The HVAC Field Device Market size is estimated at USD 21.13 billion in 2024, and is expected to reach USD 28.72 billion by 2029, growing at a CAGR of 6.30% during the forecast period (2024-2029).
The pandemic significantly influenced the HVAC industry, as demand for the systems observed a significant drop during the initial months, owing to lockdown restrictions and businesses refraining from investing in new equipment. Due to the pandemic, many construction projects were halted across the world. Reduced commercial, residential, and industrial construction activities temporarily dampened the demand for HVAC field devices.
The global HVAC field device market is highly fragmented and has several major players. In terms of market share, a few of the major players currently dominate the market. These major players with prominent shares in the market are focusing on expanding their customer base across foreign countries. These companies leverage strategic collaborative initiatives to increase their market shares and profitability.
In March 2023, Honeywell introduced its Versatilis transmitters for condition-based monitoring of rotating equipment such as pumps, motors, compressors, fans, blowers, and gearboxes. Honeywell Versatilis transmitters provide relevant measurements of rotating equipment, delivering intelligence that can improve safety, availability, and reliability across industries.
In August 2022, Airzone announced it was entering the rapidly growing North American market with an exclusive smart control solution for HVAC inverter systems. Airzone's Aidoo Pro acted as the bridge between proprietary HVAC inverter and mini-split manufacturers' protocols and IoT device APIs, including for the popular Ecobee, Honeywell, and Nest smart thermostats. The Aidoo Pro enables HVAC professionals to integrate HVAC inverter systems with leading smart thermostats, preserving all inverter features and providing unparalleled efficiency, energy savings, connectivity, and comfort.
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