North American Air Conditioning Market Set to Grow
Study Predicts 9-percent Compound Annual Growth Rate
SAN FRANCISCO — The North America air conditioning systems market is expected to reach $52.56 billion by 2020, according to a new study by Grand View Research.
The study projects the market to grow at a compound annual growth rate (CAGR) of 9 percent annually. Increasing construction expenditure is expected to drive the market across residential, commercial, and industrial sectors. Additionally, favorable regulatory initiatives for energy efficiency are also expected to fuel market growth. Technological advancements have bolstered product development and innovation, which brings more products to market quicker.