Report : North America HVAC System Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Component (Thermostat, Air Handling Units, Central ACs, Furnace, Heat Pump, Compressor, and Others), Type (Split System, Ductless System, and Packaged System), Implementation (New Installation and Retrofit), and Application (Residential, Commercial, and Industrial)
At 10.5% CAGR, the North America HVAC System Market is speculated to be worth US$ 1,64,754.33 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America HVAC system market was valued at US$ 90,492.14 million in 2022 and is expected to reach US$ 1,64,754.33 million by 2028, registering an annual growth rate of 10.5% from 2022 to 2028. Rise in demand for energy-efficient solutions and development of smart HVAC system promoting demand are the critical factors attributed to the market expansion.
Greenhouse gases are the primary sources of global warming and climate change. These gases absorb the infrared energy and re-emit it back into the space, half of which returns to the Earth as heat, consequently adding to the warmth emanating from the Earth’s surface. Small businesses and large industries emit various carbon compounds, such as carbon dioxide, because of using fossil fuels, which are known as “carbon footprint.” Since energy-efficient solutions emit fewer harmful greenhouse gas emissions into the environment, they can contribute to lowering the carbon footprint and controlling the adverse effects of global warming. To improve the quality-of-life usage of energy-efficient appliances has been growing in recent times. The reason behind the increase in energy-efficient solutions is not only because they save energy but also because they need less maintenance and have lesser replacement costs. These solutions contribute to a positive impact on the environment. Energy efficiency can offer long-term benefits by reducing overall electricity demand by lessening the need to invest in new infrastructure for electricity generation and transmission. It also contributes to the diversification of utility resource portfolios and can act as a buffer against the risk of volatile energy procurement costs. So, to achieve energy efficiency, many manufacturing industries and commercial manufacturing players are investing in high-efficiency HVAC systems. A highly efficient HVAC system uses less energy and performs more effectively than ordinary systems, lowering the carbon footprint on the environment. The seasonal energy efficiency ratio assesses how effectively air conditioning and heat pumps cool in an HVAC system. Thus, the high demand for energy-efficient solutions is driving the market for HVAC systems.
On the contrary, lack of skilled technical workforce hurdles the growth of North America HVAC system market.
Based on component, the North America HVAC system market is segmented into thermostat, air handling units, central ACs, furnace, heat pump, compressor, and others. The central ACs segment held 28.0% market share in 2022, amassing US$ 25,325.61 million. It is projected to garner US$ 48,545.85 million by 2028 to expand at 11.5% CAGR during 2022–2028.
Based on type, the North America HVAC system market is segmented into split system, ductless system, and packaged system. The split system segment held 46.2% market share in 2022, amassing US$ 41,799.84 million. It is projected to garner US$ 76,772.82 million by 2028 to expand at 10.7% CAGR during 2022–2028.
Based on implementation, the North America HVAC system market is bifurcated into new installation and retrofit. The new installation segment held 67.6% market share in 2022, amassing US$ 61,206.40 million. It is projected to garner US$ 1,04,061.01 million by 2028 to expand at 9.2% CAGR during 2022–2028.
Based on application, the North America HVAC system market is segmented into residential, commercial, and industrial. The residential segment held 46.2% market share in 2022, amassing US$ 41,819.04 million. It is projected to garner US$ 74,111.44 million by 2028 to expand at 10.0% CAGR during 2022–2028.
Based on country, the North America HVAC system market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 74.4% market share in 2022. It was assessed at US$ 67,318.77 million in 2022 and is likely to hit US$ 1,24,224.76 million by 2028, exhibiting a CAGR of 10.8% during the forecast period.
Key players dominating the North America HVAC system market are Carrier Global Corporation; Daikin Industries, Ltd.; Emerson Electric Co.; EVAPCO, Inc.; Honeywell International Inc.; Johnson Controls, Inc.; Lennox International Inc.; LG Electronics; Rheem Manufacturing Company; and Trane Biomet among others.
- In 2021, Honeywell announced its collaboration with DunAn Environment for the HVAC industry transition to Solstice® N41 (R-466A) by developing their product line of HVAC components as compatible.
- In 2021, Johnson Controls announced a program in partnership with Fundient Capital LLC. The Ultimate Home Comfort™ is a 10-year residential HVAC program that provides homeowners with highly efficient heating and cooling options. The program is being offered through the YORK brand of Johnson Controls.
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