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North America HVAC System Market Forecast to 2028 - COVID-19 Impact and Regional Analysis
Market Report I 2022-10-06 I 143 Pages I The Insight Partners
The North America HVAC system market is expected to grow from US$ 90,492.14 million in 2022 to US$ 1,64,754.33 million by 2028; it is estimated to grow at a CAGR of 10.5% from 2022 to 2028.
Development of Smart HVAC System
There is a growing penetration of IoT enabled devices across residential, commercial, and industrial sectors. Taking advantage of the same, and to provide their customers with unique solutions, HVAC manufacturers developed the smart HVAC system. These systems utilize wireless technology to communicate with nearby smart devices and adjust the indoor environment automatically. A smart HVAC system can understand the temperature or humidity of different rooms and adjust the climate accordingly. It can also customize the climate based on individual members' preference present on the floor. Additionally, in commercial settings, these systems can aid in energy saving while providing a quieter environment. Furthermore, harnessing the power of artificial intelligence (AI) and machine learning (ML), such systems can be improvised for predictive maintenance, thus offering better cost savings and longer operational life. Owing to integration of such advanced technologies, adoption of smart HVAC systems has been rising across residential, commercial, and industrial sectors. HVAC manufacturers have been entering into collaborations with different ecosystem companies or improving their product offerings. In June 2020, Schneider Electric SE, Somfy Group and Danfoss A/S partnered with Assa Abloy AB to develop and deploy seamless smart solutions for commercial and residential applications. Several collaborations can offer customers with cutting edge connected solutions such as smart HVAC systems, which in turn is expected to positively impact the growth of HVAC system market.
Market Overview
North America comprises of technologically advanced economies, such as the US, Canada, and Mexico. Developments in technology across North America have contributed to a highly competitive market for all industries. In the North American region, HVAC systems are experiencing widespread adoption given the features provided in these systems. Moreover, the complexity of emerging requirements for a more clean and efficient use of energy is another aspect contributing to innovation in the industry. According to Air Conditioning Contractors of America ACCA, the HVAC services in North America are set to increase in value from US$25.6 billion in 2019 to US$35.8 billion in 2030. The market is witnessing potential growth given the adoption of advanced technologies and the increasing need for green construction solutions. Industries choose to link their HVAC systems to building management automation systems that streamline the system's operation and maintenance. HVAC system demand is directly proportional to the rise in manufacturing facilities, the pharmaceutical industry, IT, and ITES companies with rapid industrialization and service sector expansion. As such, the utilization of advanced HVAC systems that have a strong emphasis on energy efficiency, and air quality improvement, is driving the development of the industrial sector. The rising integration of such advanced systems with the latest technologies is likely to ensure industrial development and growth in North America. The HVAC systems in the region are expected to grow because of technological advancements in the HVAC systems. With innovations such as sustainable HVAC systems, smart thermostats, preventative maintenance, mobile-friendly technology, and on-demand hot water recirculation made available for industrial applications, the demand is rising. The innovation is carried out by placing sensors on aluminium rods which can be further integrated and controlled using smartphones. The region's demand for such energy-efficient HVAC systems is increasing. For instance, in May 2022, METUS announced the launch of the Intelli-Heat dual fuel system. The heat pump provides heating and cooling benefits with the furnace available for conditions of extreme cold.
Exhibit: North America HVAC System Market Revenue and Forecast to 2028 (US$ Million)
North America HVAC System Market Segmentation
The North America HVAC system market is segmented based on component, type, implementation, application, and country.
Based on component, the North America HVAC system market is segmented into thermostat, air handling units, central ACs, furnace, heat pump, compressor, and others. Central ACs segment held the largest market share in 2022.
Based on type, the North America HVAC system market is segmented into split system, ductless system, and packaged system. Split system segment dominated the market in 2022.
Based on implementation, the North America HVAC system market is bifurcated into new installation and retrofit. New installation segment held a larger market share in 2022.
