Press Release

North America HVAC Market to Grow with a CAGR of 5.85% through 2028

North America HVAC market is evolving rapidly, driven by a combination of factors including energy efficiency and environmental sustainability, technological advancements in smart HVAC systems, and demographic shifts associated with urbanization.

 

According to TechSci Research report, “North America HVAC Market - Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the North America HVAC Market stood at USD 43.57 billion in 2022 and is anticipated to grow with a CAGR of 5.85% in the forecast period, 2024-2028. The North America HVAC (Heating, Ventilation, and Air Conditioning) market is a substantial and dynamic sector within the continent's construction and building services industry. This market encompasses a wide range of products and services, including heating systems, air conditioning units, ventilation solutions, and related maintenance and repair services. The HVAC market plays a critical role in ensuring indoor comfort, air quality, and energy efficiency in residential, commercial, and industrial spaces across the United States, Canada, and Mexico.

The North America HVAC market is one of the largest and most mature HVAC markets globally. Its size and growth are driven by several factors, including population growth, urbanization, and economic development. The United States, in particular, accounts for a significant share of the market due to its vast population and diverse climate conditions, which necessitate a wide range of HVAC solutions. Canada and Mexico also contribute significantly to the market's growth, with Canada experiencing strong demand for HVAC solutions in its colder regions and Mexico's rising middle class driving residential and commercial HVAC demand.

In recent years, the market has experienced steady growth, primarily due to increased awareness of energy efficiency and environmental concerns. Regulatory bodies in North America have implemented strict energy efficiency standards and emission reduction targets, encouraging consumers and businesses to adopt energy-efficient HVAC systems. As a result, there has been a noticeable shift towards more sustainable and environmentally friendly HVAC technologies.

Energy efficiency is at the forefront of the HVAC market. Government incentives, such as tax credits and rebates, have encouraged consumers and businesses to invest in high-efficiency HVAC systems, including heat pumps, geothermal systems, and variable refrigerant flow (VRF) systems. These technologies not only reduce energy consumption but also lower operating costs over time.

The integration of smart technology into HVAC systems has gained significant traction. Smart thermostats and controls enable users to monitor and adjust their HVAC systems remotely, optimizing energy usage and comfort. This trend aligns with the broader adoption of the Internet of Things (IoT) in homes and buildings.

 

Indoor Air Quality (IAQ): There is a growing emphasis on improving indoor air quality, particularly in the wake of the COVID-19 pandemic. HVAC systems with advanced filtration, ventilation, and air purification capabilities have become essential for maintaining healthier indoor environments.

Green building practices are gaining momentum, with LEED (Leadership in Energy and Environmental Design) and other sustainable building certifications becoming more common. HVAC systems with low environmental impact, such as those using low-GWP (Global Warming Potential) refrigerants, are increasingly sought after.

The electrification of HVAC systems, especially in regions with access to clean energy sources, is becoming a prominent trend. Electric heat pumps, in particular, are seen as a more sustainable alternative to traditional fossil fuel-based heating systems.

 

Browse over XX market data Figures spread through 132 Pages and an in-depth TOC on "North America HVAC Market

 

The use of data analytics and IoT sensors in HVAC systems is growing. This allows for predictive maintenance, remote monitoring, and more efficient operation, reducing downtime and service costs.

The HVAC industry is heavily regulated, with different standards and codes varying by state and locality. Compliance with these regulations can be complex and costly for manufacturers and installers. Additionally, the COVID-19 pandemic exposed vulnerabilities in global supply chains. Delays in the production and delivery of HVAC components and equipment have affected project timelines and increased costs. Furthermore, the phase-out of high-GWP refrigerants, such as R-22, presents challenges for existing HVAC systems that still rely on these substances. Retrofitting or replacing such systems can be expensive.

Smaller HVAC companies may struggle to keep up with the rapid pace of technological advancement. The cost of training technicians and upgrading equipment can be a barrier to entry. Additionally, the North America HVAC market is highly competitive, with numerous manufacturers, suppliers, and service providers. Pricing pressures can limit profit margins for industry players. Furthermore, climate change can result in extreme weather events, which can strain HVAC systems and increase maintenance and repair demands.

North America HVAC market is segmented into product type, end user, and region.

Based on product type, the market is segmented into direct expansion systems and central air conditioning systems. Among these, direct expansion systems has a significant share in the North America HVAC market. DX systems are known for their energy efficiency, making them an attractive choice for both residential and commercial applications. They use a refrigerant to directly cool or heat the air, eliminating the need for additional heat exchangers or intermediate fluids. This design reduces energy consumption, resulting in lower utility bills and a reduced carbon footprint.

Based on country, United States has a significant share of the North America HVAC market. The United States has one of the largest and most diversified economies globally. Its robust economic activity drives the demand for HVAC systems in various sectors, including residential, commercial, industrial, and public infrastructure. The sheer size and diversity of the U.S. market create a significant need for HVAC products and services.

 

Major companies operating in North America HVAC market are:

  • Johnson Controls International PLC
  • Daikin Industries Ltd
  • Lennox International Inc.
  • Electrolux AB
  • Emerson Electric Co.
  • Carrier Corporation
  • Rheem Manufacturing Company Inc.
  • Uponor Corp.
  • Ingersoll Rand Inc. (Trane Inc.)
  • Nortek Global HVAC, LLC    

 

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 “The North America HVAC market is a vital and ever-evolving industry that plays a critical role in providing comfort, air quality, and energy efficiency to a wide range of buildings and spaces. While it faces challenges related to regulations, supply chain disruptions, and environmental concerns, the market continues to grow due to increasing demand for energy-efficient and environmentally friendly HVAC solutions. As technology advances and sustainability becomes a top priority, the North America HVAC market is likely to remain a dynamic and innovative sector within the continent's construction and building services industry.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

North America HVAC Market By Product Type (Direct Expansion Systems and Central Air Conditioning Systems), By End User (Residential, Commercial, Institutional, Marine & Offshore, Oil & Gas, Power and Others), By Region, By Competition Forecast & Opportunities, 2018-2028F, has evaluated the future growth potential of North America HVAC market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers make sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in North America HVAC market.

 

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Relevant Reports

North America HVAC Market By Product Type (Direct Expansion Systems and Central Air Conditioning Systems), By End User (Residential, Commercial, Institutional, Marine & Offshore, Oil & Gas, Power and Others), By Region, By Competition Forecast & Opportunities 2018-2028F

Consumer Goods and Retail | Oct, 2023

North America HVAC market is evolving rapidly, driven by a combination of factors including energy efficiency and environmental sustainability, technological advancements in smart HVAC systems, and demographic shifts associated with urbanization.

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