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North America HVAC Compressor Market Size, Share, Growth, Trends, Price, Forecast: By Product: Single Stage Scroll Compressor, 2-stage Scroll Compressor, Variable Speed Scroll Compressor; Regional Analysis; Market Dynamics: SWOT Analysis; Competitive Landscape; Key Trends and Developments in the Market; 2023-2028
North America HVAC Compressor Market Outlook
The North America HVAC compressor market reached an approximate value of USD 858.1 million in 2022. The market is assessed to grow at a CAGR of 5.90% between 2023 and 2028, reaching a value of around USD 1210.36 million by 2028.
Key Trends in the Market
An HVAC compressor is one of the most important parts found in heating, ventilation, and air conditioning (HVAC) systems, usually located in the outdoor unit or the heat pump. It plays a crucial role in the cooling process by compressing refrigerant gas and pumping it through the system. It is driven by an electric motor and is responsible for circulating refrigerant through the HVAC system's refrigeration cycle.
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- The North America HVAC compressors market value is likely to surge during the forecast period due to the rising awareness regarding the benefits of energy-efficient HVAC systems. With the implementation of various standards aimed at improving the performance and efficiency of HVAC systems by federal and state governments, HVAC companies are proactively diversifying their product portfolio to include energy-efficient solutions, including compressors.
- There is a growing awareness about indoor air quality and its impact on human health and comfort. Customers are also becoming more aware of the crucial role of HVAC systems in maintaining optimal indoor air quality by regulating temperature, humidity, and ventilation. Thus, the rising focus on indoor air quality has augmented the demand for advanced HVAC compressors.
- The rapid integration of advanced technologies such as AI, IoT, and machine learning with HVAC systems enables the analysis of external data such as the number of occupants in a room, individual occupant comfort preferences, humidity levels, and outside temperature. This integration opens up new possibilities for optimising HVAC system performance and enhancing overall occupant experience.
Market Analysis
Based on the product, the market is segmented into single-stage scroll compressors, 2-stage scroll compressors, and variable speed scroll compressors. On the basis of country, the market bifurcations include the United States of America and Canada.
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The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the North America HVAC compressor market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments and expansion plans.
- Danfoss A/S
- Emerson Electric Co.
- Daikin Industries Ltd.
- Mitsubishi Electric Corporation
- LG Corporation
- Hitachi, Ltd.
- Tecumseh Products Company LLC
- Panasonic Holdings Corporation
- Nidec Motor Corporation
- Mayekawa Mfg. Co., Ltd.
- GEA Group Aktiengesellschaft
- Others
Market Share by Product
Single-stage scroll compressors are expected to hold a significant share of the market as they are presented as a less complicated and cost-effective product. They are the most widely used compressors in household air cooling systems as they are compact and operate at a uniform speed. Moreover, these compressors have fewer moving parts, due to which they boast a smooth and quiet performance.
Market Share by Country
The United States is expected to account for a major portion of the North America HVAC compressor market share. The market in this country is being driven by the increasing deployment of emerging technologies, including IoT, AI, blockchain, machine learning, and others in HVAC systems.
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Furthermore, growing disposable incomes and the rising demand for HVAC equipment for personal comfort are fuelling the growth of the market.
Competitive Landscape
Danfoss A/S is a global company that engineers innovative solutions for energy efficiency, climate-friendly technologies, and infrastructure systems. The company was founded in 1933 in Nordborg, Denmark. The company has a diverse product portfolio that encompasses a wide range of technologies and applications.
Emerson Electric Co., commonly known as Emerson, is a multinational technology and engineering company based in the United States. It was founded in 1890 and its headquarters is located in Missouri, the United States. The company has since grown into a global leader in providing innovative solutions for a wide range of industries.
Daikin Industries Ltd. Is a global company that specialises in manufacturing and selling air conditioning, heating, ventilation, and refrigeration equipment. Established in 1924 and headquartered in Osaka, Japan, Daikin has developed and expanded to become a leading figure among air conditioning manufacturers, renowned for its innovative technology and high-quality products. The company operates with a strong focus on research and development.
