North America HVAC Equipment Market Size was valued at USD 29.8 Billion in 2022. The HVAC Equipment market industry is projected to grow from USD 32.2 Billion in 2023 to USD 59.6 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.00% during the forecast period (2024 - 2032). The rising demand for energy-efficient solutions is one of the major market drivers of the HVAC equipment market in North America. HVAC Equipment is being adopted by industries due to the growing emphasis on sustainability and environmental responsibility.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The increasing demand for energy-efficient solutions is a primary driver propelling the North America HVAC equipment market CAGR. With a growing emphasis on sustainability and environmental responsibility, consumers and businesses are seeking HVAC systems that can provide optimal comfort while minimizing energy consumption and operating costs. Stringent regulations and incentives further incentivize the adoption of high-efficiency equipment, such as ENERGY STAR-certified systems and advanced technologies like variable refrigerant flow (VRF) systems and smart thermostats. This trend towards energy efficiency not only addresses environmental concerns but also aligns with economic interests, as efficient HVAC systems offer long-term savings on energy bills. As a result, manufacturers are focusing on developing innovative, energy-efficient solutions to meet the evolving needs of the market.
The burgeoning construction industry in North America is a significant catalyst for the HVAC equipment market. As construction activity rises, both in the residential and commercial sectors, there is a parallel surge in demand for HVAC systems to provide heating, ventilation, and air conditioning in new buildings and renovation projects. HVAC equipment is essential for ensuring comfortable indoor environments, maintaining productivity, and complying with building codes and standards. Moreover, the increasing complexity and size of modern buildings require sophisticated HVAC solutions to meet diverse needs efficiently. This trend is further accentuated by the integration of smart building technologies, driving demand for advanced HVAC systems that offer enhanced control, energy efficiency, and comfort. Consequently, HVAC manufacturers are poised to capitalize on the opportunities presented by the growing construction industry by offering innovative, high-performance solutions tailored to evolving market demands. Thus, driving the North America HVAC Equipment market revenue.
The North America HVAC Equipment market segmentation, based on equipment, includes Air Conditioning Equipment, Heating Equipment, Heat Pumps and Dehumidifiers and Humidifiers. The air conditioning equipment segment dominated the market in 2023. Air conditioning equipment has secured the largest market share in the North America HVAC equipment market due to several factors. Firstly, the region's diverse climate necessitates reliable cooling solutions, driving consistent demand for air conditioning systems. Additionally, the growing construction industry, particularly in warm-weather regions, has fueled the installation of air conditioning units in residential, commercial, and industrial buildings. Furthermore, technological advancements in energy efficiency and comfort control have boosted the appeal and adoption of air conditioning equipment among consumers.
Heating equipment is experiencing the highest compound annual growth rate (CAGR) in the North America HVAC equipment market due to several factors. Firstly, the need for reliable heating solutions is essential in regions with colder climates, driving consistent demand. Additionally, as energy efficiency and sustainability become more significant priorities, there is a growing demand for high-efficiency heating systems that can reduce energy consumption and operating costs. Furthermore, technological advancements in heating equipment are improving performance, reliability, and user comfort, further driving market growth.
The North America HVAC Equipment market segmentation, based on end user, includes Residential, Industrial and Commercial. The residential category generated the most income in 2023. The residential end user segment has secured the largest market share in the North America HVAC equipment market for several reasons. There is vast number of residential properties across the region, leading to a consistently high demand for HVAC equipment. Additionally, factors such as increasing homeownership rates, renovation activities, and the desire for comfort and convenience drive residential HVAC market growth. Furthermore, advancements in energy-efficient and smart HVAC technologies make these solutions increasingly attractive to homeowners, further boosting market share.
The industrial end-user segment is experiencing the highest compound annual growth rate (CAGR) in the North America HVAC equipment market due to several factors. Firstly, industries require HVAC systems for various applications, including manufacturing processes, warehousing, and data centers, driving consistent demand. Additionally, the increasing focus on workplace comfort, productivity, and regulatory compliance is prompting industries to invest in advanced HVAC System. Furthermore, the adoption of energy-efficient and environmentally sustainable HVAC technologies is further accelerating market growth in the industrial sector.
