North America HVAC System Market Forecast to 2030

North America HVAC System Market Forecast to 2030 – 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)

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Description

The North America HVAC system market was valued at US$ 90,492.1 million in 2022 and is expected to reach US$ 2,02,793.85 million by 2030; it is estimated to grow at a CAGR of 10.6% from 2022 to 2030.

Growth in Government Regulatory Policies for Energy Saving and Conservation Fuel the North America HVAC System Market

Governments across the world are using a variety of strategies to encourage energy saving and conservation. They are including sizable line items for energy costs in their yearly operational budgets. In addition, they are saving a lot of money on energy costs incurred in public buildings and are exhibiting energy and environmental leadership by investing in energy efficiency.

Other than the increase in the efficiency of both new and existing facilities, many governments are including energy efficiency standards in their decisions of product purchases. The main energy consumers in municipal level operations are often the water and wastewater treatment facilities. High-quality HVAC systems can be employed at water and wastewater facilities to decrease energy costs and greenhouse gas emissions. Through energy data management and evaluation, energy efficiency standards for public buildings, uptake of retrofit programs for already-existing public buildings, acquisition of energy-efficient appliances and equipment, and establishment of energy-efficient operations and maintenance procedures, state and local governments are promoting energy efficiency programs and policies for public facilities, equipment, and government operations.

North America HVAC System Market Overview

North America comprises of technologically advanced economies, such as the US and Canada. 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.

North America HVAC System Market Revenue and Forecast to 2030 (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. The 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. The split system segment held the largest market share in 2022.

Based on application, the North America HVAC System Market is segmented into residential, commercial, and industrial. The residential segment held the largest market share in 2022.

Based on implementation, the North America HVAC system market is segmented into new installation and retrofit. The new installation segment held a larger market share in 2022.

Based on country, the North America HVAC system market is segmented into US, Canada, and Mexico of North America. The US dominated the North America HVAC system market in 2022.

Blue Star Ltd, Mitsubishi Electric Corp, Hitachi Ltd, Daikin Industries Ltd, Emerson Electric Co, Honeywell International Inc, LG Electric Inc, Carrier Global Corp, and Johnson Controls Inc are some of the leading companies operating in the North America HVAC system market.

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At 10.6% CAGR, the North America HVAC System Market is speculated to be worth US$ 2,02,793.85 million by 2030, saysthe research team.

According tothe research team’ research, the North America HVAC system market was valued at US$ 90,492.1 million in 2022 and is expected to reach US$ 2,02,793.85 million by 2030, registering a CAGR of 10.6% from 2022 to 2030. Rise in demand for energy-efficient solutions is the critical factor attributed to the North America HVAC system 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 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$ 60,770.18 million by 2030 to expand at 11.6% CAGR during 2022-2030.

Based on type, the North America HVAC system market is categorized into split system, ductless system, and packaged system. The split system segment held 46.2% share of the North America HVAC system market in 2022, amassing US$ 41,799.8 million. It is projected to garner US$ 94,778.0 million by 2030 to expand at 10.8% CAGR during 2022–2030.

Based on implementation, the North America HVAC system market is bifurcated into new installation and retrofit. The new installation segment held 67.6% share of North America HVAC system market in 2022, amassing US$ 61,206.40 million. It is projected to garner US$ 1,25,114.01 million by 2030 to expand at 9.3% CAGR during 2022–2030.

Based on application, the North America HVAC system market is segmented into residential, commercial, and industrial. The residential segment held 46.2% share of North America HVAC system market in 2022, amassing US$ 41,819.04 million. It is projected to garner US$ 90,399.53 million by 2030 to expand at 10.1% CAGR during 2022–2030.

Based on country, the North America HVAC system market is segmented into US, Canada, and Mexico. The US segment held 74.4% share of North America HVAC system market in 2022, amassing US$ 67,318.77 million. It is projected to garner US$ 1,53,591.88 million by 2030 to expand at 10.9% CAGR during 2022–2030.

Key players operating in the North America HVAC system market are Blue Star Ltd, Mitsubishi Electric Corp, Hitachi Ltd, Daikin Industries Ltd, Emerson Electric Co, Honeywell International Inc, LG Electric Inc, Carrier Global Corp, and Johnson Controls Inc, among others.

In May 2023, Blackstone (NYSE: BX) and Emerson (NYSE: EMR) announced that private equity funds managed by Blackstone (“Blackstone”) have completed the previously announced acquisition of a majority stake in Emerson’s Climate Technologies business in a transaction valuing the business at $14.0 billion. This closing marks a significant milestone in the HVAC and refrigeration (HVACR) industry leader’s journey to advance the next generation of climate technologies. In Nov 2021, Emerson announced the launch of its HVACR Educator Resource platform. The platform is designed to offer industry educators access to tools, training and educational materials. In Feb 2023, Johnson Controls-Hitachi Air Conditioning introduced the new addition to the VRF lineup offered, the air365 Max. It’s designed to offer seamless comfort, energy efficiency, and easily operated features. The air365 Max is an end-to-end solution for HVAC professionals, architects, and building owners.

