The HVAC Sensor Market size is estimated at USD 4.16 billion in 2024, and is expected to reach USD 5.64 billion by 2029, growing at a CAGR of 6.30% during the forecast period (2024-2029).
The HVAC sensors regulate and monitor various activities like air temperature, pressure, and quality in end-user buildings like commercial and residential buildings. Hence, HVAC sensors are being commonly used owing to the increasing need to reduce energy consumption and enhance energy efficiency.
The increasing presence of prominent manufacturers in the HVAC sensors market is expected to intensify competitive rivalry during the forecast period. Market incumbents like Siemens AG, Emerson Electric Co., Honeywell International Inc., and TE Connectivity Ltd. considerably influence the overall market. Players in the market are adopting strategies such as partnerships and acquisitions to enhance their product offerings and gain a sustainable competitive advantage.
In March 2023, Sensirion announced the release of the SHT40I-Analog humidity sensor, which is intended for demanding industrial applications and severe settings where high noise levels may make digital solutions ineffective. The novel sensor allows for simple design and customer-specific output characteristics for high-volume applications.
In April 2022, Trane Technologies PLC announced a strategic continuing collaboration to achieve higher energy efficiency using Air-Fi wireless sensors for Trane and Mitsubishi Electric City multi VRF and improvements to the IntelliPak 1 HVAC Rooftop Unit. The upgrades give building owners technology, data, and controls to help them satisfy efficiency standards, achieve decarbonization targets, and make retrofits easier and more cost-effective.
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