North America Air Conditioning Systems Market Size, Share, Growth Analysis, By Type(Unitary, Rooftop), By Technology(Inverter, Non-Inverter), By End-Use(Residential, Commercial) - Industry Forecast 2023-2030

North America Air Conditioning Systems Market size was valued at USD 24.5 Billion in 2022 and is poised to grow from USD 25.97 Billion in 2023 to USD 41.39 Billion by 2031, at a CAGR of 6% during the forecast period (2024-2031).

The anticipated rise in consumer demand for energy-efficient and electricity-saving products is expected to drive the expansion of the air conditioning systems market. Technological advancements are projected to lead to a wide range of innovations and new product developments, with a positive impact on demand, particularly through the use of natural refrigerants and inverter-based systems. The market is also likely to benefit from the increasing emphasis on energy-saving ratings, the implementation of stringent norms and regulations addressing energy efficiency in the United States, and heightened consumer awareness. The use of traditional air conditioner refrigerants, known for their toxicity and environmental harm, is expected to decline, contributing to market growth through the adoption of replacement products in the near future. The impact of climate change and global warming, leading to rising temperatures in cities like San Antonio, Texas, Phoenix, Arizona, and Fort Worth, Texas, along with other areas in the sun belt of Southwestern and Southern America, is driving increased adoption of various air conditioning systems across the nation. According to the Residential Energy Consumption Survey conducted by the U.S. Energy Information Administration, the majority of American homes (88%) have air conditioning. Anticipated growth in building activity is expected to drive increased shipments in the North American air conditioning systems market. However, fierce competition from well-established companies and low-cost offerings from Chinese suppliers like Haier, Gree, and Midea may pose challenges in North American markets, including the U.S. and Canada. Efforts by non-profit organizations, public forums, the media, and governmental organizations aim to raise end-user awareness of environmental issues and promote the use of eco-friendly equipment to address these challenges. Despite the potential impact of strict energy efficiency standards on increasing research and development costs for new products, companies have an opportunity to maintain market share and profitability by demonstrating a persistent commitment to providing excellent customer service.

Top-down and bottom-up approaches were used to estimate and validate the size of the North America Air Conditioning Systems Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analysed to get the final quantitative and qualitative data.

North America Air Conditioning Systems Market Segmental Analysis

The North America air conditioning systems market is segmented on the basis of type, technology, end - use, Region. By type, the market is segmented into unitary, rooftop, PTAC. By technology, the market is segmented into inverter, non-inverter. By end - use, the market is segmented into residential, commercial, industrial. By region, the market is segmented into North America, Europe, Latin America, Asia- Pacific, Middle East and Africa.

Drivers of the North America Air Conditioning Systems Market

Increasing temperatures and the impacts of climate change, especially in regions prone to heatwaves, are driving the demand for air conditioning systems as consumers seek relief from the intense heat.

The thriving construction industry, particularly in the residential and commercial sectors, contributes to the high demand for air conditioning systems in newly constructed structures.

Growing concerns about environmental sustainability and energy consumption have led to a rise in the adoption of energy-efficient air conditioning systems. Government incentives and regulations further encourage the adoption of energy-efficient models.

Restraints in the North America Air Conditioning Systems Market

The utilization of refrigerants in air conditioning systems contributes to environmental issues, leading to increased greenhouse gas emissions and ozone depletion. Regulatory limitations on specific refrigerants have an impact on the market.

The high upfront costs associated with the acquisition and installation of advanced air conditioning systems may deter some customers. Additionally, maintenance and repair costs for these systems can be substantial.

Traditional air conditioning systems are facing competition from emerging alternatives, especially in green building initiatives. These alternatives include natural ventilation, evaporative cooling, and geothermal HVAC systems.

Market Trends of the North America Air Conditioning Systems Market

A growing trend involves integrating IoT connections with smart technology in the HVAC industry. The use of remote-control devices and smart thermostats enhances user convenience and energy management.

There is a rising demand for HVAC systems equipped with advanced filtration and Indoor Air Quality (IAQ) capabilities as awareness grows regarding indoor air quality and its impact on health.

To enhance the longevity and performance of air conditioning (AC) systems, the industry is witnessing an increase in maintenance and service solutions. This includes the adoption of preventative maintenance plans and remote monitoring.