USD 24.5 Billion
North America Air Conditioning Systems Market Size, Share, Growth Analysis, By Type(Unitary, Rooftop, PTAC), By Technology(Inverter, Non-Inverter), By End-Use(Residential, Commercial, Industrial), By Region - Industry Forecast 2024-2031
Report ID:
SQMIR20I2269 |
Region:
Regional |
Published Date: February, 2024
Pages:
157
|Tables:
89
|Figures:
76
North America Air Conditioning Systems Market Insights
North America Air Conditioning Systems Market size was valued at USD 24.5 Billion in 2022 and is poised to grow from USD 25.97 Billion in 2023 to USD 41.39 Billion by 2031, at a CAGR of 6% during the forecast period (2024-2031).
It is projected that rising consumer demand for goods that save energy and electricity would propel industry expansion. The market is anticipated to see a broad range of innovations and new product developments as a result of technological improvements. The use of natural refrigerants and inverter-based systems in particular are expected to have a favorable impact on demand. Demand is also anticipated to be supported by the requirement for energy-saving ratings, the implementation of strict norms and regulations addressing efficient energy consumption in the United States, as well as increased consumer awareness. Refrigerants used in conventional air conditioners are poisonous and bad for the environment, which has a big impact on global warming. In the near future, replacement items within the sector are anticipated to drive market expansion.
The effects of climate change and global warming are causing temperatures to rise in American cities like San Antonio, Texas, Phoenix, Arizona, and Fort Worth, Texas, as well as those scattered throughout the sun belt of Southwestern and Southern America. This is causing a rise in the use of various air conditioning systems across the nation. The majority of American homes (88%) have air conditioning, according to the Residential Energy Consumption Survey performed by the U.S. Energy Information Administration.
Increased shipments in the North American air conditioning systems market are anticipated to be driven by anticipated development in building activity. However, in North American markets, including the U.S. and Canada, fierce rivalry from well-established businesses and Chinese suppliers supplying low-cost items may provide difficulties. Preventive actions taken by non-profit organizations (NPOs), public forums, the media, and governmental organizations seek to increase end-user knowledge of environmental issues and promote the use of eco-friendly equipment in order to address such obstacles.
Additionally, fierce competition from Chinese suppliers like Haier, Gree, and Midea continues to worry local companies and might have an effect on their profitability. Strict energy efficiency standards are predicted to increase the cost of research and development for new products. However, businesses have a chance to keep market share and make money thanks to their persistent dedication to providing excellent customer service.
North America Air Conditioning Systems Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Inverter
Fastest Growth
Inverter
Growth Rate
6% CAGR
North America Air Conditioning Systems Market ($ Bn)
Country Share for North America Region (%)
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North America Air Conditioning Systems Market Segmental Analysis
The North America air conditioning systems market is segmented on the basis of type, technology, end - use, Region. By type, the market is segmented into unitary, rooftop, PTAC. By technology, the market is segmented into inverter, non-inverter. By end - use, the market is segmented into residential, commercial, industrial. By region, the market is segmented into North America, Europe, Latin America, Asia- Pacific, Middle East and Africa.
North America Air Conditioning Systems Market Analysis By Type
The unitary, rooftop, and PTAC (Packaged Terminal Air Conditioner) are the three primary types of air conditioners that make up the North American air conditioning market. Among these, the unitary air conditioner type distinguished itself in 2022 by accounting for the highest revenue share, or 37.12%. According to projections, this market is positioned for rapid expansion, with a projected compound annual growth rate (CAGR) of more than 7.5% by the year 2030.
The popularity of unitary air conditioners is anticipated to increase even more as temperatures rise and home AC system demand soars. Additionally, unitary ACs have uses outside of the house, including in hospitals, workplaces, and schools, which has helped to increase demand for them across a variety of industries.
North America Air Conditioning Systems Market Analysis By Technology
The air conditioner industry offers two main options for technological categorization: inverter technology and non-inverter technology. Notably, the inverter market category became the leading force in 2022, taking home a sizable market share of more than 67%. Additionally, predictions point to a positive growth trajectory for this market sector, with a predicted compound annual growth rate (CAGR) that will exceed 6% over the course of the projected year.
