According to a report published by TechSci Research, North America will see its HVAC market by 2022 reach $44 billion. The growing demand for HVAC systems is a natural result of the rapid development of residential, commercial and industrial sectors that require the installation of HVAC systems in North America. Spending on construction in 2016 amounted to about $1.14 trillion and it is estimated to reach $1.69 trillion by 2022. The growing construction industry is a major contributor to the demand of HVAC systems. Moreover, there were about 19.24 million units of smart homes in North America in 2016, and this figure will by 2022 grow to 53.94 million units. As a result, with new residential and commercial buildings to be up there in the region, more HVAC systems is expected to be installed in the years ahead.
The major market players in the HVAC market in North America included UTC, Daikin, Ingersoll- Rand, Johnson Controls and Lennox International in 2016. These enterprises will continue to dominate this region in the timeframe discussed here.
Karan Chechi is the Research Director of TechSci Research, a management consulting firm operating in the whole world. He said that more construction activities, growing industrial scale, strict government rules on power use, and higher living standards are all what drive the North American market of HVAC systems by the end of 2022. HVAC system suppliers are all the more focused on offering HVAC systems that are user friendly, more energy-saving and environmental friendly. What is more, through combining the use of Internet of Things, users know how to consume power more effectively in using HVAC systems. This will also propel the adoption of HVAC systems.
The TechSci Research report has valued the North American HVAC systems market potential in the future and detailed data and information on the size, share and structure of the market in this region are provided in the report. Also included in the report is the advanced market intelligence for the top management of market players that will make critical decisions in a multi-faceted and holistic way.