The North America HVAC Systems Market would witness market growth of 5.2% CAGR during the forecast period (2021-2027).
HVAC refers to Heating, Ventilation, and Air Conditioning. HVAC is defined as those systems that are utilized for moving air between indoor and outdoor areas, combined with heating and cooling both residential as well as commercial buildings. These systems help in keeping the body warm and comfortable in the winter and feeling cool & fresh in the summer. These systems can also filter and clean indoor air to keep one’s health and maintain humidity levels at ideal comfort levels.
The United States and Canada rank among the top 10 energy-consuming countries in the world, with the United States taking second place, only behind China. The growing number of activities inside the industrial domain, consisting of manufacturing units (particularly the food sector), data centers, hospitals, and other institutional & industrial units, has been propelling the demand of the market for HVAC equipment.
The existence of key makers in the region, with tailored solutions to industrial issues, has been acting as a driver for the growth of the market. For example, Daikin’s 160-ton Daikin WGS water-cooled screw compressor offered Camoplat Inc. with an 80,000-sq-ft automotive component injection molding facility with a decreased annual electricity utilization of 30%. The chiller of the company substituted eight small chillers, during the upgradation project to cool water for industrial processes.
The US market dominated the North America HVAC Systems Heating Market by Country 2020, thereby, achieving a market value of $11,993.5 million by 2027. The Canada market is expected to showcase 8.4% during (2021 - 2027). Additionally, The Mexico market would witness a CAGR of 7.5% during (2021 - 2027).
Based on Product, the market is segmented into Cooling, Heating and Ventilation. Based on End User, the market is segmented into Residential, Commercial, and Industrial. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global HVAC Systems Market is Estimated to Reach USD 191.1 Billion by 2027 at a CAGR of 5.5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Carrier Global Corporation, Johnson Controls International PLC, Hitachi, Ltd., Emerson Electric Co., Mitsubishi Electric Corporation, Trane Technologies PLC, Samsung Electronics Co., Ltd., Daikin Industries, Ltd., LG Electronics, Inc. and Lennox International, Inc.
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