Hydronic Control Market size is expected to register commendable growth from 2023 to 2032, owing to the increased cognizance of the benefits of hydronic heating systems, such as high durability, low-temperature operation, and cost-effectiveness.
A hydronic system refers to a cooling and heating system that can transfer heat by circulating a fluid via a closed system of pipes. Hydronic controls significantly ensure the accurate control of the radiant heating systems for maximum efficiency and comfort. Several devices used in hydronic heating control systems include conventional boilers, zone valves, and heat pumps.
The escalating requirement for ventilation, especially during the coronavirus pandemic, and the subsequent rise in the adoption of HVAC systems to lower the concentration of indoor air contaminants are the key trends bolstering the hydronic control market share. In addition, increasing investments toward expanding the existing residential and commercial infrastructure coupled with rapid technological innovations and the construction of smart buildings will fuel the deployment of hydronic heating flow control systems over the next ten years.
However, the heightening inflation levels across the globe have substantially impacted the HVAC and construction sectors, hampering the overall market dynamics. The visible rise in the prices of building materials, consultation fees, machinery costs, and other inputs has led to halts and delays in construction projects. Similarly, the declining economic growth has changed consumers' buying patterns and limited their expenditure on heating and cooling systems, further impacting business growth.
In contrast, the rapid adoption of automation technologies across the industrial sector may help reduce labor costs and boost the sales of automated industrial equipment. Thus, driving lucrative growth opportunities for the hydronic control industry.
Based on components, the hydronic control market share from the actuators segment is projected to witness decent expansion through 2032. The increasing requirement to enhance operational efficiency and cut down on human intervention has escalated the inclination of several industries toward automated processes and machinery. The flourishing industrial automation trends, in tandem with the increasing deployment of advanced machines and equipment across the manufacturing sector, will propel the demand for actuators in the foreseeable future.
The residential application segment of the hydronic control market is poised to attain a sizeable valuation by 2032, attributed to the mounting installation of HVAC equipment across residential facilities. According to the Air Conditioning, Heating, and Refrigeration Institute (AHRI), the residential gas storage water heaters and residential electric storage water heaters shipments in the U.S. registered a 7.8% and 3.7% uptick, respectively, in November 2021 from November 2020. The strong revival of residential building activities in developing economies, mainly driven by supportive government policies and sustained housing demand, will further drive segment growth.
Geographically, the North America hydronic control market is estimated to showcase an appreciable CAGR between 2023 and 2032. The regional growth can be credited to the strong presence of leading hydronic control manufacturers and the consistent expansion of the existing residential, commercial, and industrial infrastructure. Furthermore, the escalating smart housing projects and the stringent environmental safety norms will create favorable growth scenarios for the regional industry.
Major players functioning in the global market include Honeywell International Inc., Schneider Electric SE, Flamco Group, Johnson Controls International, Caleffi S.p.A, IMI plc, Reflex Winkelmann GmbH, Armstrong Fluid Technology, Spirotech, Giacomini S.P.A, Siemens AG, Xylem Inc., Oventrop Corporation, BELIMO Holding AG, and Danfoss.
These companies are introducing new products and entering mergers and acquisition deals, among other strategic moves to boost their stance across the global market. For instance, in January 2021, Danfoss unveiled its RAS-B2 Danfoss Dynamic Valve, designed specially to enable simple and fast hydronic dynamic balancing and help installers document, record, and calculate the radiator flow on their tablets and smartphones.