(Daily Market Journal via Comtex) -- The market North American HVAC equipment was valued at 20.45 billion in 2018 and is expected to record a CAGR of 4.6% during the forecast period (2019-2024). Heating, ventilation and air conditioning (HVAC) systems are widely adopted in the North American region due to the multiple benefits of HVAC systems, including energy saving techniques.
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The main factors driving the HVAC equipment market in the region include an increase in the number of new households, an increase in average construction expenses, rapid urbanization and growth in disposable income in several large economies.
North America is witnessing a significant uptake of smart home and smart city initiatives. It is estimated that 12 of the 50 most intelligent cities in the world are located in the North American region. In addition, various governments in the region are also promoting the adoption of smart cities. For example, Las Vegas is testing three pilot projects, with the government allocating $ 500 million to find ways to connect the entire city by 2025.
The United States and Canada rank among the top 10 energy-consuming countries in the world. world, the United States ranking second, only behind China.To ensure a sustainable future, the U.S. Department of Energy (DOE) is heavily invested in improving energy efficiency standards across the country. DOE's mission is to ensure the security and prosperity of the United States by addressing its environmental, energy and nuclear challenges through transformative scientific and technological solutions. This has led DOE to impose minimum energy efficiency standards on appliances and equipment, including air conditioners, washers and dryers, refrigerators, etc. According to the Consumer Federation of America, these standards are expected to save consumers $ 1 trillion.
The lower costs of IoT sensors should also lead OEMs to offer products at a lower and more competitive price, which could have an indirect impact on the HVAC equipment market.
Scope of the report
HVAC equipment is a comfort technology for the interior and vehicle environment that provides thermal comfort and acceptable indoor air quality.It is an important part of residential structures, such as single-family homes, apartment buildings, hotels and residences for the elderly, and medium to large size industrial and office buildings, such as skyscrapers and hospitals, where safe and healthy building conditions are regulated, with regard to temperature and humidity, using fresh outside air.
Key market trends
The heating equipment segment will post the
strongest growth Demand for efficient heating equipment has led to its growth, making it one of the main contributors to the HVAC equipment market in North America.
The heating equipment provides the required heating environment in a cost-effective manner. The rapid growth of technology has contributed to the development of efficient solutions for vertical industries to reduce emissions economically.
End users, such as the commercial and residential segments, use small units of HVAC equipment in the form of housings to meet their energy demand.Large complexes deploy efficient HVAC systems to meet their energy needs.
The main contributors to the heating equipment market are ovens and heat pumps, adding value to the demand of the main vertical markets around the world, followed by boilers and unit radiators.
The United States will hold a significant share
North America leads the race, as the contribution and penetration rate of HVAC heating equipment is increasing rapidly. The advancement in progress should translate into rapid gains with an increase in construction expenses. The growth in repair investments, as a replacement demand, contributes to the growth of the market.There is a growing demand for efficient HVAC systems with sophisticated technology. However, federal tax incentives are being targeted, due to the expiration of high efficiency systems in early 2016. The effect of this has provided a benefit to owners of better HVAC systems, being replaced by smaller units. In addition, HVAC manufacturers in North America are increasingly focusing on manufacturing HVAC systems that provide ease of use and are more energy efficient and environmentally friendly.
Competitive landscape
The North American HVAC equipment market is very competitive and includes several major players.In terms of market share, few major players currently dominate the market. These major players with a significant market share focus on expanding their clientele abroad. Over the past year, UTC, Daikin, Ingersoll-Rand, Johnson Controls and Lennox International have been among the main players in the North American HVAC market. In addition, a growing number of companies have started to offer HVAC systems with higher energy efficiency, green technology and compatibility with smart devices.
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Table of contents
1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Rise in Residential and Non-residential Users
4.4 Market Restraints
4.4.1 High Energy Consumption of HVAC Equipment
4.5 Industry Attractiveness - Porter's Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers / Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Equipment
5.1.1 Air Conditioning Equipment
5.1.2 Heating Equipment
5.1.3 Heat Pumps
5.1.4 Dehumidifiers and Humidifiers
5.2 By End User
5.2.1 Residential
5.2.2 Industrial
5.2.3 Commercial
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 United Technologies Corporation (Carrier)
6.1.2 Daikin Industries Ltd
6.1.3 Lennox International Inc.
6.1.4 Electrolux AB
6.1.5 Emerson Electric Company
6.1.6 Carrier Corporation
6.1.7 Danfoss A / S
6.1.8 Uponor Corp.
6.1.9 Honeywell International Inc.
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