Hydronic Control Market Worth $37.70 Billion by 2023
PUNE, India, August 31, 2018 /PRNewswire/ --
According to the new market research report "Hydronic Control Market by Equipment (Actuators, Valves, Flow Controllers, Control Panels, and Others), Installation Type (New, Retrofit), Sector (Residential, Commercial, Industrial), and Region - Global Forecast to 2023", published by MarketsandMarkets(TM), the market is estimated to grow from USD 32.40 billion in 2018 to USD 37.70 billion by 2023, at a CAGR of 3.1% from 2018 to 2023. Factors such as the need for efficient use of energy in buildings, the emergence of the construction market, and the trend of automation in commercial, industrial, and residential sectors in developing countries are driving the growth of the hydronic control market at present.
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Actuators held largest size of hydronic control market in 2017
Actuators held the largest size, in terms of value, of the hydronic control market in 2017. Actuator acts as an interface between the mechanical system and the hydronic control system. This device receives signals from controllers and accordingly controls the valves and dampers in the hydronic system. By using building management system (BMS) and bus communication, actuators can be remotely accessed; this saves time during the installation and commissioning of the system.
New installation to hold largest size of hydronic control market from 2018 to 2023
New installation held the largest share of hydronic control market from 2018 to 2023. New installation of hydronic controls is primarily done in newly constructed buildings. Many governments across the world are promoting investments in smart buildings owing to many benefits associated with it. New installation of hydronic controls helps in achieving eco-friendly operations due to economical use of available resources.
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Industrial sector held largest size of hydronic control market in 2017
The industrial sector held the largest share of hydronic control market during the forecast period. The industrial sector includes manufacturing and processing facilities. Energy consumption in industries is higher than that of residential or commercial facilities; however, a significant amount of energy in industrial facilities is used for processing and manufacturing machinery. The implementation of hydronic controls can help to efficiently power HVAC systems, along with the increase in the productivity of the company. Using hydronic controls across warehouses, production areas, administration offices, control rooms, and distribution centers, water temperature can be maintained according to the industrial norms.
North America to hold largest size of hydronic control market from 2018 to 2023
North America is expected to hold the largest size of the hydronic control market throughout the forecast period. Advanced infrastructure and a considerable number of major hydronic control industry players ensure a well-managed and well-organized value chain of the hydronic control market in the region. Continuous growth in construction and renovation of residential and commercial buildings are among the major factors supporting the growth of the hydronic control market, along with the increasing adoption of IoT in smart housing. Government regulations regarding environmental safety and water quality are also among the major drivers for the hydronic control market in North America.
Major players operating in the hydronic control market include Siemens (Germany), Danfoss (Denmark), Johnson Controls (Ireland), Honeywell (US), Schneider Electric (France), IMI plc (UK), Belimo (Switzerland), Giacomini (Italy), Caleffi (Italy), Flamco (Netherlands), Armstrong (US), Oventrop (Germany), Reflex (Germany), Spirotech (Netherlands), and Xylem (US).
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