Europe HVAC Sensors Market
Strong adoption of the HVAC systems among commercial buildings, homes, and the automotive sector is driving the growth of the Europe HVAC sensors market. The increasing pollution norms and growing concerns toward energy consumption have fueled the adoption of advanced sensors for HVAC systems. Further, companies are developing advanced HVAC sensors to improve the efficiency of HVAC system. For instance, in March 2020, BELIMO, a Switzerland-based company introduced new ultrasonic flow sensors for the HVAC application. These inline flow sensors are equipped with automatic glycol measurement and compensation features for maximizing HVAC system efficiency. The increasing development in the sensors to improve the system efficiency is mounting the growth of the market in the industrial, commercial, and residential sectors. In Europe, the demand for HVAC sensors is propelled by the stringent government regulations for efficient building management systems. Also, the presence of robust automotive manufacturing units in Europe is propelling the demand for HVAC sensors used in automobiles. The governments in the Europe region are focusing on the development of tourism industry and growth of industrial sector, which is expected to boost the demand for HVAC systems in the region.
Furthermore, in case of COVID-19, Europe is highly affected specially the UK. The European HVAC sensors manufacturers experienced a lower demand rate from the European as well as international HVAC system manufacturers. The European semiconductor manufacturers have observed and are also experiencing tough times to supply their products in adequate quantities to respective customers. This is majorly due to the significant disruption in raw material supply chain business. The semiconductor components or sensor manufacturers are witnessing two or more weeks of delay in receiving raw materials, which is pressurizing the manufacturers to slow down the production pace, which is showcasing the declination trend in revenue generation. The UK and France have numerous HVAC systems and HVAC sensors manufacturers, while the Russia has significantly large number of HVAC equipment manufacturers. The emergence of COVID-19 virus has negatively impacted the businesses of European HVAC systems manufacturers as well as HVAC sensors market players. Additionally, the UK, France, Germany, and Italy have been observing the second wave of COVID-19 over the past couple of weeks, which has again compelled the manufacturers to restrict their production unit workforce, resulting in deceleration in HVAC sensors demand.
Strategic insights for the Europe HVAC Sensors provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2019 | US$ 918.96 Million |
| Market Size by 2027 | US$ 1,527.50 Million |
| Global CAGR (2020 - 2027) | 6.9 % |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | Europe
|
| Market leaders and key company profiles |
The geographic scope of the Europe HVAC Sensors refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The Europe HVAC sensors market is expected to grow from US$ 918.96 million in 2019 to US$ 1,527.50 million by 2027; it is estimated to grow at a CAGR of 6.9 % from 2020 to 2027. Growth of smart cities across Europe region is expected to escalate the Europe HVAC sensors market. As smart cities across the European developing countries are still under developing stage, various governments are taking initiatives for the development of smart cities in their respective economies. The initiative of European government toward green and smart cities is adding impetus to the present HVAC industry in the Europe for the development of energy efficient and economical HVAC systems. This has resulted in shifting the focus of HVAC market players to Europe market. Further, the European Commission (EC), under its Smart Cities Initiative aims to significantly promote energy-efficient and low carbon technologies. The increasing focus of governments across Europe for the Smart Cities development is anticipated to further create a demand for HVAC sensors, which will drive the Europe HVAC sensors market during forecast period.
In terms of type, the temperature sensors segment accounted for the largest share of the Europe HVAC sensors market in 2019. In terms of end user, the commercial segment held a larger market share of the Europe HVAC sensors market in 2019.
A few major primary and secondary sources referred to for preparing this report on the Europe HVAC sensors market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are BELIMO AIRCONTROLS (USA), INC.; Emerson Electric Co.; Honeywell International Inc.; Johnson Controls, Inc.; Schneider Electric; Senmatic A/S; Sensata Technologies, Inc.; Sensirion AG; Siemens AG; TE Connectivity Ltd.
The Europe HVAC Sensors Market is valued at US$ 918.96 Million in 2019, it is projected to reach US$ 1,527.50 Million by 2027.
As per our report Europe HVAC Sensors Market, the market size is valued at US$ 918.96 Million in 2019, projecting it to reach US$ 1,527.50 Million by 2027. This translates to a CAGR of approximately 6.9 % during the forecast period.
The Europe HVAC Sensors Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Europe HVAC Sensors Market report:
The Europe HVAC Sensors Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Europe HVAC Sensors Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Europe HVAC Sensors Market value chain can benefit from the information contained in a comprehensive market report.
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