The North America HVAC Equipment Market size is estimated at USD 27.13 billion in 2023, and is expected to reach USD 38.23 billion by 2028, growing at a CAGR of 7.10% during the forecast period (2023-2028).
Heating, ventilation, and air conditioning (HVAC) systems are widely adopted across North America due to the multiple advantages of HVAC systems, most notably the power-saving techniques.
The competitive rivalry in the North American HVAC equipment market is high, as the market studied is home to prominent vendors like Daikin, Carrier, and Lennox that command a major market share in different segments and have access to well-established distribution networks. Owing to the HVAC equipment industry being one of the largest markets, the existence of such a high number of major vendors without compromising on their market shares is sustainable. However, each vendor, especially in the heating and cooling segments, is fiercely competing to gain a larger share of the market studied.
In October 2022, Carrier Corporation declared that it had increased the capacity range of its AquaEdge 19DV water-cooled centrifugal chiller in North America. The AquaEdge19DV can now fulfil customer demands for bigger capacity applications, such as commercial high-rise and mixed-use buildings, huge manufacturing enterprises, and healthcare institutions, with a capacity of up to 1150 tons.
In September 2022, Johnson Controls, a provider of smart, healthy, and sustainable buildings, will increase the value of housing through strong financing options and rebates designed to maximize newly announced savings through the Inflation Reduction Act. They are making energy efficiency more affordable and accessible to homeowners. High-efficiency HVAC units from Johnson Controls allow homeowners to reduce heating and cooling costs by up to 50% compared to less efficient systems.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook