HVAC Equipment Market in North America Size to grow by USD 8.62 billion between 2024-2028
According to a research report “ HVAC Equipment Market in North America” by Product (Air conditioning equipment, Heating equipment, Ventilation equipment) End-user (Non-residential, Residential) Geography (North America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 8.62 billion, at a CAGR of 6.29% during the forecast period. The HVAC equipment market in North America experienced significant growth in 2023 due to the increasing global temperature levels and subsequent demand for climate control solutions. Extreme weather events, such as heat waves and storms, have become more frequent since 1998, driven in part by rising concentrations of carbon dioxide (CO2) in the atmosphere. The National Oceanic and Atmospheric Administration reported that July 2020 was 1.71 degrees Fahrenheit warmer than the average, underscoring the need for advanced HVAC systems to maintain comfortable indoor temperatures. As a result, the HVAC industry in North America has seen increased demand for energy-efficient and high-performance equipment to meet the growing demand for climate control solutions.
Browse market data tables, figures, and in-depth TOC on “HVAC Equipment Market in North America” by Product (Air conditioning equipment, Heating equipment, Ventilation equipment) End-user (Non-residential, Residential) Geography (North America) Global Forecast to 2028. Download Free Sample
By Product, the Air conditioning equipment segment is projected to dominate the market size in 2024
The North American HVAC equipment market primarily caters to the non-residential sector, which comprises manufacturing facilities, commercial and industrial buildings, data centers, retail stores, healthcare facilities, and educational institutions. The ongoing construction boom in this segment is set to fuel demand for energy-efficient HVAC systems, given the significant energy consumption by heating and cooling systems in commercial buildings. The non-residential segment dominates the HVAC equipment market revenue in North America, driven by businesses and organizations' increasing focus on energy efficiency. To cater to this demand, HVAC vendors must develop systems adhering to regional and international energy efficiency standards.
By End-user, Non-residential segment is expected to hold the largest market size for the year 2024
The HVAC (Heating, Ventilation, and Air Conditioning) equipment market in North America has experienced significant growth due to increasing urbanization and the construction of new residential, commercial, and industrial buildings. Air conditioning systems, which operate on a refrigeration cycle and are evaluated based on their Seasonal Energy Efficiency Ratio (SEER), are a key component of this market. The efficiency of HVAC equipment, including compressors and air handlers, is mandatory to meet specific energy efficiency standards at the time of purchase. Building codes and standards have led to the construction of energy-efficient buildings, thereby increasing the demand for air conditioning systems. This trend is expected to continue as urbanization continues and energy efficiency becomes a priority for building owners and occupants.
North America is forecasted to hold the largest market size by region in 2024
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.
The HVAC Equipment Market in North America growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The HVAC equipment market in North America is experiencing significant growth due to increasing energy bills, a focus on energy consumption reduction, and the need for improved indoor air quality in various sectors. Air conditioners, particularly energy-efficient models with high SEER2 ratings, are in high demand. Climatic changes have made energy efficiency and building design crucial for both residential and commercial infrastructure. Service sector companies, such as theaters, hotels, airports, and shopping malls, are investing in energy-saving products like solar-powered HVAC solutions and ground-source heat pumps. Carrier Corporation, a leading HVAC manufacturer, offers AI-based automated solutions and uses A2L and R-410 refrigerants for enhanced energy efficiency and air quality. HVAC regulations continue to evolve, with a focus on energy efficiency and indoor air quality. The federal tax credit for energy-efficient upgrades further incentivizes the adoption of these solutions. Air purifiers are also gaining popularity to address local climate-related air quality concerns. Overall, the HVAC market in North America is poised for continued growth as businesses and homeowners seek cost-effective, energy-efficient, and sustainable HVAC solutions.
Market Research Overview
The HVAC equipment market in North America is witnessing significant growth due to regulatory requirements for improved energy efficiency and indoor air quality. Humidity and ambient temperature control are crucial for thermal comfort in residential complexes, manufacturing units, and commercial buildings. HVAC systems are essential for climate control in various sectors, including industrial buildings, theaters, hotels, airports, and shopping malls. Regulatory requirements for reducing carbon dioxide emissions and addressing sustainability concerns are driving the adoption of electrical cooling systems, heat pumps, and solar-powered HVAC solutions. Natural gas, heating oil, and wood heating systems are facing migration due to stricter environmental regulations. Climatic changes and urbanization are increasing air conditioning loads, leading to higher energy consumption and energy bills. HVAC systems must meet energy efficiency standards, such as Energy Star and SEER2. Air filters, programmable thermostats, and energy-saving products are popular solutions for reducing energy consumption and improving indoor air quality. Manufacturers like Carrier Corporation are investing in AI-based automated solutions, R-410 refrigerant, and A2L refrigerant to meet regulatory requirements and consumer demand for energy efficiency and sustainability. The heat pump market is expected to grow due to its ability to provide both heating and cooling functions. The use of ground-source heat pumps and air purifiers is also increasing to address air quality concerns caused by pollutants, bacteria, dust, heat, smoke, and moisture. The HVAC industry is adapting to the changing market landscape by focusing on energy efficiency, sustainability, and indoor air quality. Federal tax credits and United Nations initiatives are also encouraging the adoption of energy-efficient HVAC systems in commercial infrastructure, affordable housing units, and global population growth areas.
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