This research study involved the extensive use of secondary sources, directories, and databases such as Hoovers, Bloomberg, Businessweek, Factiva, and OneSource, to identify and collect information useful for a technical, market-oriented, and commercial study of the HVAC controls market. Primary sources were several experts from core and related industries and preferred suppliers, manufacturers, distributors, service providers, technology developers, and organizations related to all the segments of the value chain of the HVAC controls ecosystem.
In-depth interviews with various primary respondents such as key industry participants, subject matter experts (SMEs), C-level executives of key market players, and industry consultants, among other experts, were conducted to obtain and verify critical qualitative and quantitative information as well as to assess future market prospects.
Secondary Research
Secondary sources referred to for this research study included corporate filings (such as annual reports, investor presentations, and financial statements); trade, business, and professional associations; white papers; certified publications; articles by recognized authors; directories; and databases. The secondary data was collected and analyzed to arrive at the overall market size, which was further validated through primary research.
List of Major Secondary Sources
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Report Metric
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Details
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International Energy Agency (IEA)
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https://www.iea.org/
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Japan Refrigeration and Air-conditioning Industry Association (JRAIA)
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https://www.jraia.or.jp/english/
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American Society of Heating, Refrigerating, and Air Conditioning Engineers (ASHRAE)
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https://www.ashrae.org/
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Air Conditioning Contractors of America Association (ACCA)
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https://www.acca.org/home
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Air-Conditioning, Heating, and Refrigeration Institute (AHRI)
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https://www.ahrinet.org/Home
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Representatives of European Heating and Ventilation Associations (REHVA)
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https://www.rehva.eu/
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Eurovent
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https://eurovent.eu/
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European Heat Pump Association (EHPA)
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https://www.ehpa.org/
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Primary Research
Extensive primary research was conducted after gaining knowledge about the current scenario of the HVAC controls market through secondary research. Several primary interviews were conducted with experts from both demand and supply sides across four major regions—North America, Europe, Asia Pacific, and RoW. This primary data was collected through questionnaires, emails, and telephonic interviews.
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Market Size Estimation
Both top-down and bottom-up approaches were used to estimate and validate the size of the HVAC controls market and its various dependent submarkets. The key players in the market were identified through secondary research, and their market share in the respective regions was determined through primary and secondary research. This entire procedure involved the study of annual and financial reports of top players and extensive interviews with industry leaders such as chief executive officers (CEOs), vice presidents (VPs), directors, and marketing executives. All percentage shares and breakdowns were determined using secondary sources and verified through primary sources. All the possible parameters that affect the markets covered in this research study were accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data. This data was consolidated and supplemented with detailed inputs and analysis from MarketsandMarkets and presented in this report.
Bottom-Up Approach
The bottom-up approach was used to arrive at the overall size of the HVAC controls market from the revenues of key players and their shares in the market. The overall market size was calculated based on the revenues of key players identified in the market.
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Analyzing the size of the global HVAC controls market by identifying segmental and subsegmental revenue related to the market
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Identifying the total number of HVAC control components shipped globally, which include various types of sensors, controllers, and controlled equipment
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Estimating the ASP of sensors, controllers, and controlled equipment
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Estimating the size of the HVAC controls market, by component (HVAC controls component shipment * ASP of HVAC control components)
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Estimating the market size of other segments of the HVAC controls market (system, implementation type, application, and region)
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Identifying the upcoming projects related to HVAC controls by various companies in different regions and forecasting the market size based on these developments and other important parameters.
Top-Down Approach
In the top-down approach, the overall size of the HVAC controls market that was derived through percentage splits obtained from secondary and primary research was used to estimate the size of the individual markets (mentioned in the market segmentation).
For the calculation of the size of specific market segments, the overall size of the HVAC controls market was considered to implement the top-down approach. The bottom-up approach was also implemented for the data extracted from secondary research to validate the obtained market size of different segments.
The market share of each company was estimated to verify the revenue share used earlier in the bottom-up approach. With the data triangulation procedure and validation of data through primaries, the sizes of the overall parent market and each market were determined and confirmed in this study. The data triangulation procedure used for this study is explained in the next section.
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Information related to revenues obtained from key manufacturers and providers of HVCA controls was studied and analyzed to estimate the global size of the HVAC controls market.
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The HVAC controls market is expected to observe a linear growth trend during the forecast period because it is a mature market with a number of well-established players serving various applications.
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Components, geographic presence, and key applications, as well as different types of systems of all identified players in the HVAC controls market, were studied to estimate and arrive at the percentage split of different segments of the market.
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All major players in each category of the HVAC controls market were identified through secondary research and duly verified through brief discussions with the industry experts.
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Multiple discussions with key opinion leaders of all major companies involved in the development of HVAC controls were conducted to validate the market split based on component, system, implementation type, application, and region.
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Geographic splits were estimated using secondary sources, based on various factors such as the number of players offering HVAC controls in a specific country or region and the type of HVAC control equipment offered by these players.
Data Triangulation
After arriving at the overall size of the HVAC controls market from the market size estimation process explained above, the total market was split into several segments and subsegments. Data triangulation procedures were employed wherever applicable to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The data was triangulated by studying various factors and trends from both, demand and supply sides. In addition to this, the market size was validated using top-down and bottom-up approaches
Study Objectives
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To define and forecast the HVAC controls market size, by system, component, implementation type, and application, in terms of value and volume.
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To describe and forecast the HVAC controls market size for four key regions, namely, North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW), along with their respective countries
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To describe the types of control loops and control systems in an HVAC system
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To provide detailed information regarding the drivers, restraints, opportunities, and challenges influencing the growth of the market
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To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall market
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To study the complete value chain of the HVAC controls market
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To analyze opportunities in the market for stakeholders by identifying high-growth segments of the HVAC control ecosystem
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To strategically profile key players and comprehensively analyze their market position in terms of ranking and core competencies2, and provide details of the competitive landscape
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To analyze strategic approaches such as product launches, collaborations, contracts, acquisitions, agreements, expansions, and partnerships in the HVAC controls market
Available Customizations:
With the given market data, MarketsandMarkets offers customizations according to the specific requirements of companies. The following customization options are available for the report:
Company Information
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Detailed analysis and profiling of additional market players
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