North America HVAC System Market to Grow at a CAGR of 5.6% over 2024 to 2032; Presence of Major Manufacturers and Increased HVAC Production to Propel Market Growth

The North America HVAC system market size was valued at USD 46.74 billion in 2023. The market is projected to grow from USD 49.10 billion in 2024 to USD 75.75 billion by 2032, exhibiting a CAGR of 5.6% during the forecast period. Fortune Business Insights™ presents this information in its report titled “North America HVAC System Market Size, Share & Industry Analysis, By Application vs Capacity (Residential, Commercial, and Industrial), By Product Type (Heating Equipment, Cooling Equipment, and Ventilation Equipment), By Application (Commercial, Residential, and Industrial), and Country Forecast, 2024 – 2032”.

HVAC systems manage air flow between indoors and outdoors, providing filtration to maintain a healthy environment and ideal humidity. Increased HVAC production and significant investments in research for energy efficiency driven by automotive demand and changing climate conditions are bolstering the market.

The adaptation to new working conditions and ASHRAE’s COVID-19 pandemic recommendations increased demand for HVAC in the U.S. and Canada. This COVID-19 pandemic has also accelerated automation in such systems, likely boosting North America market share.

Daikin Comfort Technologies acquired Williams Distributing to Promote the Adoption of Inverter Heat Pump Technology

In January 2023, Daikin Comfort Technologies acquired Williams Distributing, a leading distributor of HVAC equipment and residential products in the Great Lakes region in North America. This acquisition supports Daikin's strategy to promote the adoption of inverter heat pump technology, especially in colder climates.

Rising Demand for Energy Efficient HVAC System to Propel Market Growth

The increasing use of smart thermostats, IoT lighting controls, and sensors for energy efficiency is driving market growth by enhancing operational efficiency across commercial, residential, and industrial sectors. Moreover, manufactures are expanding their product portfolios to include HVAC systems with compact designs, energy savings, and low GWP refrigerants, such as Carrier’s highly efficient WeatherExpert units, which contribute to North America HVAC system market growth. 

Government bodies are implementing stringent rules regarding energy efficiency, occupant health, and emission reduction. Compliance with these standards required advanced HVAC systems, leading to increased market demand. Substantial investments by entities such as the U.S. Department of Energy, dedicating billions to decarbonizing projects, underscore a strong commitment to energy-efficient technologies, including investments in such systems. This funding stimulates adoption and innovation in such systems.

However, the use of local or replacement units can lead to reduced pressure drop and increased maintenance costs, affecting the overall efficiency and working environment.

Industry Participants Focus on Investing In Initiatives to Boost their Profitability

Major HVAC players such as Johnson Controls, Carrier, and DAIKIN INDUSTRIES are actively enhancing their technological capabilities to drive profitability in refrigeration, air conditioners, and other products within the North American market. Furthermore, these companies are surging their product offerings and investing in initiatives aimed at increasing the number of HVAC technicians across the region. DAIKIN, in particular, focuses on upgrading their current equipment, new product introductions, and meeting updated emission standards.

List of Key Players Mentioned in the Report:

• AAON Inc. (U.S.)         


• Carrier Corporation (U.S.)


• Midea Group Co. Ltd.


• Lennox International Inc. (U.S.)


• SAMSUNG (South Korea)


• DAIKIN INDUSTRIES, Ltd. (Japan)


• Trane (Ireland)


• Johnson Controls (Ireland)


• LG Electronics (South Korea)


• Mitsubishi Electric Corporation (Japan)

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/north-america-hvac-system-market-106243

Key Industry Development:

• May 2024: Lennox International and Samsung established a joint venture to offer HVACR products, such as ductless and ducted air conditioners and heat pumps. This move would help both the companies to strengthen their market position and meeting the rising preferences of consumers’ for the product. Such consortium would supply companies products to the current HVAC representatives and distributors in the Canada and the U.S. and is poised to be in working state by the end of the year 2024. 

Further Report Findings

• The U.S. is set to capture the biggest part in the North America HVAC system market share with increased construction activities and the presence of major manufacturers such as Emerson Electric Co. and Carrier are boosting HVAC system demand in the U.S. and Canada.


• Increased construction investments in Canada drive HVAC equipment demand, with a focus on energy-efficient upgrades and government incentives.


• On the basis of application, residential segment is slated to capture the key market share due to the growing awareness about indoor air quality (IAQ).

Table of Segmentation