North America HVAC Market Report and Forecast 2022-2027

North America HVAC Market Report and Forecast 2022-2027

Market Outlook

According to Expert Market Research’s latest report, ‘North America HVAC Market Report and Forecast 2022-2027’, the North America HVAC market attained a value of almost USD 45.64 billion in 2021. Aided by technological innovations, the market is estimated to further grow at a CAGR of 4.1% between 2022 and 2027.

HVAC is short for heating, ventilation, and air conditioning systems. HVAC solutions include different structures, equipment, as well as technology that are able to improve and increase comfort indoors through an optimum temperature maintenance. They can be used in diverse locations, such as residential, industrial, office, and commercial places, including restaurants and malls. The development of eco-friendly, energy-efficient, and portable cooling systems by market players led to the market expansion of HVAC in recent years. Additionally, VRF systems have the potential to reduce energy consumption and costs, which is driving demand for the system in the North American region.

Going further, VRF systems have the potential to reduce energy consumption and costs, which is driving the market growth of HVAC in the North American region. Also, VRF systems use environmentally friendly refrigerants like HFC-32, which have low GWP, thereby contributing to reduced greenhouse gas emissions. Moreover, these systems are noiseless, able to precisely control temperatures, can handle higher loads when the individual AC units are operated in summer, which is contributing to the market growth. Systems used for heating, including heat pumps, furnaces, and boilers, among others, generate heat efficiently during winters and witness high growth in this region. The key players operating in the HVAC market have been increasingly investing in research and development for new and innovative technological solutions, which is further expected to fuel the market growth in the years to come. Further, the growing application of HVAC in smart homes is anticipated to bolster the market for HVAC in North America over the forecast period.

Market Segmentation

The market report by Expert Market Research analyses the market based on segmentations such as equipments, implementation types, end uses, and major regions.

Market Breakup by Equipment

• Heating
• Heat Pumps
• Furnaces
• Boilers
• Others
• Ventilation
• Air-Handling Units
• Air Filters and Purifiers
• Ventilation Fans
• Dehumidifiers and Humidifiers
• Others
• Cooling
• Unitary Air Conditioners
• VRF Systems
• Chillers
• Window and Portable Air Conditioners
• Cooling Towers
• Others

Market Segmentation by Implementation Type

• New Constructions
• Retrofits

Market Breakup by End Use

• Residential
• Commercial
• Industrial

Market Breakup by Regions

• United States
• Canada

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the key players in the market. Some of the major players in the market explored in the Expert Market Research report are:

• Rheem Manufacturing Company
• Trane Technologies plc
• Lennox International Inc.
• Carrier Global Corporation
• Daikin Industries, Ltd.
• Honeywell International Inc.
• Johnson Controls International plc
• Others

*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.