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North America HVAC Market Size, Share, Trends, Growth: By Equipment: Heating, Ventilation, Cooling; By Implementation: New Constructions, Retrofits; By End Use: Residential, Commercial, Industrial; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Competitive Landscape; 2024-2032
North America HVAC Market Outlook
The North America HVAC market attained a value of about USD 45.64 billion in 2021. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 4.1%.
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The United States to Lead the HVAC Market in North America
The United States has been dominating the HVAC market share in North America and is expected to continue its dominance over the forecast years. The United States has an active presence of the key players in the global HVAC market, which is providing impetus for the growth of the HVAC industry in the country.
The United States Department of Energy has been investing heavily to improve the energy efficiency standards in the nation for sustainable development. The Department of Energy has also set up a mission to tackle the environmental and energy challenges in the nation through advanced science and technology. These steps are expected to propel the growth of environmentally friendly HVAC systems. Thus, green HVAC systems are in development in the region and are expected to improve the energy and cost efficiency of the systems.
HVAC: Market Segmentation
HVAC indicates the heating, ventilation, and air conditioning systems. HVAC solutions are the different structures, equipment, as well as technology that are able to improve and increase comfort indoors through an optimum temperature maintenance. They can be used in diverse locations, such as residential, industrial, office, and transport vehicles.
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The market is segmented on the basis of equipment into the following:
- Heating
- Ventilation
- Cooling
The heating segment is subdivided into heat pumps, furnaces, boilers, and others.
The ventilation segment can be further divided into:
- Air-Handling Units
- Air Filters and Purifiers
- Ventilation Fans
- Dehumidifiers and Humidifiers
- Others
The cooling segment is also categorised into:
- Unitary Air Conditioners
- VRF System
- Chillers
- Window and Portable Air Conditioners
- Cooling Towers
- Others
The HVAC industry is divided on the basis of implementation into the following:
- New Constructions
- Retrofits
On the basis of end use, the industry is segmented into the following:
- Residential
- Commercial
- Industrial
The regional markets of HVAC in North America include the United States of America and Canada.
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VRF Systems to Drive the HVAC Market in North America
VRF systems have the potential to reduce energy consumption and costs. They use environmentally-friendly refrigerants such as HFC-32 that is crucial to minimise the effects of global warming. Moreover, the systems are noiseless and are able to precisely control temperatures, can handle higher loads when the individual a/c units are running in summer and generate heat efficiently during winters.The key players operating in the HVAC industry have been increasingly investing in research and development for new and innovative technological solutions, which are further expected to propel the market ahead. The growing application of HVAC in smart homes is projected to bolster the market for HVAC in North America.
Key Industry Players in the North America HVAC Market
The report gives a detailed analysis of the following key players in the North America HVAC market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Rheem Manufacturing Company
- Trane Technologies plc
- Lennox International Inc.
- Carrier Global Corporation
- Daikin Industries, Ltd.
- Honeywell International Inc.
- Johnson Controls International plc
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| 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 Equipment |
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| Breakup by Implementation |
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| Breakup by End Use |
|
| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*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 Snapshot
6.1 North America
7 Opportunities and Challenges in the Market
8 North America HVAC Market Analysis
8.1 Key Industry Highlights
8.2 North America HVAC Historical Market (2018-2023)
8.3 North America HVAC Market Forecast (2024-2032)
8.4 North America HVAC Market by Equipment
8.4.1 Heating
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.1.3 Breakup by Type
8.4.1.3.1 Heat Pumps
8.4.1.3.1.1 Historical Trend (2018-2023)
8.4.1.3.1.2 Forecast Trend (2024-2032)
8.4.1.3.2 Furnaces
8.4.1.3.2.1 Historical Trend (2018-2023)
8.4.1.3.2.2 Forecast Trend (2024-2032)
8.4.1.3.3 Boilers
8.4.1.3.3.1 Historical Trend (2018-2023)
8.4.1.3.3.2 Forecast Trend (2024-2032)
8.4.1.3.4 Others
8.4.2 Ventilation
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.2.3 Breakup by Type
8.4.2.3.1 Air-Handling Units
8.4.2.3.1.1 Historical Trend (2018-2023)
8.4.2.3.1.2 Forecast Trend (2024-2032)
8.4.2.3.2 Air Filters and Purifiers
8.4.2.3.2.1 Historical Trend (2018-2023)
8.4.2.3.2.2 Forecast Trend (2024-2032)
8.4.2.3.3 Ventilation Fans
8.4.2.3.3.1 Historical Trend (2018-2023)
8.4.2.3.3.2 Forecast Trend (2024-2032)
8.4.2.3.4 Dehumidifiers and Humidifiers
8.4.2.3.4.1 Historical Trend (2018-2023)
8.4.2.3.4.2 Forecast Trend (2024-2032)
8.4.2.3.5 Others
8.4.3 Cooling
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.3.3 Breakup by Type
8.4.3.3.1 Unitary Air Conditioners
8.4.3.3.1.1 Historical Trend (2018-2023)
8.4.3.3.1.2 Forecast Trend (2024-2032)
