Market development trend of 5 types of supporting products in HVAC industry (Part 1)
1. Smart thermostat
Smart thermostats are mainly used in heating, ventilation and air conditioning equipment or systems to control the temperature in a room or area. Smart thermostats allow customers to automatically and intelligently adjust settings to achieve energy savings and interconnect with equipment or systems outside of the HVAC system. As a result, the demand for intelligent temperature control is growing rapidly.
At the same time, smart thermostats are also one of the main energy-saving devices for smart houses and buildings. The global smart thermostat market is expected to grow from $1.156 billion in 2017 to $8.729 billion by 2026, representing a compound annual growth rate (CAGR) of 23.7%. Growing demand for energy prices and power optimization, as well as government incentives for energy-saving devices, have driven the global smart thermostat market up. Enterprises are constantly combining smart thermostats with the Internet of Things (IOT) to remotely control the operation of smart thermostats. Smart thermostats have become the focus of researchers in the electronics industry.
Smart thermostats are gradually being accepted by small and medium-sized enterprises, which is the inevitable trend of digital development and the application of building automation solutions. Compared to other types of smart thermostats on the market, WiFi-connected smart thermostats are more responsive and secure. WiFi-connected smart thermostats are increasingly being used in smart homes, buildings, and commercial buildings to minimize their energy consumption. Smart thermostats can adjust room temperature, thereby reducing power consumption and energy costs. At the same time, the advanced functions of smart thermostats, the growth of people's disposable income, and the growing demand for energy-saving devices have greatly promoted the rapid development of the global smart thermostat market.
2. HVAC Relay
A relay is a switch that can mechanically or electronically switch a circuit on and off, or control one circuit by closing and opening the contacts of another circuit. HVAC relays are primarily used in HVAC control systems to manage and control the operation of heating and air conditioning systems. In general, relays mainly use low-power signals to control the operation of high-power circuits. From this, the relay can control large voltages and amperage flow by applying a small voltage to the relay coil inside it. When a voltage is applied to the relay coil, the relay is opened or closed according to the contact settings, thereby opening or closing a large electrical circuit. HVAC relays are commonly used to control heating, ventilation, and air conditioning equipment, such as turning compressors, condenser fan motors, or evaporator fan motors on or off as needed during operation.
HVAC systems have been used in the automotive industry since the 1960s. The growing demand in the global automotive industry has driven the demand for HVAC relays in the automotive sector. The growth in demand for passenger cars is the main factor driving the market. Currently, almost all passenger cars are equipped with HVAC systems. As a result, the demand for HVAC relays in the automotive industry will show a growth trend in the next few years. Of course, the growing demand for light and heavy vehicles is also the reason behind the growth of relays in the automotive industry. At the same time, expanding investment in non-residential construction sectors is driving the demand for indoor air quality management and HVAC systems, which is also expected to drive the HVAC relays market. Growth in construction investment in hospitals, educational institutions, hotels, and other commercial buildings is expected to drive the demand for HVAC relays.
The implementation of strict government regulations and policies has led to the growing popularity of green buildings, thereby driving the growth of the HVAC relays market. Buildings will become more efficient as smart HVAC systems evolve, allowing building managers and owners to run systems more efficiently. The installation of these smart systems is expected to drive the demand for HVAC relays and play a major role.
The trend towards manufacturing HVAC relays with environmentally friendly materials can provide new opportunities for the HVAC relays market. The use of these relays can make buildings more efficient and systems more environmentally friendly. Manufacturers are trying to use lead and cadmium-free materials, which are harmful to the environment and human health. The Internet of Things (IOT) is expected to drive smarter HVAC systems, allowing these systems to operate based on time-to-time data. At the same time, IOT can also help these systems with rapid fault detection and remote diagnosis. This will reduce the load on the HVAC relay, thereby making the HVAC system more efficient.
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