufacturers to increase their investments in R&D to sustain in the market. As a result, HVAC system manufacturers face a heavy financial burden in developing innovative and advanced HVAC systems. Moreover, rapid advances in technology have reduced the product life cycle of HVAC systems. This has compelled HVAC system manufacturers to continuously develop advanced systems, and this has considerably increased investments in R&D. Also, the profit margins of vendors offering HVAC systems are low. Such factors are expected to hinder the adoption of HVAC systems, thus directly impacting the growth of the global HVAC actuators market during the forecast period.

This hvac actuators market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2020-2024.

Parent Market Analysis

Technavio categorizes the global HVAC actuators market is a part of the global electrical components and equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the hvac actuators market during the forecast period.

Who are the Major HVAC Actuators Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

• Azbil Corp.
• BELIMO Holding AG
• Dwyer Instruments Inc.
• ElectroCraft Inc.
• Honeywell International Inc.
• Johnson Controls International Plc
• National Environmental Products Ltd.
• Rotork Plc
• Schneider Electric SE
• Siemens AG

 

This statistical study of the hvac actuators market encompasses successful business strategies deployed by the key vendors. The hvac actuators market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

• Rotork Plc - The company offers Schischek explosionproof actuators and control systems for HVAC for industrial and offshore applications.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The hvac actuators market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

HVAC Actuators Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the hvac actuators market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

Which are the Key Regions for HVAC Actuators Market?

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60% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for hvac actuators market in APAC. Market growth in this region will be faster than the growth of the market in other regions.

The rise in construction activities, including commercial office spaces will facilitate the hvac actuators market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

In 2020, the market in the region witnessed certain challenges, owing to the outbreak of the COVID-19 pandemic. The pandemic affected many countries in the region, including China, India, South Korea, and Japan. Moreover, it also affected the construction sector in the region, which, in turn, impacted the demand for HVAC equipment and aftermarket products and services. However, with gradual control in the spread of the disease, coupled with the relaxation of lockdown restrictions, the regional market in focus is expected to recover during the forecast period.

What are the Revenue-generating End-user Segments in the HVAC Actuators Market?

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The hvac actuators market share growth by the non-residential segment will be significant during the forecast period. In the non-residential segment, the adoption of HVAC systems is high. HVAC systems account for the majority of the overall energy consumption in non-residential buildings. This necessitates the use of efficient HVAC systems, thus driving the demand for HVAC control equipment such as HVAC actuators.

This report provides an accurate prediction of the contribution of all the segments to the growth of the hvac actuators market size and actionable market insights on post COVID-19 impact on each segment.

 

HVAC Actuators Market Scope
Report Coverage	Details
Page number	120
Base year	2019
Forecast period	2020-2024
Growth momentum & CAGR	Accelerate at a CAGR of 4.23%
Market growth 2020-2024	$ 382.15 million
Market structure	Fragmented
YoY growth (%)	3.84
Regional analysis	APAC, North America, Europe, and South America
Performing market contribution	APAC at 60%
Key consumer countries	China, US, Japan, and Germany
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled	Azbil Corp., BELIMO Holding AG, Dwyer Instruments Inc., ElectroCraft Inc., Honeywell International Inc., Johnson Controls International Plc, National Environmental Products Ltd., Rotork Plc, Schneider Electric SE, and Siemens AG
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this HVAC Actuators Market Report?

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will drive hvac actuators market growth during the next five years
• Precise estimation of the hvac actuators market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the hvac actuators industry across APAC, North America, Europe, and South America
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of hvac actuators market vendors

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