Figure 1: North America HVAC Equipment Market, by End User, 2023 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The North America HVAC Equipment market segmentation, based on country, includes the United States and Canada. The United States category generated the most income in 2023. The United States has secured the largest market share in North America's HVAC equipment market for several reasons. Firstly, it has a vast geographical area with diverse climates, leading to a high demand for both heating and cooling solutions across residential, commercial, and industrial sectors. Additionally, the country's robust construction industry, stringent energy efficiency regulations, and technological innovation contribute to market dominance. Furthermore, a strong economy and high standards of living drive continuous investments in HVAC infrastructure and upgrades, further solidifying the market leadership position.
Canada is experiencing the highest compound annual growth rate (CAGR) in the North America HVAC equipment market due to several factors. Firstly, increasing construction activities, particularly in the residential and commercial sectors, are driving demand for HVAC systems. Additionally, the country's focus on energy efficiency and sustainability initiatives is spurring investments in high-efficiency HVAC equipment. Furthermore, technological advancements and the adoption of smart HVAC solutions are further accelerating market growth in Canada, contributing to its leading CAGR in the region.
Figure 2: NORTH AMERICA HVAC EQUIPMENT MARKET SHARE BY COUNTRY 2023 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Leading players are focusing on product innovation, strategic partnerships, and geographical expansion to maintain their positions. Companies such as Carrier Global Corporation, Daikin Industries Ltd., Trane Technologies plc, Lennox International Inc., and Johnson Controls International plc are investing in energy-efficient solutions, smart technologies, and customer-centric offerings. Additionally, mergers and acquisitions are common strategies to enhance market developments and diversify product portfolios, ensuring competitiveness in the evolving North America HVAC equipment market.
Major players in the HVAC Equipment market are attempting to increase market demand by investing in research and development operations, including Carrier Global Corporation, Daikin Industries Ltd., Trane Technologies plc, Lennox International Inc., Johnson Controls International plc, Mitsubishi Electric Corporation, Rheem Manufacturing Company, YORK, Goodman Manufacturing Company, L.P., Ingersoll Rand Inc., Fujitsu General Ltd., Nortek Global HVAC LLC, Emerson Electric Co., LG Electronics Inc. and Bosch Thermotechnology Corp..
February 2023: Lennox expanded its diverse range of packaged rooftop units with the introduction of the Enlight and Xion product lines. The Enlight series, in particular, is designed to reduce environmental impact and optimize efficiency, reflecting the company's commitment to sustainability and performance.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 29.8 Billion |
| Market Size 2023 | USD 32.2 Billion |
| Market Size 2032 | USD 59.6 Billion |
| Compound Annual Growth Rate (CAGR) | 8.00% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019-2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Equipment, End User, Country and Region |
| Region Covered | North America |
| Countries Covered | United States, Canada, Mexico, and Rest of North America |
| Key Companies Profiled | Carrier Global Corporation, Daikin Industries Ltd., Trane Technologies plc, Lennox International Inc., Johnson Controls International plc, Mitsubishi Electric Corporation, Rheem Manufacturing Company, YORK, Goodman Manufacturing Company, L.P., and Ingersoll Rand Inc. |
| Key Market Opportunities | ·        Rising Demand for Energy-Efficient Solutions |
| Key Market Dynamics | ·        Rising Demand for Energy-Efficient Solutions ·        Growing Construction Industry |
Frequently Asked Questions (FAQ) :
The North America HVAC Equipment market size was valued at USD 32.2 Billion in 2023.
The market is projected to grow at a CAGR of 8.00% during the forecast period, 2024-2032.
The key players in the market are Carrier Global Corporation, Daikin Industries Ltd., Trane Technologies plc, Lennox International Inc., Johnson Controls International plc, Mitsubishi Electric Corporation, Rheem Manufacturing Company, YORK, Goodman Manufacturing Company, L.P., Ingersoll Rand Inc., Fujitsu General Ltd., Nortek Global HVAC LLC, Emerson Electric Co., LG Electronics Inc. and Bosch Thermotechnology Corp.
The air conditioning equipment category dominated the market in 2023.
The residential category had the largest share of the market.
Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
