Honeywell is also very strong at providing solution on water quality, security and life safety."Once we put our portfolio together, it might appeal to a big market," he says.

Once that connectivity of things happens at home, the real value will go back to the original value of the machine, Asvaintra says."When everything is connected, consumers will choose the best underlying technology. That's why we have a lot of faith that Honeywell will be well positioned for that kind of market."

Honeywell's software engineering capability also helps develop apps and other things to put it together in smart home products, Asvaintra adds.

At the beginning of next year, Honeywell will start coming out with some water products, like water purifiers.

"Air is definitely the most important and then I think we want to go and solve water. Then we will start to get into areas of security and life safety. My goal is to bring the whole portfolio to the market as soon as possible," he said.

Since 10 years ago, Honeywell has already brought in full R&D capability and full manufacturing capability to China, to manufacture for China and the global market.