HVAC Breaking News / Air Conditioners

June 2, 2014: North America Air Conditioning Market to Reach $52.56 Billion by 2020

Technological Advancement Has Bolstered Product Development and Innovation

SAN FRANCISCO — The North America air conditioning systems market is forecast to reach $52.56 billion by 2020, according to a new study by Grand View Research Inc. Increasing construction spending is expected to drive the market across the residential, commercial, and industrial sectors. In addition, regulatory initiatives for energy efficiency are also expected to fuel market growth over the next six years.

Technological advancement has bolstered product development and innovation, says Grand View Research. A high degree of competition from other regional markets, coupled with lower prices of products offered by Chinese manufacturers may hinder the industry in North America over the forecast period.

Other key findings from the study include:

• Split air conditioning systems accounted for over 60 percent of the overall market revenue in 2013. Portable air conditioners are expected to witness the fastest growth over the forecast period, mainly due to the high level of convenience they provide.

• The residential sector accounted for over 40 percent of the market in 2013, and it is expected to remain the largest segment through the forecast period. Commercial applications are expected to grow faster than the global average over the next six years.

• The United States contributed to over 83 percent of the revenue generation in North America in 2013, and is expected to continue dominating the market over the forecast period. Mexico is expected to be the fastest growing regional market, at an estimated compound annual growth rate (CAGR) of 10.3 percent from 2014 to 2020.

• Key industry participants employ strategies such as mergers, acquisitions, and strategic collaborations to gain market share.

The report “North America Air Conditioning Systems Market Analysis by Product (Portable, Window, Split, Single Packaged, Chillers, Airside), by Application (Residential, Commercial, Industrial) and Segment Forecasts to 2020,” is available here.

Publication date: 6/2/2014

Want more HVAC industry news and information? Join The NEWS on Facebook, Twitter, and LinkedIn today!

Did you enjoy this article? Click here to subscribe to The NEWS Magazine

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

2015 ACCA Conference

Images from the 2015 ACCA Conference in Grapevine, Texas. Posted on April 8, 2015.

Podcasts

NEWSMakers: Clint Schreck

Clint Schreck, general manager, Columbus Worthington Air, Columbus, Ohio, discusses winning Angie’s List Super Service Award, how to handle online reviews, and much more.

More Podcasts

ACHRNEWS

NEWS 05-18-15 cover

2015 May 18

Check out the weekly edition of The NEWS today!

Table Of Contents Subscribe

Legislation and Regulation

What legislative/regulatory issue is most important to you as a HVAC business owner?
View Results Poll Archive

HVACR INDUSTRY STORE

2015.jpg
2015 National Plumbing & HVAC Estimator

Every plumbing and HVAC estimator can use the cost estimates in this practical manual!

More Products

Clear Seas Research

 

Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications, Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.

DON'T MISS A THING

Magazine image
 
Register today for complete access to ACHRNews.com. Get full access to the latest features, Extra Edition, and more.

STAY CONNECTED

facebook icontwitter iconyoutube iconLinkedIn i con