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Hydronic Control Market Projected To Reach $37.70 Billion By 2023
Hydronic systems are regulated for the generation, distribution, and transfer of thermal heating and cooling using hydronic controls. Various components such as actuators, valves, relays, and control panels are used in hydronic control systems. Hydronic controls are used to manage HVAC equipment in residential, commercial, and industrial environments. These are required to ensure the efficient use of power and maintain operability. 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. The hydronic control market was valued at USD 31.00 billion in 2017 and is projected to reach USD 37.70 billion by 2023, at a CAGR of 3.1% from 2018 to 2023.
In the equipment segment, the market for flow controller is expected to grow at the highest CAGR from 2018 to 2023. Flow controller ...
... provides automatic flow regulation to maintain a constant flow of hot or chilled water regardless of system pressure changes. Systems with flow controller do not need to be balanced and rebalanced during commissioning. They regulate and maintain a constant flow to the coil as water pressure in the system varies with the changing loads. This delivers better comfort, increases energy efficiency, and reduces actuator operation.
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The hydronic control market for new installations is expected to grow at the highest CAGR from 2018 to 2023. The new installation provides advantages over retrofits for the implementation of hydronic control solutions at early stages. The advantages help in reducing the operational cost required for implementing hydronic control solutions.
The market for the residential sector is expected to grow at the highest CAGR from 2018 to 2023. HVAC devices, such as air-conditioners and water heating and cooling systems, consume almost 50% of the total power supplied to a residential building; to achieve energy efficiency in a residential building, hydronic systems have to be managed optimally. Various hydronic control equipment, such as actuators, valves, relays, sensors, and thermostats, enable efficient utilization of energy. It is assumed that hydronic and HVAC systems consume a significant amount of energy for residential applications; thus, the governments form regulations and acts to promote the use of hydronic controls.
RoW comprises the Middle East and Africa. The hydronic control market in RoW is expected to grow at the highest CAGR during the forecast period. Growing awareness about energy conservation, global warming, and fluctuating weather conditions has inclined governments in this region to regulate policies that encourage energy conservation. These factors propel the growth of the hydronic control market in RoW. Also, rapid industrialization and growth in the hospitality industry in RoW drive the growth of the hydronic control market.
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