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:
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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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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