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TABLE OF CONTENTS

1. Introduction
1.1 Study Scope
1.2 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 PEST Analysis
4.2.1 North America
4.3 Ecosystem Analysis
4.4 Expert Opinions
5. North America HVAC System Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Rise in Demand for Energy-efficient Solutions
5.1.2 Growth in Government Regulatory Policies for Energy Saving and Conservation
5.1.3 Development of Smart HVAC System Promoting Demand
5.2 Key Market Restraints
5.2.1 Lack of Skilled Technical Workforce
5.2.2 Higher Upfront Cost of Installation, Repair, and Maintenance of HVAC System
5.3 Key Market Opportunities
5.3.1 Need for Replacement of Traditional HVAC Systems with Newer HVAC Systems
5.3.2 Growing Adoption of Low Global Warming Potential Refrigerant
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 Market Analysis
6.1 North America HVAC system market Revenue Forecast and Analysis
7. North America HVAC System Market Analysis – By Component
7.1 Overview
7.2 North America HVAC System Market, by Component (2022 and 2030)
7.3 Thermostat
7.3.1 Overview
7.3.2 Thermostat: North America HVAC System Market – Revenue and Forecast to 2030 (US$ Million)
7.4 Air Handling Units
7.4.1 Overview
7.4.2 Air Handling Units: North America HVAC System Market – Revenue and Forecast to 2030 (US$ Million)
7.5 Central ACs
7.5.1 Overview
7.5.2 Central ACs: North America HVAC System Market – Revenue and Forecast to 2030 (US$ Million)
7.6 Furnace
7.6.1 Overview
7.6.2 Furnace: North America HVAC System Market – Revenue and Forecast to 2030 (US$ Million)
7.7 Heat Pump
7.7.1 Overview
7.7.2 Heat Pump: North America HVAC System Market – Revenue and Forecast to 2030 (US$ Million)
7.8 Compressor
7.8.1 Overview
7.8.2 Compressor: North America HVAC System Market – Revenue and Forecast to 2030 (US$ Million)
7.9 Others
7.9.1 Overview
7.9.2 Others: North America HVAC System Market – Revenue and Forecast to 2030 (US$ Million)
8. North America HVAC System Market Analysis – By Type
8.1 Overview
8.2 North America HVAC System Market, By Type (2022 and 2030)
8.3 Split System
8.3.1 Overview
8.3.2 Split System: North America HVAC System Market Revenue and Forecast to 2030 (US$ Million)
8.4 Ductless System
8.4.1 Overview
8.4.2 Ductless System: North America HVAC System Market Revenue and Forecast to 2030 (US$ Million)
8.5 Packaged System
8.5.1 Overview
8.5.2 Packaged System: North America HVAC System Market Revenue and Forecast to 2030 (US$ Million)
9. North America HVAC system market Analysis – By Implementation
9.1 Overview
9.2 North America HVAC System Market, By Implementation (2022 and 2030)
9.3 New Installation
9.3.1 Overview
9.3.2 New Installation: North America HVAC System Market Revenue and Forecast to 2030 (US$ Million)
9.4 Retrofit
9.4.1 Overview
9.4.2 Retrofit: North America HVAC System Market Revenue and Forecast to 2030 (US$ Million)
10. North America HVAC system market Analysis – By Application
10.1 Overview
10.2 North America HVAC System Market, By Application (2022 and 2030)
10.3 Residential
10.3.1 Overview
10.3.2 Residential: North America HVAC System Market Revenue and Forecast to 2030 (US$ Million)
10.4 Commercial
10.4.1 Overview
10.4.2 Commercial: North America HVAC System Market Revenue and Forecast to 2030 (US$ Million)
10.5 Industrial
10.5.1 Overview
10.5.2 Industrial: North America HVAC System Market Revenue and Forecast to 2030 (US$ Million)
11. HVAC System Market – North America Country Analysis
11.1 North America HVAC System Market
11.1.1 Overview
11.1.2 North America HVAC System Market Breakdown, by Country
11.1.2.1 US North America HVAC System Market, Revenue and Forecast to 2030
11.1.2.1.1 US HVAC System Market Breakdown, by Application
11.1.2.1.2 US North America HVAC System Market Breakdown, by Type
11.1.2.1.3 US North America HVAC System Market Breakdown, by Component
11.1.2.1.4 US HVAC System Market Breakdown, by Implementation
11.1.2.2 Canada HVAC System Market, Revenue and Forecast to 2030
11.1.2.2.1 Canada HVAC System Market Breakdown, by Application
11.1.2.2.2 Canada HVAC System Market Breakdown, by Type
11.1.2.2.3 Canada HVAC System Market Breakdown, by Component
11.1.2.2.4 Canada HVAC System Market Breakdown, by Implementation
11.1.2.3 Mexico HVAC System Market, Revenue and Forecast to 2030
11.1.2.3.1 Mexico HVAC System Market Breakdown, by Application
11.1.2.3.2 Mexico HVAC System Market Breakdown, by Type
11.1.2.3.3 Mexico HVAC System Market Breakdown, by Component
11.1.2.3.4 Mexico HVAC System Market Breakdown, by Implementation
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 Merger and Acquisition
12.4 New Development
13. Company Profiles
13.1 Mitsubishi Electric Corp
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 Blue Star Ltd
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 Hitachi Ltd
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 Daikin Industries Ltd
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 Emerson Electric Co
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 Honeywell International Inc
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 LG Electronics Inc
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 Carrier Global Corp
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 Johnson Controls 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
14. Appendix
14.1 About
14.2 Word Index

