The HVAC Equipment Market in North America is being driven by Changing climate condition
The HVAC Equipment Market in North America is expected to grow at a CAGR of 7.5% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 13.3 billion. The HVAC (Heating, Ventilation, and Air Conditioning) market in North America is witnessing significant growth due to the adoption of smart HVAC systems. These advanced systems utilize networks of HVAC components and IoT technology to enhance building automation. IoT, a network of interconnected devices via the Internet, powers the next generation of home automation software solutions. This technology stack empowers users to manage various devices, including lamps and heaters, remotely. By integrating devices with automated systems, data collection, processing, and subsequent actions are facilitated, thereby optimizing energy efficiency and enhancing overall comfort.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
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Report Coverage |
Details |
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Page number |
192 |
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Base year |
2024 |
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Historic period |
2019-2023 |
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Forecast period |
2025-2029 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 7.5% |
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Market growth 2025-2029 |
USD 13.3 billion |
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Market structure |
fragmentation |
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YoY growth 2024-2025(%) |
6.8 |
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Key countries |
US, Canada, and Mexico |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The HVAC Equipment Market in North America encompasses various systems including air-source heat pumps, ground-source heat pumps, mini-splits, multi-zone, and high-velocity. These systems incorporate features like zone control, damper actuators, air filters, HEPA filters, UV air purifiers, dehumidification, and humidification. Key components include capillary tubes, refrigerants R410a, R454b, and R134a, cooling towers, fan coil units, coil cleaning, inspections, energy audits, performance monitoring, smart home integration, remote control, and mobile app control.
The HVAC equipment market in North America is a significant segment of the larger global electrical components and equipment market. This market encompasses the manufacturing and sales of various HVAC systems, including air conditioners, heat pumps, ventilation systems, air handling units, rooftop units, central air conditioning, and split systems. Key product categories within the HVAC sector include HVAC systems, motors, electrical distribution and protection equipment, sensors, meters and indicators, and safety components. The market size is determined by the combined revenue generated by these manufacturers, as well as rental and leasing services to industrial, commercial, and residential sectors.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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