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

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.