HVAC Equipment Market in North America Size to grow by USD 8.62 billion between 2024-2028

Technavio, a leading provider of market research reports, has released its latest study on HVAC Equipment Market in North America. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges.

Key Highlights:

• Market Research Overview: The HVAC equipment market in North America is a significant segment of the global electrical components and equipment market, which encompasses companies producing electrical cables and wires, electrical components, and electrical equipment. According to Technavio, this parent market comprises revenue from manufacturers of various product categories, including water heaters and accessories, motors, motor control, encoder and amplifier, automation solutions, electrical distribution and protection equipment, small generators, wire and cable accessories, power supplies and conditioners, sensors, meters and indicators, recorders and loggers, process safety systems, instrumentation, test and measurement equipment, switches, transmitters and receivers, HVAC, and safety components. - The HVAC Equipment Market in North America is experiencing significant growth, fueled by the Changing climate condition. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

• Major Findings:
  • Changing climate condition
  • Increasing demand for energy-efficient HVAC systems
  • Shortage of skilled labor
  • Fluctuating prices of raw materials
• Growth Projections

The market size is estimated to grow by USD 8.62 billion, at a CAGR of 6.29% during the forecast period. In the North American market, the advancement of HVAC (Heating, Ventilation, and Air Conditioning) systems has witnessed a significant shift towards smart technology integration. These systems employ intricate networks of HVAC components and IoT (Internet of Things) devices for enhanced functionality. IoT technology serves as the foundation for numerous home automation software solutions, empowering users to manage various devices, including lamps and heaters, remotely. By merging IoT-enabled devices with automated systems, data collection, processing, and subsequent action generation become streamlined, marking a pivotal development in the evolution of Building Automation Systems (BAS).

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• Regional Insights

The HVAC equipment market in North America is experiencing significant growth, with the United States leading the charge. Factors driving this expansion include increasing demand for energy-efficient indoor cooling solutions, heightened awareness of clean energy utilization, and government incentives promoting the adoption of eco-friendly technologies. Key industry organizations, such as the Air Conditioning, Heating, and Refrigeration Institute (AHRI), the American National Standards Institute (ANSI), and the American Society of Heating, Refrigerating and Air-Conditioning Engineers Inc., are instrumental in setting regulatory standards and driving innovation within the sector. The commercial sector's growing emphasis on energy efficiency and the escalating costs associated with energy consumption are further fueling market expansion.

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