LIST OF TABLES

Table 1. North America HVAC System Market, Revenue and Forecast, 2020–2030 (US$ Million)
Table 2. US HVAC System Market, Revenue and Forecast to 2030 – by Application (US$ million)
Table 3. US HVAC System Market, Revenue and Forecast to 2030 – by Type (US$ million)
Table 4. US HVAC System Market, Revenue and Forecast to 2030 – by Component (US$ million)
Table 5. US HVAC System Market, Revenue and Forecast to 2030 – by Implementation (US$ million)
Table 6. Canada HVAC System Market, Revenue and Forecast to 2030 – by Application (US$ million)
Table 7. Canada HVAC System Market, Revenue and Forecast to 2030 – by Type (US$ million)
Table 8. Canada HVAC System Market, Revenue and Forecast to 2030 – by Component (US$ million)
Table 9. Canada HVAC System Market, Revenue and Forecast to 2030 – by Implementation (US$ million)
Table 10. Mexico HVAC System Market, Revenue and Forecast to 2030 – by Application (US$ million)
Table 11. Mexico HVAC System Market, Revenue and Forecast to 2030 – by Type (US$ million)
Table 12. Mexico HVAC System Market, Revenue and Forecast to 2030 – by Component (US$ million)
Table 13. Mexico HVAC System Market, Revenue and Forecast to 2030 – by Implementation (US$ million)
Table 14. 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 Type
Figure 5. North America HVAC System Market, by Component
Figure 6. North America HVAC System Market, by Implementation
Figure 7. North America HVAC System Market, by Application
Figure 8. North America HVAC System Market, by Country
Figure 9. North America – PEST Analysis
Figure 10. North America HVAC System Market- Ecosystem Analysis
Figure 11. North America HVAC system market: Impact Analysis of Drivers and Restraints
Figure 12. North America HVAC System Market Revenue Forecast and Analysis (US$ Million)
Figure 13. North America HVAC System Market Revenue Share, by Component (2022 and 2030)
Figure 14. Thermostat: North America HVAC system market – Revenue and Forecast to 2030 (US$ Million)
Figure 15. Air Handling Units: North America HVAC System Market – Revenue and Forecast to 2030 (US$ Million)
Figure 16. Central ACs: North America HVAC System Market – Revenue and Forecast to 2030 (US$ Million)
Figure 17. Furnace: North America HVAC System Market – Revenue and Forecast to 2030 (US$ Million)
Figure 18. Heat Pump: North America HVAC System Market – Revenue and Forecast to 2030 (US$ Million)
Figure 19. Compressor: North America HVAC System Market – Revenue and Forecast to 2030 (US$ Million)
Figure 20. Others: North America HVAC System Market – Revenue and Forecast to 2030 (US$ Million)
Figure 21. North America HVAC System Market, By Type (2022 and 2030)
Figure 22. Split System: North America HVAC System Market Revenue and Forecast to 2030 (US$ Million)
Figure 23. Ductless System: North America HVAC System Market Revenue and Forecast to 2030 (US$ Million)
Figure 24. Packaged System: North America HVAC System Market Revenue and Forecast to 2030 (US$ Million)
Figure 25. North America HVAC System Market, By Implementation (2022 and 2030)
Figure 26. New Installation: North America HVAC System Market Revenue and Forecast to 2030 (US$ Million)
Figure 27. Retrofit: North America HVAC System Market Revenue and Forecast to 2030 (US$ Million)
Figure 28. North America HVAC System Market, By Application (2022 and 2030)
Figure 29. Residential: North America HVAC System Market Revenue and Forecast to 2030 (US$ Million)
Figure 30. Commercial: North America HVAC System Market Revenue and Forecast to 2030 (US$ Million)
Figure 31. Industrial: North America HVAC System Market Revenue and Forecast to 2030 (US$ Million)
Figure 32. North America HVAC System Market, by Key Country – Revenue (2022) (US$ Million)
Figure 33. North America HVAC System Market Breakdown, by Country, 2022 & 2030 (%)
Figure 34. US North America HVAC System Market, Revenue and Forecast to 2030 (US$ million)
Figure 35. Canada HVAC System Market, Revenue and Forecast to 2030 (US$ million)
Figure 36. Mexico HVAC System Market, Revenue and Forecast to 2030 (US$ million)

The List of Companies – North America HVAC System Market

– Mitsubishi Electric Corp
– Blue Star Ltd
– Hitachi Ltd
– Daikin Industries Ltd
– Emerson Electric Co
– Honeywell International Inc
– LG Electric Inc
– Carrier Global Corp
– Johnson Controls Inc

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