Global HVAC Actuators Market Is Expected to Generate $6.2 Billion by 2031: Allied Market Research

Rapid penetration of HVAC systems in building automation systems (BASs) serves as a potential opportunity for the expansion of the global HVAC actuators market.??

According to the report published by Allied Market Research, the global HVAC actuators market garnered $3.9 billion in 2021 and is estimated to generate $6.2 billion by 2031, manifesting a CAGR of 4.6% from 2022 to 2031.???

Onkar Sumant, a Manager, Construction, and Manufacturing at Allied Market Research stated, “The global HVAC actuators market has witnessed significant growth over the past decade, owing to the rise in infrastructure development, chemical, and food and beverage business. The rise of manufacturing and automation sectors has led to an increase in heating, ventilation, and air conditioning requirements in industrial construction. The Asia-Pacific holds the largest share of the market owing to the large-scale production of HVAC systems in China, in addition to the high production of HVAC actuators. Moreover, LAMEA is the fastest growing region as there is an increase in industrialization and urbanization in the developing nations such as Brazil, South Africa, and other nations in the region.”?

Covid-19 Scenario:??

• The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global HVAC actuators market, owing to the implementation of the global lockdown.??
• The pandemic caused a slowdown in commercial construction activities, which lowered the demand for air conditioning systems in commercial buildings such as industrial buildings, offices, malls, and others, leading to decreased demand for HVAC actuators in 2020.??
• However, the market recovered by the end of 2021, as economies reopened for construction activities.?

The research provides detailed segmentation of the global HVAC actuators market based on type, technology, application, and region.??

Based on technology, the conventional segment accounted for the highest share in 2021, holding more than half of the global HVAC actuators market, and is expected to continue its leadership status during the forecast period. However, the smart segment is estimated to grow at the highest CAGR of 5.2% during the forecast period.?

Based on application, the industrial facilities segment accounted for the highest share in 2021, contributing to more than two-fifths of the global HVAC actuators market, and is expected to maintain its lead in terms of revenue during the forecast period. However, the commercial building segment is expected to manifest the highest CAGR of 5.1% from 2022 to 2031.?

Based on region, Asia-Pacific held the largest share in 2021, contributing to more than half of the global HVAC actuators market share, and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the LAMEA region is expected to manifest the fastest CAGR of 5.7% during the forecast period.??

Leading market players of the global HVAC actuators market analyzed in the research include Continental AG, Denso Corporation, Dwyer Instruments Inc, Electro Craft Inc., Honeywell International Inc., Johnson Controls International plc., Robert Bosch GmbH, Rotork Plc., Schneider Electric SE, Siemens AG.