8.4.3.3.2 VRF System
8.4.3.3.2.1 Historical Trend (2018-2023)
8.4.3.3.2.2 Forecast Trend (2024-2032)
8.4.3.3.3 Chillers
8.4.3.3.3.1 Historical Trend (2018-2023)
8.4.3.3.3.2 Forecast Trend (2024-2032)
8.4.3.3.4 Window and Portable Air Conditioners
8.4.3.3.4.1 Historical Trend (2018-2023)
8.4.3.3.4.2 Forecast Trend (2024-2032)
8.4.3.3.5 Cooling Towers
8.4.3.3.5.1 Historical Trend (2018-2023)
8.4.3.3.5.2 Forecast Trend (2024-2032)
8.4.3.3.6 Others
8.5 North America HVAC Market by Implementation
8.5.1 New Constructions
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Retrofits
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.6 North America HVAC Market by End Use
8.6.1 Residential
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Commercial
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Industrial
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.7 North America HVAC Market by Region
8.7.1 United States of America
8.7.2 Canada
9 Regional Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Market Dynamics
10.1 SWOT Analysis
10.1.1 Strengths
10.1.2 Weaknesses
10.1.3 Opportunities
10.1.4 Threats
10.2 Porter’s Five Forces Analysis
10.2.1 Supplier’s Power
10.2.2 Buyer’s Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
10.3 Key Indicators for Demand
10.4 Key Indicators for Price
11 Value Chain Analysis
12 Competitive Landscape
12.1 Market Structure
12.2 Company Profiles
12.2.1 Rheem Manufacturing Company
12.2.1.1 Company Overview
12.2.1.2 Product Portfolio
12.2.1.3 Demographic Reach and Achievements
12.2.1.4 Certifications
12.2.2 Trane Technologies plc
12.2.2.1 Company Overview
12.2.2.2 Product Portfolio
12.2.2.3 Demographic Reach and Achievements
12.2.2.4 Certifications
12.2.3 Lennox International Inc.
12.2.3.1 Company Overview
12.2.3.2 Product Portfolio
12.2.3.3 Demographic Reach and Achievements
12.2.3.4 Certifications
12.2.4 Carrier Global Corporation
12.2.4.1 Company Overview
12.2.4.2 Product Portfolio
12.2.4.3 Demographic Reach and Achievements
12.2.4.4 Certifications
12.2.5 Daikin Industries, Ltd.
12.2.5.1 Company Overview
12.2.5.2 Product Portfolio
12.2.5.3 Demographic Reach and Achievements
12.2.5.4 Certifications
12.2.6 Honeywell International Inc.
12.2.6.1 Company Overview
12.2.6.2 Product Portfolio
12.2.6.3 Demographic Reach and Achievements
12.2.6.4 Certifications
12.2.7 Johnson Controls International plc
12.2.7.1 Company Overview
12.2.7.2 Product Portfolio
12.2.7.3 Demographic Reach and Achievements
12.2.7.4 Certifications
12.2.8 Others
13 Key Trends and Developments in the Market
List of Key Figures and Tables
1. North America HVAC Market: Key Industry Highlights, 2017 and 2027
2. North America HVAC Historical Market: Breakup by Equipment (USD Billion), 2018-2023
3. North America HVAC Market Forecast: Breakup by Equipment (USD Billion), 2024-2032
4. North America HVAC Historical Market: Breakup by Implementation (USD Billion), 2018-2023
5. North America HVAC Market Forecast: Breakup by Implementation (USD Billion), 2024-2032
6. North America HVAC Historical Market: Breakup by End Use (USD Billion), 2018-2023
7. North America HVAC Market Forecast: Breakup by End Use (USD Billion), 2024-2032
8. North America HVAC Historical Market: Breakup by Country (USD Billion), 2018-2023
9. North America HVAC Market Forecast: Breakup by Country (USD Billion), 2024-2032
10. North America HVAC Market Structure
Key Questions Answered in the Report
In 2021, the North America HVAC market attained a value of nearly USD 45.64 billion.
The market is projected to grow at a CAGR of nearly 4.1% in the forecast period of 2024-2032.
The major drivers of the industry include rising disposable incomes, increasing applications in smart homes, and growing demand for heat pumps.
The growing R&D investments for technological improvements are expected to be the key trends guiding the growth of the industry.
The United States of America and Canada are the major regions in the market, with the United States of America accounting for the largest market share.
The heating, ventilation, and cooling equipment are the major equipment segments of the product in the market.
Commercial, industrial, and residential sectors are the leading end use sectors for HVAC in the industry.
The major implementation segments of the product in the market are new construction and retrofits.
The leading players in the market are Rheem Manufacturing Company, Trane Technologies plc, Lennox International Inc., Carrier Global Corporation, Daikin Industries, Ltd., Honeywell International Inc., and Johnson Controls International plc, among others.
Analyst Review
The North America HVAC market attained a value of nearly USD 45.64 billion in 2021, driven by the favourable governmental initiatives. Aided by the rising construction industry, the industry is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 4.1%.
EMR’s meticulous research methodology delves deep into the industry, covering the macro and micro aspects of the industry. Based on equipment, the market can be divided into heating, ventilation, and cooling. Based on implementation, the product is segmented into new construction and retrofits. On the basis of end use, the industry can be segmented into residential, commercial, and industrial. The major regional markets for HVAC in North America are the United States of America and Canada, with the United States of America accounting for the largest share of the market. The key players in the above industry include Rheem Manufacturing Company, Trane Technologies plc, Lennox International Inc., Carrier Global Corporation, Daikin Industries, Ltd., Honeywell International Inc., and Johnson Controls International plc, among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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