- A recent study by Grand View Research, Inc. notes that the North America air conditioning systems market was worth USD 29 billion in 2013. It is projected to reach USD 52 billion in 2020. The number of units shipped would grow at a CAGR of 5.2% from 2014 to 2020. Strong construction sector will contribute to this growth. The market also stands to benefit from stringent environmental regulations in the U.S. and rising consumer awareness relating to energy efficiency. Technological developments will also boost demand.
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Moreover, air conditioning systems make use of toxic refrigerants that are infamous for causing global warming. Hence, there exists demand for their replacements. However, established, global manufacturers operating in regional segments like Canada, Mexico and the U.S., face stiff competition from Chinese vendors that offer much lower prices. This may restrict growth prospects. Also, diverse areas of application like portable air conditioning units for tents and other outdoor purposes would also create growth opportunities in future.
The North America air conditioning systems market can be segmented based on products, applications, and regions. Main products include window air conditioning systems, portable air conditioning systems, single packaged air conditioning systems, split air conditioning systems, airside conditioning systems, and chillers.
Split air conditioning systems held more than 59% share in total revenues in 2013. They will continue to dominate the market in forthcoming years. Lower noise, low initial cost and ease of installation are their main advantages. Portable air conditioners offer high efficiency and compactness. Since they need to stay movable, permanent installation can be avoided. This would lead to them being the fastest growing segment over the next six years.
Leading application categories are commercial, industrial and residential. Residential category took the lead in 2013. It accounted for more than 39% of the total market revenues that year. Commercial applications would grow at a higher-than-average rate in coming years.
U.S. was the largest regional segment with a share of 82% of the total North American revenues in 2013. Demand is being fuelled by replacement of traditional systems that consume a lot of energy with more energy efficient compressors. Mexico, with a CAGR of 10.2% from 2014 to 2020 would be the fastest-growing region.
Key participants are Carrier Corporation, Hitachi, Daikin Industries Ltd., Ingersoll Rand, and Mitsubishi. Main growth strategies include consolidation through joint ventures, acquisitions and mergers; and expansion of distribution network.
Information Source: Grand View Research
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