Due to its many beneficial advantages, inverter technology is clearly preferred by air conditioning system manufacturers. The inverter's capacity to precisely adjust the frequency of the compressors' power source is a distinguishing feature. By altering the speed of the compressor and subsequently controlling the gas flow rate, this distinctive feature enables inverter-based air conditioners to run with astounding efficiency. Inverter air conditioners are extremely energy-efficient because of the precise control that is made possible by this. Because of the consequent reduction in utility costs, inverter-based air conditioners are an increasingly popular choice among customers, driving up market demand.
North America Air Conditioning Systems Market By Technology
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North America Air Conditioning Systems Market Regional Insights
In terms of market share and overall economic activity, the United States dominates the North American air conditioning systems market. The building industry is booming in the United States, and both residential and commercial construction is constantly increasing. Since newly constructed buildings frequently need effective cooling solutions, the nation's thriving construction industry is a key market driver for air conditioning systems. Furthermore, the U.S. has a high rate of air conditioning system adoption, with the majority of homes having AC units. The U.S. continues to have a high demand for energy-efficient and cutting-edge air conditioning systems, which is fueling market expansion. In this fiercely competitive industry, both well-established companies and cutting-edge startups compete for market share.
Canada is the area of the North American air conditioning systems market that is expanding the quickest. Urbanization and infrastructural development are driving an increase in building activity, including residential and commercial projects, in the Canadian market. Air conditioning systems are an essential component of both residential and commercial buildings in Canada when temperatures rise as a result of climate change. Additionally, the adoption of eco-friendly and energy-efficient AC systems is encouraged by the Canadian government's commitment to environmental sustainability and energy efficiency. The air conditioning systems market in Canada is expanding as a result of this emphasis, which is in line with worldwide trends. International and domestic producers are thus aggressively looking at prospects in this developing sector.
North America Air Conditioning Systems Market By Geography
- Largest
- Fastest
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North America Air Conditioning Systems Market Dynamics
North America Air Conditioning Systems Market Drivers
Climate Change and Increasing Temperatures
- The need for air conditioning systems is being driven by rising temperatures and the consequences of climate change, particularly in areas susceptible to heatwaves. As a result of the intense heat, consumers look for respite.
Construction Industry Development
- Air conditioning systems are in high demand in newly constructed structures due to a thriving construction industry, notably in the residential and commercial sectors.
Energy Efficiency
- Concerns about the sustainability of the environment and energy use have led to a rise in the adoption of energy-efficient air conditioning systems. Energy-efficient model adoption is encouraged by government incentives and restrictions.
North America Air Conditioning Systems Market Restraints
Environmental Concerns
- Environmental issues arise from the usage of refrigerants in air conditioning systems, which increase greenhouse gas emissions and ozone depletion. The market is impacted by regulatory limits on specific refrigerants.
Cost
- Some customers may be put off by the high upfront expenses of acquiring and installing sophisticated air conditioning systems. In addition, maintenance and repair costs might be high.
The Threat of Alternatives
- Traditional air conditioning systems are facing competition from evolving alternatives, particularly in green building initiatives, such as natural ventilation, evaporative cooling, and geothermal HVAC systems.
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North America Air Conditioning Systems Market Competitive Landscape
In a region where climate control is crucial, the competitive landscape of the North American air conditioning systems market is defined by the presence of both well-established manufacturers and up-and-coming companies. Due to their wide range of products and well-known brands, top firms including Carrier Global Corporation, Trane Technologies, and Lennox International Inc. continue to have a significant market presence. These industry titans frequently place a strong emphasis on innovation, providing intelligent and energy-efficient air conditioning systems to meet changing consumer tastes.
