Yahoo Finance North America HVAC System Market to Hit USD 58.56 Billion by 2028; Awareness Regarding Maintaining Indoor Air Quality to Augment Market Growth: Fortune Business Insights™
Companies Covered in North America HVAC System Market are Carrier (Florida, U.S.), Lennox International Inc. (Texas, U.S.), SAMSUNG (Suwon-si, South Korea), Nortek Air Solutions, LLC (Missouri, U.S.), DAIKIN INDUSTRIES, Ltd. (Osaka, Japan), Trane (Dublin, Ireland), Emerson Electric Co. (Missouri, U.S.), Johnson Controls (Cork, Ireland), LG Electronics (Seoul, South Korea), Mitsubishi Electric Corporation (Tokyo, Japan), Danfoss A/S (Syddanmark, Denmark), Armstrong Fluid Technology (Ontario, Canada), Evapco, Inc. (Maryland, U.S.), Haier Inc. (Qingdao, China), Schneider Electric (Paris, France), AB Electrolux (Stockholm, Sweden), GREE ELECTRIC APPLIANCES, INC. (Guangdong, China), Robert Bosch LLC (Baden-Württemberg, Germany).
Pune, India, Jan. 17, 2022 (GLOBE NEWSWIRE) -- The North America HVAC system market size is expected to gain momentum by reaching USD 58.56 billion by 2028 while exhibiting a CAGR of 5.0% between 2021 to 2028. In its report, titled, “North America HVAC System Market, 2021-2028,” Fortune Business Insight mentions that the market stood at USD 39.82 billion in 2020 and is estimated to be USD 41.63 billion in 2021.
The HVAC (Heating, ventilation, and cooling) purifies the indoor air to keep the environment healthy, pure and maintains humidity level at the ideal comfort. The increasing advancements in the housing sector and manufacturing industry led to the integration of advanced and efficient technology to maintain excess energy consumption. Therefore, governments of the U.S. and Canada are focusing on the concept of maintaining indoor air quality along with an aim to reduce energy consumption in commercial as well as residential buildings. For instance, the Government of Canada in its budget session in the year 2019 focused on ways to reduce greenhouse gas (GHG) emissions and work on energy-efficient buildings and industry-leading skills development to complement a clean economy.
With this environment friendly initiative, the Canada Green Building Council (CaGBC) is motivated by the government's initiative and investment in energy-efficient buildings, therefore, the market is expected to rise during the forecast period.
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COVID-19 Impact
The pandemic has moderately affected the North American HVAC industry. Amid pandemic, people understood the importance of indoor air quality (IAQ). As it may help them to escape the possible threat of diseases caused by breathing.
In the first quarter of the year, fixing air-conditioned (AC) units, repairing existing energy recovery ventilators (ERVs), changing the operation of HVAC equipment was at a halt and this moderately impacted the market. However, the key manufacturers worked on R&D facilities and invested in the technological advancement of the product. For instance, The American Society of Heating, Refrigerating and Air-Conditioning Engineers (ASHRAE) came up with strategies to curb the COVID-19 transmission that boosted the demand across the U.S. and Canada.
Segmentation:
By type, the market is divided into a single split, variable refrigerant flow (VRF) systems, chillers, and others.
Based on type, the variable refrigerant flow system segment held a market share of 12.2% in 2020. This is attributable to its use in maintaining the refrigerant volume that is being provided to fan-coil units, positioned across the building. Additionally, it helps in providing more than two controls in a single device.
On the basis of application, the market is trifurcated into commercial, residential, and industrial. Finally, based on region, the market is based in North America.
REPORT SCOPE & SEGMENTATION:
Report Coverage | Details |
Forecast Period | 2021-2028 |
Forecast Period 2021 -2028 CAGR | 5.0 % |
2028 Value Projection | 58.56 billion |
Base Year | 2020 |
Market Size in 2021 | 41.63 billion |
Historical Data for | 2017-2019 |
No. of Pages | 120 |
Segments covered | By Type, Application and Region |
Growth Drivers |
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Pitfalls & Challenges |
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What does the Report Provide?
This report provides a detailed analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the market growth.
Drivers & Restraints
Smart HVAC system Installation is Brightening Market Prospects
The increasing trend of the installation of smart HVAC systems to promote sustainability is expected to boost the product demand. As the algorithm set-up in the device system decodes the data from various sources that control the HVAC consumption in unoccupied buildings zones. Thus it helps in offering clarity, control, data collection and minimizes the overall operational cost.
Additionally, the rise of industry 4.0, i.e. automation and data exchange in manufacturing technologies, including cyber-physical systems are rising across the globe. Therefore, in such cases, smart HVAC system integration becomes a vital function. This is eventually accelerating positive impact in the market. For instance, in April 2021, Lennox International Inc. launched The Ultimate Comfort System to offer comfort across residential spaces. Therefore, the smart HVAC system installation is boosting the North America HVAC system market growth.
On the other hand, the high replacement and maintenance and cost required to replace or repair frequently as per their operating life cycle of the system is a major market constraint
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Regional Insights
Growing Investments in Hydrometallurgical Recycling to Drive Regional Market.
In North America, the U.S. and Canada are the prominent countries that exhibit significant market growth. The U.S. HVAC system market stood at USD 32.25 billion in 2020 and USD 30.93 billion in 2019. Following are some of the country insights observed in North America.
In Canada, the building owners are aiming to upgrade the air conditioning, ventilation systems across the facilities to be able to lower the energy-consumption trend. Additionally, the government energy-efficiency incentives are expected to benefit HVAC contractors across the country. The market shares for the segment Variable Refrigerant Flow (VRF) Systems in 2020 accounted for 11.9% in the country.
In the U.S., the rising construction industry, availability of efficient and advanced systems, and extreme climatic conditions is favoring the installation of HVAC in both residential and commercial buildings. Additionally, the presence of key manufacturers such as Carriers, Emerson Electric Co., and others is boosting the market in the region.
Competitive Landscape
Key Players Adopt Ingenious Strategies to Acquire Growth
The North America market has a large number of prominent companies that are constantly trying to develop unique solutions to cater to the demand from across the globe. To do so, they are joining hands with local or reputed firms, forming collaborations, acquisitions and launching new products to strengthen their portfolio in the market. Below are the industry developments:
March 2021 - Lennox International Inc. launched PureAir S and PureAir Air Purification Systems to offer fresh and pure air indoors amidst the COVID-19 pandemic.
April, 2020 - Daikin Industries, Ltd. made an investment in the U.S.-based Locix, Inc., cloud-based connected devices and spatial intelligence company for commercial buildings, consumer homes. Through this investment, Daikin plans to lessen the labor hours at the installation sites by utilizing Locix, Inc.'s accurate-location positioning technology i.e. Locix GPS.
List of Key Market Players Profiled in North America HAVC System Report
Carrier (Florida, U.S.)
Lennox International Inc. (Texas, U.S.)
SAMSUNG (Suwon-si, South Korea)
Nortek Air Solutions, LLC (Missouri, U.S.)
DAIKIN INDUSTRIES, Ltd. (Osaka, Japan)
Trane (Dublin, Ireland)
Emerson Electric Co. (Missouri, U.S.)
Johnson Controls (Cork, Ireland)
LG Electronics (Seoul, South Korea)
Mitsubishi Electric Corporation (Tokyo, Japan)
Danfoss A/S (Syddanmark, Denmark)
Armstrong Fluid Technology (Ontario, Canada)
Evapco, Inc. (Maryland, U.S.)
Haier Inc. (Qingdao, China)
Schneider Electric (Paris, France)
AB Electrolux (Stockholm, Sweden)
GREE ELECTRIC APPLIANCES, INC. (Guangdong, China)
Robert Bosch LLC (Baden-Württemberg, Germany)
Detailed Table of Content:
Introduction
Definition, By Segment
Research Methodology/Approach
Data Sources
Executive Summary
Market Dynamics
Macro and Micro Economic Indicators
Drivers, Restraints, Opportunities and Trends
Impact of COVID-19 on North America Heating, Ventilation, and Cooling (HVAC) System Market
Short-term Impact
Long-term Impact
Competition Landscape
Business Strategies Adopted by Key Players
Consolidated SWOT Analysis of Key Players
Porter’s Five Forces Analysis
North America Heating, Ventilation, and Cooling (HVAC) System Market Share Analysis and Matrix, 2020
Key Market Insights and Analysis, By Segments
Profiles of Key Players (Would be provided for 10 players only)
Overview
Key Management
Headquarters etc.
Offerings/Business Segments
Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
Employee Size
Past and Current Revenue
Geographical Share
Business Segment Share
Recent Developments
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