Other market players in the North America HVAC compressor market include Mitsubishi Electric Corporation, LG Corporation, Hitachi, Ltd., Tecumseh Products Company LLC, Panasonic Holdings Corporation, Nidec Motor Corporation, and Mayekawa Mfg. Co., Ltd., and GEA Group Aktiengesellschaft, among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Product |
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| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Global HVAC Compressor Market Overview
8.1 Key Industry Highlights
8.2 Global HVAC Compressor Historical Market (2018-2022)
8.3 Global HVAC Compressor Market Forecast (2023-2028)
8.4 Global HVAC Compressor Market Share by Region
8.4.1 North America
8.4.2 Europe
8.4.3 Asia Pacific
8.4.4 Latin America
8.4.5 Middle East and Africa
9 North America HVAC Compressor Market Overview
9.1 Key Industry Highlights
9.2 North America HVAC Compressor Historical Market (2018-2022)
9.3 North America HVAC Compressor Market Forecast (2023-2028)
10 North America HVAC Compressor Market by Product
10.1 Single Stage Scroll Compressor
10.1.1 Historical Trend (2018-2022)
10.1.2 Forecast Trend (2023-2028)
10.2 2-stage Scroll Compressor
10.2.1 Historical Trend (2018-2022)
10.2.2 Forecast Trend (2023-2028)
10.3 Variable Speed Scroll Compressor
10.3.1 Historical Trend (2018-2022)
10.3.2 Forecast Trend (2023-2028)
11 North America HVAC Compressor Market by Country
11.1 United States of America
11.1.1 Historical Trend (2018-2022)
11.1.2 Forecast Trend (2023-2028)
11.2 Canada
11.2.1 Historical Trend (2018-2022)
11.2.2 Forecast Trend (2023-2028)
12 Market Dynamics
12.1 SWOT Analysis
12.1.1 Strengths
12.1.2 Weaknesses
12.1.3 Opportunities
12.1.4 Threats
12.2 Porter’s Five Forces Analysis
12.2.1 Supplier’s Power
12.2.2 Buyer’s Power
12.2.3 Threat of New Entrants
12.2.4 Degree of Rivalry
12.2.5 Threat of Substitutes
12.3 Key Indicators of Demand
12.4 Key Indicators of Price
13 Competitive Landscape
13.1 Market Structure
13.2 Company Profiles
13.2.1 Danfoss A/S
13.2.1.1 Company Overview
13.2.1.2 Product Portfolio
13.2.1.3 Demographic Reach and Achievements
13.2.1.4 Certifications
13.2.2 Emerson Electric Co.
13.2.2.1 Company Overview
13.2.2.2 Product Portfolio
13.2.2.3 Demographic Reach and Achievements
13.2.2.4 Certifications
13.2.3 Daikin Industries Ltd.
13.2.3.1 Company Overview
13.2.3.2 Product Portfolio
13.2.3.3 Demographic Reach and Achievements
13.2.3.4 Certifications
13.2.4 Mitsubishi Electric Corporation
13.2.4.1 Company Overview
13.2.4.2 Product Portfolio
13.2.4.3 Demographic Reach and Achievements
13.2.4.4 Certifications
13.2.5 LG Corporation
13.2.5.1 Company Overview
13.2.5.2 Product Portfolio
13.2.5.3 Demographic Reach and Achievements
13.2.5.4 Certifications
13.2.6 Hitachi, Ltd.
13.2.6.1 Company Overview
13.2.6.2 Product Portfolio
13.2.6.3 Demographic Reach and Achievements
13.2.6.4 Certifications
13.2.7 Tecumseh Products Company LLC
13.2.7.1 Company Overview
13.2.7.2 Product Portfolio
13.2.7.3 Demographic Reach and Achievements
13.2.7.4 Certifications
13.2.8 Panasonic Holdings Corporation
13.2.8.1 Company Overview
13.2.8.2 Product Portfolio
13.2.8.3 Demographic Reach and Achievements
13.2.8.4 Certifications
13.2.9 Nidec Motor Corporation
13.2.9.1 Company Overview
13.2.9.2 Product Portfolio
13.2.9.3 Demographic Reach and Achievements
13.2.9.4 Certifications
13.2.10 Mayekawa Mfg. Co., Ltd.
13.2.10.1 Company Overview
13.2.10.2 Product Portfolio
13.2.10.3 Demographic Reach and Achievements
13.2.10.4 Certifications
13.2.11 GEA Group Aktiengesellschaft
13.2.11.1 Company Overview
13.2.11.2 Product Portfolio
13.2.11.3 Demographic Reach and Achievements
13.2.11.4 Certifications
13.2.12 Others
14 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global HVAC Compressor Market: Key Industry Highlights, 2018 and 2028
2. North America HVAC Compressor Market: Key Industry Highlights, 2018 and 2028
3. North America HVAC Compressor Historical Market: Breakup by Product (USD Million), 2018-2022
4. North America HVAC Compressor Market Forecast: Breakup by Product (USD Million), 2023-2028
5. North America HVAC Compressor Historical Market: Breakup by Country (USD Million), 2018-2022
6. North America HVAC Compressor Market Forecast: Breakup by Country (USD Million), 2023-2028
7. North America HVAC Compressor Market Structure
Key Questions Answered in the Report
In 2022, the market reached a value of about USD 858.1 million.
The market is assessed to grow at a CAGR of 5.90% between 2023 and 2028.
The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach around USD 1210.36 million by 2028.
The market is being driven by the increasing awareness of the importance of indoor air quality and the rising demand for energy-efficient HVAC systems.
The key trends propelling the market growth are the implementation of stringent standards for the development of improved HVAC systems and the increasing integration of advanced technologies such as artificial intelligence, machine learning, and IoT in HVAC systems.
The major countries in the market include the United States of America and Canada.
The different products considered in the market report include single stage scroll compressor, 2-stage scroll compressor, and variable speed scroll compressor.
The key players in the North America HVAC compressor market include Danfoss A/S, Emerson Electric Co., Daikin Industries Ltd., Mitsubishi Electric Corporation, LG Corporation, Hitachi, Ltd., Tecumseh Products Company LLC, Panasonic Holdings Corporation, Nidec Motor Corporation, Mayekawa Mfg. Co., Ltd., and GEA Group Aktiengesellschaft, among others.
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