Meanwhile, the market experiences a boom in new, smaller firms who focus on specialized markets or revolutionary technology. These entrants invigorate the industry with innovative concepts and quick thinking, encouraging competitiveness. Innovative technology may now be included into air conditioning systems thanks to collaborations and partnerships between well-established companies and startups.
The competitive environment is defined by the emphasis on sustainability and energy efficiency. To comply with strict restrictions and address environmental issues, manufacturers are investing in eco-friendly refrigerants, inverter technology, and smart HVAC systems. Because of the variety of alternatives available to consumers, the market for air conditioning systems in North America is now seeing increased competition.
North America Air Conditioning Systems Market Top Player’s Company Profiles
- Samsung Electronics Co., Ltd. (Seoul, South Korea)
- Carrier Global Corporation (Florida, USA)
- Amana (Iowa, USA)
- Trane Technologies (Ireland)
- Gree Electric Appliances Inc. of Zhuhai (Guangdong, China)
- York (Wisconsin, USA)
- Midea Group (Guangdong, China)
- Lennox International Inc. (Texas, USA)
- Panasonic Corporation (Osaka, Japan)
- Daikin Industries, Ltd. (Osaka, Japan)
- Mitsubishi Electric Corporation (Tokyo, Japan)
- Ruud (Georgia, USA)
- Johnson Controls International plc (Ireland)
- Rheem Manufacturing Company (Georgia, USA)
- Haier Group Corporation (Qingdao, China)
- Fujitsu General Ltd. (Tokyo, Japan)
- American Standard (Tennessee, USA)
- Friedrich Air Conditioning Co. (Texas, USA)
- LG Electronics Inc. (Seoul, South Korea)
- Senville (Quebec, Canada)
North America Air Conditioning Systems Market Recent Developments
- In March 2023, Daikin Industries announced the launch of its new VRV IV S mini-split air conditioner series in North America. The series features a number of new and improved features, including a more efficient compressor, a quieter operation, and a wider range of cooling and heating capacities.
- In February 2023, Johnson Controls announced the acquisition of Lennox International's residential HVAC business. The acquisition will create a leading global provider of HVAC solutions for residential and commercial customers.
- In January 2023, Carrier Corporation announced the launch of its new Infinity IQ air conditioner series. The series features a number of new and improved features, including a Wi-Fi-enabled controller, a more efficient compressor, and a quieter operation.
North America Air Conditioning Systems Key Market Trends
- Smart and Connected AC Systems: A developing trend is the merging of IoT connections with smart technology. Remote control devices and smart thermostats improve ease of use and energy management.
- Indoor Air Quality (IAQ) Focus: HVAC systems with advanced filtration and IAQ capabilities are in demand as people become more aware of indoor air quality and its impact on health.
- Solutions for Upkeep and Servicing: To extend the life and performance of AC systems, the industry is seeing an increase in maintenance and service solutions, such as preventative maintenance plans and remote monitoring.
North America Air Conditioning Systems Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our North America air conditioning systems market analysis, As a result of factors including climatic fluctuation, technical development, and a growing emphasis on sustainability, the North American air conditioning systems industry continues to be extremely competitive and dynamic. With their broad product portfolios, dedication to innovation, and ability to provide customers with energy-efficient and intelligent HVAC solutions, well-established firms like Carrier Global Corporation and Trane Technologies continue to dominate.
Smaller, creative firms who offer new views and specialized knowledge to the market are changing the competitive environment. Industry powerhouses and startups are working together to promote an innovative culture that will ultimately provide consumers with more options. Manufacturers are investing in ecologically friendly refrigerants, inverter technology, and intelligent HVAC systems because sustainability and energy efficiency are crucial. The North American air conditioning systems market is positioned for continuous expansion and transition in the next few years as regulatory demands for greener solutions remain.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 24.5 Billion |
| Market size value in 2031 | USD 41.39 Billion |
| Growth Rate | 6% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on North America Air Conditioning Systems Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on North America Air Conditioning Systems Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the North America Air Conditioning Systems Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the North America Air Conditioning Systems Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the North America Air Conditioning Systems Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the North America Air Conditioning Systems Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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