Based on application, the North America HVAC system market is segmented into residential, commercial, and industrial. Residential segment dominated the market in 2022.
Based on country, the North America HVAC system market is segmented into the US, Canada, and Mexico. The US dominated the market in 2022.
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 are among the leading companies in the North America HVAC system market.
TABLE OF CONTENTS
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. North America HVAC System Market Landscape
4.1 Market Overview
4.2 North America PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinions
5. North America HVAC System Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Growth in Demand for Energy-efficient Solutions
5.1.2 Rising Development of Smart HVAC System
5.2 Key Market Restraints
5.2.1 Lack of Skilled Technical Workforce
5.3 Key Market Opportunities
5.3.1 Need for Replacement of Traditional HVAC Systems with Newer HVAC Systems
5.4 Future Trends
5.4.1 Integration of IoT into HVAC Systems
5.5 Impact Analysis of Drivers and Restraints
6. HVAC System Market - North America Analysis
6.1 North America HVAC System Market Overview
6.2 North America HVAC System Market Revenue Forecast and Analysis
6.3 North America HVAC System Market Volume Forecast and Analysis
7. North America HVAC System Market Analysis - By Component
7.1 Overview
7.2 North America HVAC System Market, by Component (2021 and 2028)
7.3 Thermostat
7.3.1 Overview
7.3.2 Thermostat: HVAC System Market - Revenue and Forecast to 2028 (US$ Million)
7.4 Air Handling Units
7.4.1 Overview
7.4.2 Air Handling Units: HVAC System Market - Revenue and Forecast to 2028 (US$ Million)
7.5 Central ACs
7.5.1 Overview
7.5.2 Central ACs: HVAC System Market - Revenue and Forecast to 2028 (US$ Million)
7.6 Furnace
7.6.1 Overview
7.6.2 Furnace: HVAC System Market - Revenue and Forecast to 2028 (US$ Million)
7.7 Heat Pump
7.7.1 Overview
7.7.2 Heat Pump: HVAC System Market - Revenue and Forecast to 2028 (US$ Million)
7.8 Compressor
7.8.1 Overview
7.8.2 Compressor: HVAC System Market - Revenue and Forecast to 2028 (US$ Million)
7.9 Others
7.9.1 Overview
7.9.2 Others: HVAC System Market - Revenue and Forecast to 2028 (US$ Million)
8. North America HVAC System Market Analysis - By Type
8.1 Overview
8.2 North America HVAC System Market, By Type (2021 and 2028)
8.3 Split System
8.3.1 Overview
8.3.2 Split System: HVAC System Market Revenue and Forecast to 2028 (US$ Million)
8.4 Ductless System
8.4.1 Overview
8.4.2 Ductless System: HVAC System Market Revenue and Forecast to 2028 (US$ Million)
8.5 Packaged System
8.5.1 Overview
8.5.2 Packaged System: HVAC System Market Revenue and Forecast to 2028 (US$ Million)
9. North America HVAC System Market Analysis - By Implementation
9.1 Overview
9.2 North America HVAC System Market, By Implementation (2021 and 2028)
9.3 New Installation
9.3.1 Overview
9.3.2 New Installation: HVAC System Market Revenue and Forecast to 2028 (US$ Million)
9.4 Retrofit
9.4.1 Overview
9.4.2 Retrofit: HVAC System Market Revenue and Forecast to 2028 (US$ Million)
10. North America HVAC System Market Analysis - By Application
10.1 Overview
10.2 North America HVAC System Market, By Application (2021 and 2028)
10.3 Residential
10.3.1 Overview
10.3.2 Residential: HVAC System Market Revenue and Forecast to 2028 (US$ Million)
10.3.3 Residential: HVAC System Market Volume and Forecast to 2028 (Thousand Units)
10.4 Commercial
10.4.1 Overview
10.4.2 Commercial: HVAC System Market Revenue and Forecast to 2028 (US$ Million)
10.4.3 Commercial: HVAC System Market Volume and Forecast to 2028 (Thousand Units)
10.5 Industrial
10.5.1 Overview
10.5.2 Industrial: HVAC System Market Revenue and Forecast to 2028 (US$ Million)
