North America HVAC Chillers Market is expected to reach US$ 2,579.47 million by 2028

Air-Cooled Segment to Dominate North America HVAC Chillers Market During 2021–2028 

Countries in North America, especially the US, are highly affected due to the COVID-19 outbreak. Reduction in the investments in automation technologies because of the pandemic has impacted the market across North America in 2020. However, the market is expected to regain its growth by the second quarter of 2022, according to the research study. In North America, different industry verticals served by the HVAC and refrigeration sectors have been hit by the COVID-19 pandemic. Hotels, hospitality, restaurants, and venues (such as live entertainment and sports) have been struggling due to concerns over contracting the virus, even after they could reopen. It is also expected that consumers will shift their spending on alternatives such as durable goods, which, in turn, can have a positive effect on housing in the future. The increasing number of COVID-19 confirmed cases has led governments of North American countries to shut down nation’s borders during Q2 of 2020. Manufacturing facilities are also temporarily shut or operating with limited staff. Moreover, the supply chains of components and parts are disrupted. The US is the largest markets for HVAC chillers, especially due to its technologically advanced food & beverage and industrial manufacturing sectors. However, the outbreak has severely affected the production and revenue generation due to low production volumes across different industries. Thus, the COVID-19 pandemic is hindering the growth of the HVAC chillers market in North America.

The North America HVAC chillers market is segmented based on technology, type, application, and country. The market, based on technology, is segmented into air-cooled, water-cooled, and steam-fired.  The air-cooled segment dominated the market in 2020 and water-cooled segment is expected to be fastest growing during forecast period. On the basis of type, the market is segmented into process chillers, scroll chillers, screw chillers, centrifugal chillers, and absorption chillers. The screw chillers segment dominated the market in 2020 and absorption chillers segment is expected to be fastest growing during forecast period. The market, by application, is segmented into commercial, industrial, and residential. The industrial segment dominated the market in 2020 and commercial segment is expected to be fastest growing during forecast period. Based on country, the market is segmented into the US, Canada, and Mexico.