North America HVAC market to reach USD 62.31 billion

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Pune, India, May 04, 2022 (GLOBE NEWSWIRE) — The North America HVAC systems market the size was $41.67 billion in 2021. The market size is expected to grow from $43.67 billion in 2022 at $62.31 billion by 2029 to a 5.2% CAGR during the forecast period. The market is expected to increase over the projected period owing to the growing demand for green building construction and clean indoor air business. Fortune Business Insight™ publish this information in a report entitled, North America HVAC Systems Market, 2022-2029″.

The heating, ventilation, and cooling (HVAC) system transfers air between indoor and outdoor spaces. Indoor air is filtered to maintain its purity and keep the environment healthy. This helps to maintain the humidity level and ideal condition. Growing demand for intelligent systems and industrial automation systems is expected to drive the market over the forecast period.

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Impact of COVID-19:

Increased manufacturing of automated HVAC systems to drive product demand

During the initial phase of lockdown, the market faced a sudden drop in its selling rate due to the restrictions imposed by the government. In addition, the increasing importance of indoor air quality to prevent respiratory diseases is expected to increase product sales. The government has lifted several restrictions, allowing businesses to resume interrupted activities such as repairing air conditioning (AC) units, repairing existing energy recovery ventilators (ERVs) and modifying the operation of these. equipment. These factors have supported the growth of the HVAC systems market in North America during the pandemic.

segments:

VRF system segment will dominate the market during the forecast period

By Type, the market is segmented into single-split systems, variable refrigerant flow (VRF) systems, chillers and others.

Based on application, the market is divided into commercial, residential and industrial.

Finally, by country, the market is split between the United States and Canada.

Report cover:

The report provides information on current market trends and recent developments introduced by major players. Further, the report sheds light on the impact of the COVID-19 pandemic and the various strategies adopted by the major players to overcome the loss. Also, the drivers and restraints affecting the market growth during the pandemic are further highlighted. Regional market overviews on segmented areas are discussed further. A list of key players and their competitive strategies is elaborated later in this report.

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Report Scope and Segmentation:

Report cover Details
Forecast period 2022 to 2029
Forecast Period 2022 to 2029 CAGR 5.2%
2029 value projection $62.31 billion
base year 2021
Market size in 2021 $41.67 billion
Historical data for 2018 to 2020
Number of pages 120
Segments Covered By type, application, region
Growth engines Smart HVAC system installation sheds light on market outlook
Opportunity to manufacture automated HVAC systems amid COVID-19 to drive product demand
Accelerated green building construction lays foundation for future growth
Pitfalls and Challenges Excessive maintenance and repair costs are hampering market growth

Drivers and constraints:

Increase in demand for energy efficient solutions to drive product demand

The market is expected to witness significant growth owing to the growing adoption of advanced technologies and growing demand for green building construction. Additionally, growing demand for energy efficient solutions, industrial automation systems and smart manufacturing is expected to drive the market over the forecast period. Moreover, the growing integration of these systems with the latest technologies is expected to fuel the growth of the market. These factors are likely to ensure the industrial development and growth of the segmented regions.

However, the high maintenance and upkeep costs of these systems may hamper the growth of the market.

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List of Key Players Featured in the Market Report:

  • Carrier (USA)
  • Lennox International Inc. (USA)
  • SAMSUNG (South Korea)
  • Nortek Air Solutions, LLC (USA)
  • DAIKIN INDUSTRIES, Ltd. (Japan)
  • Trane (Ireland)
  • Emerson Electric Co. (USA)
  • Johnson Controls (Ireland)
  • LG Electronics (South Korea)
  • Mitsubishi Electric Corporation (Japan)

Regional outlook:

Government initiatives in Canada to support regional market growth

The North America HVAC system market is expected to witness high growth owing to the growing trend of green building initiatives, residential, commercial construction and industrial facilities. Additionally, the market share of HVAC systems in North America is expected to increase owing to technological advancements and integration of these systems with the Internet of Things (IoT). The United States and Canada dominate the countries in the region where the United States stood at $33.71 billion in 2021.

Competitive Landscape:

Launching a new product allows key players to improve their product portfolio

The major players in the North America HVAC system market are forming strategic alliances and partnerships with other companies to increase their production rate and increase their business profitability. Moreover, new product launches allow key players to enrich their product portfolio and attract customers from segmented regions.

Industry key development:

  • July 2021: SAMSUNG introduced a “DVM S2 Variable Refrigerant Flow (VRF)” outdoor air conditioning unit to provide WindFree cooling throughout, making every space comfortable. It reinforces commercial buildings, small and medium-sized office buildings and apartment buildings.

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Main table of contents:

  • Introduction
    • Definition, by segment
    • Methodology/Research Approach
    • Information source
  • Summary
  • Market dynamics
    • Macro and micro economic indicators
    • Drivers, constraints, opportunities and trends
    • Impact of COVID-19
      • Short term impact
      • Long term impact
  • Competition Landscape
    • Business strategies adopted by key players
    • Consolidated SWOT analysis of key players
    • North America Heating, Ventilating, and Cooling (HVAC) System Key Players Market Overview and Share Analysis, 2021
  • North America Heating, Ventilating, and Cooling (HVAC) Systems Market Size Estimates and Forecasts (Quantitative), by Segment, 2018-2029
    • Main findings
    • By type (USD)
      • Single division systems
      • Variable Refrigerant Flow (VRF) Systems
      • Chillers
      • Others (multi-split systems and others.)
    • Per app (USD)
      • Commercial
      • Residential
      • Industrial
    • By country (USD)
      • WE
        • By type
          • Single division systems
          • Variable Refrigerant Flow (VRF) Systems
          • Chillers
          • Others (multi-split systems and others.)
      • Canada
        • By type
          • Single division systems
          • Variable Refrigerant Flow (VRF) Systems
          • Chillers
          • Others (multi-split systems and others.)

TOC Continued…!

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