North America HVAC Equipment Market Size (2024 - 2029)

North America HVAC Equipment Market Analysis

The North America HVAC Equipment Market size is estimated at USD 29.06 billion in 2024, and is expected to reach USD 40.94 billion by 2029, growing at a CAGR of 7.10% during the forecast period (2024-2029).

Increasing disposable income, rapidly expanding construction activity, and changing weather patterns are driving the growth of the market studied. North America is witnessing a significant increase in the implementation of smart home and smart city programs, driving the market's growth.

• Growing government support, in the form of higher budget allocations designed to increase sustainable community development, may contribute to the continually growing commercial and industrial construction sectors. Besides, increased construction activities, rapid urbanization, and infrastructural reforms result in an upsurge in HVAC unit replacements, thus driving the HVAC equipment market.
• The growth of the North American HVAC equipment market is driven by an increase in demand for smart systems and the integration of the Internet of Things (IoT), industrial automation systems, smart manufacturing, and industry 4.0. A significant portion of the market's above-average growth is anticipated from the uptick in green building construction activities. The smart home market, which is expanding rapidly, is projected to boost the HVAC system market's growth.
• Green building construction projects further support the empowerment of the HVAC equipment market in the region. For instance, in February 2022, Canada Green Building Council (CAGBC) announced that the country ranked second globally on the annual list of Top 10 Countries and Regions for LEED (Leadership in Energy and Environmental Design), a green building certification program used worldwide, in 2021. Installation of HVAC equipment with standards imposed by the governmental bodies for the rising awareness of occupants' health and energy consumption is becoming a vital criteria in green building designs.
• However, as per IEA and the U.S. Department of Energy, around 25-35% of electricity consumption is due to HVAC systems. According to the same source, a large part (20% - 60%) of this energy consumption is contributed by parasitic energy use (energy used to power fans and pumps used for the transfer of heating and cooling). Thus, centralized HVAC systems have burdened energy bills despite being more efficient (in terms of energy units' consumption per unit area of space conditioned) than unitary systems.
• There is a lack of employment in the whole manufacturing sector. Sadly, there is no exception in the heating and air conditioning industry Whether or not current workforce shortages are caused by these, they will likely be exacerbated might hamper the market gorwth

North America HVAC Equipment Industry Segmentation

Heating, ventilation, and air conditioning (HVAC) refers to the use of different technologies for controlling the temperature, humidity, and purity of the air in an enclosed space. HVAC equipment provides thermal comfort and acceptable indoor air quality in both the indoor and vehicular environments. It is an important part of residential structures, such as single-family homes, apartment buildings, hotels, and senior living facilities, as well as medium-to-large industrial and office buildings, such as hospitals, where safe and healthy building conditions are regulated with respect to temperature and humidity using fresh air from outdoors.

The North American HVAC Equipment Market is segmented by equipment (air conditioning equipment, heating equipment, heat pumps, dehumidifiers and humidifiers), end user (residential, industrial, commercial), and country (United States, Canada). The report offers market forecasts and size in value (USD) for all the above segments.