10.5.3 Industrial: HVAC System Market Volume and Forecast to 2028 (Thousand Units)
11. North America HVAC System Market - Country Analysis
11.1 Overview
11.1.1 North America HVAC System Market Breakdown, by Country
11.1.1.1 US HVAC System Market, Revenue and Forecast to 2028
11.1.1.1.1 US HVAC System Market Breakdown, by Component
11.1.1.1.2 US HVAC System Market Breakdown, by Type
11.1.1.1.3 US HVAC System Market Breakdown, by Implementation
11.1.1.1.4 US HVAC System Market Breakdown, by Application
11.1.1.1.5 US HVAC System Market Breakdown, by Application (Volume)
11.1.1.2 Canada HVAC System Market, Revenue and Forecast to 2028
11.1.1.2.1 Canada HVAC System Market Breakdown, by Component
11.1.1.2.2 Canada HVAC System Market Breakdown, by Type
11.1.1.2.3 Canada HVAC System Market Breakdown, by Implementation
11.1.1.2.4 Canada HVAC System Market Breakdown, by Application
11.1.1.2.5 Canada HVAC System Market Breakdown, by Application (Volume)
11.1.1.3 Mexico HVAC System Market, Revenue and Forecast to 2028
11.1.1.3.1 Mexico HVAC System Market Breakdown, by Component
11.1.1.3.2 Mexico HVAC System Market Breakdown, by Type
11.1.1.3.3 Mexico HVAC System Market Breakdown, by Implementation
11.1.1.3.4 Mexico HVAC System Market Breakdown, by Application
11.1.1.3.5 Mexico HVAC System Market Breakdown, by Application (Volume)
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 Merger and Acquisition
12.4 New Development
13. Company Profiles
13.1 Daikin Industries, Ltd.
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Emerson Electric Co.
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Honeywell International Inc.
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 Johnson Controls, Inc.
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 LG Electronics
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 Carrier Global Corporation
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 Lennox International Inc.
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Service
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 Trane
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 EVAPCO, Inc.
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
13.10 Rheem Manufacturing Company
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Products and Services
13.10.4 Financial Overview
13.10.5 SWOT Analysis
13.10.6 Key Developments
14. Appendix
14.1 About The Insight Partners
14.2 Word Index
LIST OF TABLES
Table 1. North America HVAC System Market Revenue and Forecast to 2028 (US$ Million)
Table 2. North America HVAC System Market Revenue and Forecast to 2028 (Thousand Units)
Table 3. US HVAC System Market, Revenue and Forecast to 2028 - by Component (US$ million)
Table 4. US HVAC System Market, Revenue and Forecast to 2028 - by Type (US$ million)
Table 5. US HVAC System Market, Revenue and Forecast to 2028 - by Implementation (US$ million)
Table 6. US HVAC System Market, Revenue and Forecast to 2028 - by Implementation (US$ million)
Table 7. US HVAC System Market, Revenue and Forecast to 2028 - by Application (Volume) (Thousand Units)
Table 8. Canada HVAC System Market, Revenue and Forecast to 2028 - by Component (US$ million)
Table 9. Canada HVAC System Market, Revenue and Forecast to 2028 - by Type (US$ million)
Table 10. Canada HVAC System Market, Revenue and Forecast to 2028 - by Implementation (US$ million)
Table 11. Canada HVAC System Market, Revenue and Forecast to 2028 - by Application (US$ million)
Table 12. Canada HVAC System Market, Revenue and Forecast to 2028 - by Application (Volume) (Thousand Units)
Table 13. Mexico HVAC System Market Breakdown, by Component
Table 14. Mexico HVAC System Market, Revenue and Forecast to 2028 - by Type (US$ million)
Table 15. Mexico HVAC System Market, Revenue and Forecast to 2028 - by Implementation (US$ million)
