North America HVAC Equipment Market Size and Growth Rate:
According to the research report, the North America HVAC Equipment Market was valued at 20.45 billion in 2018 and is expected to register a CAGR of 4.6% over the forecast period 2019-2024. Heating, Ventilation, and Air Conditioning (HVAC) systems are finding widespread adoption across the North American region, due to the multiple advantages HVAC systems offer, most notably power saving techniques.
North America HVAC Equipment Market Driving Factors:
Major factors driving the market for HVAC equipment in the region include an increase in new households, rising average construction spending, rapid urbanization, and growth in disposable income across several major economies. North America is witnessing significant adoption of smart home and smart city initiatives. It is estimated that 12 of the world’s 50 smartest cities are located in the American region. Furthermore, various governments in the area are also promoting the adoption of smart cities. For instance, Las Vegas is testing three pilot projects, with the government allocating USD 500 million to find ways to connect the entire city by 2025.
North America HVAC Equipment Market Regional Existence:
North America is leading the race, as contribution and penetration rate of heating HVAC equipment is rapidly growing. The ongoing advancement will result in rapid gains with rise in the expenditure of construction. Growth in repair investments, as replacement demand, is contributing to market growth. There’s a rising demand for HVAC efficient systems with sophisticated technology. However, federal tax incentives are targeted due to which high-efficiency systems expired in the beginning of 2016. The effect of this has provided an advantage for homeowners with better HVAC systems, being replaced with smaller units. Moreover, HVAC manufacturers in North America are increasing their focus on manufacturing HVAC systems that provide ease of use, more energy efficient and eco-friendly.
The United States and Canada rank among the world’s top 10 energy consumption countries in the world, with the US ranking at second, only behind China. To ensure a sustainable future, the United States Department of Energy (DOE) is heavily invested in improving energy efficiency standards throughout the country. The DOE’s mission is to ensure America’s security and prosperity by addressing its environmental, energy, and nuclear challenges through transformative science and technology solutions. This led to the DOE placing minimum energy efficiency standards on appliances and equipment, which includes air conditioners, washers and dryers, refrigerators and more. According to the Consumer Federation of America, these standards are expected to save consumers a combined USD 1 trillion.
North America HVAC Equipment Market – Competitive Analysis:
The North America HVAC equipment market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. These major players with a prominent share in the market are focusing on expanding their customer base across foreign countries. In the past year UTC, Daikin, Ingersoll- Rand, Johnson Controls and Lennox International were some of the leading players operating in the North America HVAC market. Moreover, an increasing number of companies have started offering HVAC systems with higher energy efficiency, green technology and compatibility with smart devices.
Some of the Promising Companies Leading the North America HVAC Equipment Market:
- United Technologies Corporation (Carrier)
- Daikin Industries. Ltd.
- Lennox International Inc.
- Electrolux AB
- Emerson Electric Company
- 10 plus key players
North America HVAC Equipment Market – Detailed Segmentation:
North America HVAC Equipment Market – By Equipment:
- Air Conditioning Equipment
- Heating Equipment
- Heat Pumps
- Dehumidifiers & Humidifiers
North America HVAC Equipment Market – By End User:
North America HVAC Equipment Market – By Region Segmentation:
North America HVAC Equipment Market Key Trends:
- Heating Equipment to Exhibit Highest Growth
- The demand for efficient heating equipment has led to its growth, making it one of the largest contributor to the HVAC equipment market in North America.
- Heating equipment provides the required heating environment in a cost-effective manner. Rapid growth in technology has helped the rise of efficient solutions for verticals to reduce emissions in an economical manner.
- End-users, like the commercial and residential segments, are using small units of HVAC equipment in form of packages, in order to satisfy their energy demand. Large complexes are deploying efficient HVAC systems to meet their energy requirement.
- The major contributors to the heating equipment market are furnaces and heat pumps, adding value to the demand of the major verticals across the globe, followed by boilers and unitary heaters.
1. Study Deliverables
2. Study Assumptions
3. Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
1. Market Overview
2. Introduction to Market Drivers and Restraints
3. Market Drivers
1. Rise in Residential and Non Residential Users
4. Market Restraints
1. High energy consumption of HVAC equipment
5. Industry Attractiveness � Porter�s Five Force Analysis
1. Threat of New Entrants
2. Bargaining Power of Buyers/Consumers
3. Bargaining Power of Suppliers
4. Threat of Substitute Products
5. Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
1. Air Conditioning Equipment
2. Heating Equipment
3. Heat Pumps
4. Dehumidifiers & Humidifiers
2. End User
6. COMPETITIVE LANDSCAPE
1. Company Profiles
1. United Technologies Corporation (Carrier)
2. Daikin Industries. Ltd.
3. Lennox International Inc.
4. Electrolux AB
5. Emerson Electric Company
6. Carrier Corporation
7. Danfoss A/S
8. Uponor Corp
9. Honeywell International Inc.
*List Not Exhaustive
7. INVESTMENT ANALYSIS
8. MARKET OPPORTUNITIES AND FUTURE TRENDS