HVAC Equipment Market in North America to grow by USD 8.62 billion from 2023 to 2028; Increasing demand for energy-efficient HVAC systems to drive the growth- Technavio

NEW YORK, Nov. 27, 2023 /PRNewswire/ -- The HVAC equipment market in North America is expected to grow by USD 8.62 billion from  2023 to 2028. However, the growth momentum of the market will progress at a CAGR of 6.29% during the forecast period. The market is segmented by product (air conditioning equipment, heating equipment, and ventilation equipment), and end-user (non-residential and residential). 

Increasing demand for energy-efficient HVAC systems is a key factor driving market growth. To satisfy the growing demand for manufactured goods, many industry sectors are expanding their production capacities and increasing the necessity of energy-efficient equipment in different industrial activities. Regulatory bodies are increasingly encouraged to promote the adoption of energy efficiency measures, e.g., HVAC equipment, due to growing electricity consumption in power-intensive industries.

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Key Highlights:

• The report recognizes the following as some of the key players in the HVAC equipment market in North America: A. O. Smith Corp., AAON Inc., Daikin Industries Ltd., Electrolux AB, Emerson Electric Co., Fujitsu Ltd., Zhuhai Gree Electric Appliances Co. Ltd., Haier Smart Home Co. Ltd., Hitachi Ltd., Ingersoll Rand Inc., Johnson Controls International Plc, Lennox International Inc., LG Corp., MIDEA Group Co. Ltd., Nortek, Rheem Manufacturing Co., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Seeley International Pty Ltd., and Whirlpool Corp.
• HVAC Equipment Market in North America is fragmented in nature.
• Market to observe 5.71% YOY growth in 2024.

Market Dynamics:

Major Trend 

• The use of low-GWP refrigerants is a major trend in the market.
• The Directives on refrigerants used in cooling and air conditioning devices have made it possible for manufacturers to choose a low amount of GWP from their products.
• R134A, which is safer, more reliable, efficient, and cost-effective than any other type of refrigerant due to its lower environmental impact, is usually used by the majority of market players such as Johnson Controls. 

Significant Challenge

• Fluctuating prices of raw materials is a significant challenge restricting the market.
• Many leading market players in the heating, ventilation, and air conditioning equipment sector have long-term contracts with suppliers to mitigate the impact of fluctuating raw material prices on their businesses.
• Factors, such as inflation, production, and supply, are decisive in determining the price of these raw materials.

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Keg Segments:

• The air conditioning equipment segment will account for a major share of the market's growth during the forecast period. Air conditioning equipment is the one that operates in a cooling cycle and, therefore, it is usually estimated using its annual energy efficiency rating. At the time of purchase, the efficiency of air conditioning equipment, for example, the compressors and air handlers, shall be known and shall be subject to a specific standard. 

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The heating, ventilation, and air conditioning (HVAC) test instruments market size is estimated to grow at a CAGR of 6.39% between 2023 and 2028. The market size is forecast to increase by USD 192.64 million. 

The data center precision air conditioning (AC) market size is estimated to grow at a CAGR of 9.75% between 2023 and 2028. The market size is forecast to increase by USD 1,413.97 million.

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Product

Market Segmentation by End-user

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio