May 04, 2022 09:44 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, May 04, 2022 (GLOBE NEWSWIRE) -- The North America HVAC System Market size was USD 41.67 billion in 2021. The market size is expected to rise from USD 43.67 billion in 2022 to USD 62.31 billion by 2029 at a CAGR of 5.2% during the forecast period. The market is anticipated to rise during the projected period due to increasing demand for green building construction activities and clean indoor air. Fortune Business Insights™ publishes this information in a report titled, "North America HVAC System Market, 2022-2029".
The heating, ventilation, and cooling (HVAC) system transfers the air between indoor and outdoor spaces. The indoor air is filtered to maintain its purity and keep the environment healthy. This enables keeping the humidity level and ideal state. Increasing demand for smart systems and industrial automation systems is expected to drive the market during the forecast period.
Rising Manufacturing of Automated HVAC System to Stimulate Product Demand
During the initial lockdown stage, the market faced a sudden decline in its sales rate due to restrictions imposed by the government. Further, indoor air quality's increasing importance in avoiding breathing diseases is expected to increase product sales. The government has uplifted several restrictions, which enabled the companies to resume the halted activities such as fixing air-conditioned (AC) units, repairing existing energy recovery ventilators (ERVs), and changing the operation of such equipment. These factors have supported the North America HVAC system market growth during the pandemic.
VRF System Segment to Dominate Market During the Forecast Period
By type, the market is segmented into single split systems, variable refrigerant flow (VRF) systems, chillers, and others.
Based on application, the market is segregated into commercial, residential, and industrial.
Finally, by country, the market is bifurcated into the U.S. and Canada.
The report provides insights on current market trends and recent developments introduced by the key players. Also, the report sheds light on the impact of COVID-19 pandemic and various strategies adopted by the key players to overcome the loss. Furthermore, drivers and restraints affecting the market growth during the pandemic are highlighted further. The regional market insights on segmented areas are discussed further. A list of key players and their competitive strategies is elaborated further in this report.
Browse Summary of this Research Report:
Increasing Demand for Energy-Efficient Solutions to Boost Product Demand
The market is expected to grow significantly due to increasing adoption of advanced technologies and rising demand for green building construction. Also, increasing demand for energy-efficient solutions, industrial automation systems, and smart manufacturing is expected to drive the market during the forecast period. Also, the rising integration of these systems with the latest technologies is anticipated to fuel the market growth. These factors are likely to ensure industrial development and growth in the segmented regions.
However, these systems' high maintenance and servicing costs may hinder the market growth.
List of Key Players Profiled in Market Report:
Government Initiatives in Canada to Bolster Regional Market Growth
The market of North America HVAC system is expected to witness strong growth due to the rising trend of green building initiatives, residential, commercial construction, and industrial facilities. Also, the North America HVAC system market share is expected to increase due to technological advancements and integration of these systems with the Internet of Things (IoT). The U.S. and Canada are dominating countries within the region where the U.S. stood at USD 33.71 billion in 2021.
New Product Launch Allow Key Players to Enhance Product Portfolio
Key market players of North America HVAC system form strategic alliances and partnerships with other companies to expand their production rate and increase business profitability. Furthermore, new product launches allow key players to enhance their product portfolio and attract customers from segmented regions.
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