Table 16. Mexico HVAC System Market, Revenue and Forecast to 2028 - by Implementation (US$ million)
Table 17. Mexico HVAC System Market, Revenue and Forecast to 2028 - by Application (Volume) (Thousand Units)
Table 18. List of Abbreviation
LIST OF FIGURES
Figure 1. North America HVAC System Market Segmentation
Figure 2. North America HVAC System Market Segmentation - By Country
Figure 3. North America HVAC System Market Overview
Figure 4. North America HVAC System Market, by Application
Figure 5. North America HVAC System Market, by Country
Figure 6. North America - PEST Analysis
Figure 7. North America HVAC System Market- Ecosystem Analysis
Figure 8. North America HVAC System Market: Impact Analysis of Drivers and Restraints
Figure 9. North America HVAC System Market Revenue Forecast and Analysis (US$ Million)
Figure 10. North America HVAC System Market Revenue Forecast and Analysis (Thousand Units)
Figure 11. North America HVAC System Market Revenue Share, by Component (2021 and 2028)
Figure 12. North America Thermostat: HVAC System Market - Revenue and Forecast to 2028 (US$ Million)
Figure 13. North America Air Handling Units: HVAC System Market - Revenue and Forecast to 2028 (US$ Million)
Figure 14. North America Central ACs: HVAC System Market - Revenue and Forecast to 2028 (US$ Million)
Figure 15. North America Furnace: HVAC System Market - Revenue and Forecast to 2028 (US$ Million)
Figure 16. North America Heat Pump: HVAC System Market - Revenue and Forecast to 2028 (US$ Million)
Figure 17. North America Compressor: HVAC System Market - Revenue and Forecast to 2028 (US$ Million)
Figure 18. North America Others: HVAC System Market - Revenue and Forecast to 2028 (US$ Million)
Figure 19. North America HVAC System Market, By Type (2021 and 2028)
Figure 20. North America Split System: HVAC System Market Revenue and Forecast to 2028 (US$ Million)
Figure 21. North America Ductless System: HVAC System Market Revenue and Forecast to 2028 (US$ Million)
Figure 22. North America Packaged System: HVAC System Market Revenue and Forecast to 2028 (US$ Million)
Figure 23. North America HVAC System Market, By Implementation (2021 and 2028)
Figure 24. North America New Installation: HVAC System Market Revenue and Forecast to 2028 (US$ Million)
Figure 25. North America Retrofit: HVAC System Market Revenue and Forecast to 2028 (US$ Million)
Figure 26. North America HVAC System Market, By Application (2021 and 2028)
Figure 27. North America Residential: HVAC System Market Revenue and Forecast to 2028 (US$ Million)
Figure 28. North America Residential: HVAC System Market Volume and Forecast to 2028 (Thousand Units)
Figure 29. North America Commercial: HVAC System Market Revenue and Forecast to 2028 (US$ Million)
Figure 30. North America Commercial: HVAC System Market Volume and Forecast to 2028 (Thousand Units)
Figure 31. North America Industrial: HVAC System Market Revenue and Forecast to 2028 (US$ Million)
Figure 32. North America Industrial: HVAC System Market Volume and Forecast to 2028 (Thousand Units)
Figure 33. North America HVAC System Market, by Key Country - Revenue (2021) (US$ Million)
Figure 34. North America HVAC System Market Breakdown, by Country, 2021 & 2028 (%)
Figure 35. US HVAC System Market, Revenue and Forecast to 2028 (US$ million)
Figure 36. US: HVAC System Market - Volume and Forecast to 2028 (Thousand Units)
Figure 37. Canada HVAC System Market, Revenue and Forecast to 2028 (US$ million)
Figure 38. Canada: HVAC System Market - Volume and Forecast to 2028 (Thousand Units)
Figure 39. Mexico HVAC System Market, Revenue and Forecast to 2028 (US$ million)
Figure 40. Mexico: HVAC System Market - Volume and Forecast to 2028 (Thousand Units)
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