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.