The hydronic control 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
LONDON, Sept. 19, 2018 /PRNewswire/ -- Hydronic control market to grow at CAGR of 3.1% during forecast period
The hydronic control 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. The growth of the hydronic control market is driven by 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. However, factors such as lack of awareness about the benefits of hydronic controls and the high cost of skilled labor and installation hinder the market growth.
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Market for flow controllers to witness highest CAGR during forecast period
The market for flow controllers is estimated to grow at a higher CAGR during the forecast period.Flow controller ensures the appropriate rate of flow is directed to the right location to increase the efficiency within the hydronic system.
Self-acting flow controllers are primarily used in district heating systems.The controller closes when the flow is exceeded from its pre-set position.
These attributes result in the high growth rate of flow controllers during the forecast period.
Market for residential sector to witness highest CAGR during forecast period
The market for residential sector is estimated to grow at a higher CAGR during the forecast period.The residential application includes buildings and independent houses for hydronic controls.
The boom in the residential segment of the construction industry increases the demand for hydronic equipment such as actuators, valves, and control panels.The boom in the construction sector is witnessed mainly in countries such as India and China.
Rising average disposable income in these countries, benefits of efficient energy usage, and increasing the cost of power is encouraging people to adopt energy-efficient technologies and equipment for daily activities.
North America to dominate hydronic control market, while RoW expected to grow at highest CAGR during forecast period
North America held the largest share of the hydronic control market in 2017 owing to the presence of major hydronic control vendors.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 growth of the hydronic control market in North America.
RoW comprises the Middle East and Africa.The rising adoption of hydronic controls for commercial applications in this region is driving the growth of the said market in RoW.
Owing to harsh weather conditions, the adoption of HVAC systems is vital in locations such as data centers, commercial, and residential complexes. Growing market for HVAC systems supports the growth of the hydronic control market in this region.
Given below is the breakdown of the profile of the primary participants in terms of different parameters considered while studying the report:
-- By Company Type: Tier 1 = 30%, Tier 2 = 38%, and Tier 3 = 32%
-- By Designation: C-Level Executives = 44%, Directors = 38%, and Others = 18%
-- By Region: North America = 30%, Europe = 32%, APAC = 26%, and South America, Middle East & Africa = 12%
Key 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).
Research Coverage
In this report, various segments such as equipment, installation type, sector, and geographic region have been covered.It also discusses the drivers, restraints, opportunities, and challenges pertaining to the market.
The report gives a detailed view of the market across 5 main regions: North America, Europe, APAC, South America, and RoW.
Reasons to Buy the Report:
-- This report includes the hydronic control market sizing, in terms of value, based on equipment, installation type, sector, and geographic regions, along with respective countries.
-- Drivers, restraints, opportunities, and challenges related to the hydronic control market growth have been provided in detail in this report.
-- The report includes illustrative segmentation, analysis, and forecast for the hydronic control market.
-- Value chain analysis has been performed to provide an in-depth insight into the hydronic control market.
-- The report includes a detailed competitive landscape, along with key players, in-depth analysis, and revenues of key players.
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