Hydronic control market to hit $50B by 2023
The worldwide hydronic control market is estimated to grow from $43 billion in 2018 to $50 billion by 2023, at a compound annual growth rate (CAGR) of 3.1%.
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 labour and installation hinder the market growth.
North America held the largest share of the hydronic control market in 2017 owing to the presence of major hydronic control vendors.
Continuous growth in construction and renovation of residential and commercial buildings are among the major factors supporting the growth of the hydronic control market, along with the increasing adoption of IoT in smart housing. Government regulations regarding environmental safety and water quality are also among the major drivers for the growth of the hydronic control market in North America.