North America HVAC System Market Size & Growth Drivers by 2031
North America HVAC System Market Size and Forecast (2021 - 2031), Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Split System, Ductless System and Packaged System), Implementation (New Installation and Retrofit), Application (Residential, Commercial, and Industrial), Component (Thermostat, Air Handling Units, Central AC, Furnace, Heat Pump, Compressor, and Others), and Geography (The US, Canada, and Mexico)
- Report Date : Jan 2026
- Report Code : TIPRE00042177
- Category : Electronics and Semiconductor
- Status : Published
- Available Report Formats :
- No. of Pages : 166
The North America HVAC system market size is projected to reach US$ 63.40 billion by 2031 from US$ 41.08 billion in 2024. The market is expected to register a CAGR of 6.49% during 2025–2031.
North America HVAC System Market AnalysisElevating the demand for electric power is the operation of data centers and the use of EVs. At the same time, the aged building infrastructure and government energy efficiency mandates complete the list of reasons that are responsible for the market growth in North America. Promoting product innovation in heat pumps and VRF systems seems to be the response of manufacturers to the simultaneously growing commercial and residential sectors. Studies direct attention toward the use of less harmful refrigerants, smart controls, and modular designs, while highlighting the electrification and smart building integration as future possibilities.
North America HVAC System Market OverviewHeating, ventilation, air conditioning, and refrigeration (HVAC) systems provide the necessary comfort and air quality in indoor places of residential, commercial, and industrial areas. Besides being energy efficient, climate control and improved indoor air quality are among the features of the systems that are leading to compliance with building codes in different climatic zones. The main advantages are lowered energy consumption, improved occupant health, and the possibility of integration with renewables such as heat pumps.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
North America HVAC System Market: Strategic Insights
Naveen
Have a question?
Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Market Drivers:
- Rising Electricity Demand: Countries such as the US, Canada, Mexico, and Brazil are showing an increased per‑capita electricity usage. Rising electricity demand from data centers, EVs, and urbanization increases the need for efficient cooling. The US leads with stringent DOE efficiency standards implemented in 2024.
- Aging HVAC System Upgradation: Upgrading aging HVAC in commercial buildings to prevent failures and cut energy costs amid variable weather is driving market growth.
- Strengthening Environmental Regulations Fostering Market Development: Governments in North America are placing strong emphasis on reducing carbon footprints through improved HVAC efficiency and the integration of HVAC systems in commercial and industrial uses.
Market Opportunities:
- Demand for smart HVAC with AI scheduling and connectivity: Smart HVAC systems employ AI for predictive scheduling, thereby energy optimization is done via real-time data and IoT connectivity for remote control, which is the main reason for the reduction of the cost by 20- 30% in commercial buildings.
- EV and electrification surge requires advanced heat pumps: Growing EV adoption and grid electrification lead to the demand for efficient heat pumps, which can provide dual heating/cooling with 300% efficiency and are supported by US incentives such as IRA tax credits.
- Residential electrification and smart homes expansion: Electrification is a process whereby gas furnaces are replaced by heat pumps in residential buildings, which are then integrated with smart thermostats for automation, and the process is powered by rebates and a 15% growth in smart home sales per year.
The North America HVAC System Market is divided into different segments to give a clearer view of how it works, its growth potential, and the latest trends. Below is the standard segmentation approach used in most industry reports:
By Type:
- Split System: Split systems are the major players in residential markets, allowing energy-efficient cooling/heating through indoor/outdoor units without the use of ducts, which are ideal for zoned control in homes with increasing SEER standards.
- Ductless System: Ductless mini-splits are the leader with a 40% share, a perfect solution for retrofitting in old houses where there are no ducts, thus allowing flexible zoning and energy savings of up to 30% according to DOE data.
- Packaged System: Packaged units have all components integrated in one cabinet for rooftops; thus, they are ideal for commercial spaces with limited space, and the primary factor for their use is the fast installation in new builds.
By Implementation:
- New Installation: The number of new installations is on the rise, together with the construction of the US commercial/residential sectors. These installations are characterized by the use of smart, high-efficiency systems in order to meet DOE codes and green certifications.
- Retrofit: Retrofits are the solution for aging infrastructure; thus, they replace inefficient units with ductless/heat pumps, a process that is supported by rebates and 15- 20% energy savings in urban renovations.
By Application:
- Residential
- Commercial
- Industrial
By Component:
- Thermostat
- Air Handling Units
- Central AC
- Furnace
- Heat Pump
- Compressor
- Others
By Geography:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
North America is expected to witness the fastest market growth driven by rapid urbanization, digitalization, and soaring demand for HVAC systems.
Market Report ScopeNorth America HVAC System Market Share Analysis by GeographyThe market in the US is expected to grow the fastest in the next few years. The North America HVAC System Market grows differently in each region owing to digital technology, government rules, expanding grid industry, and businesses' focus on sustainability. Below is a summary of market share and trends by region:
1. North America
- The US Market Share: Holds a significant portion of the North America market
- Key Drivers:
- Infrastructure upgrade
- Rising renewable energy integration demand
- Efficiency Mandates
- Trends: Technological advancements in HVAC systems
High Market Density and Competition
Competition remains intense with established leaders like Carrier Global Corporation, Trane Technologies plc, and Daikin Industries, Ltd. Regional players such as Lennox International Inc. and Johnson Controls add pressure across segments.
This high level of competition urges companies to stand out by offering:
- High-efficiency heat pumps and VRF systems with SEER 25+ ratings.
- Customized IoT-enabled solutions for data centers, renewables, and smart buildings.
- Cost-competitive manufacturing with low-GWP refrigerants.
- Robust after-sales via predictive analytics and remote diagnostics.
Opportunities and Strategic Moves
- Utilities and building owners have coupled with IoT providers to keep a tab on the side of improving efficiency and maintenance in commercial retrofits and data centers.
- Manufacturers propel smart HVAC further by embedding AI controls, low-GWP tech, and cloud platforms for real-time optimization.
- Small, modular VRF/ductless concepts are becoming more popular; thus, they are enabling the easy transition of the old buildings to new ones without the need for a complete overhaul.
- Daikin Industries Ltd
- Johnson Controls International Plc
- Carrier Global Corp
- Honeywell International Inc
- Mitsubishi Electric Corp
- Robert Bosch GmbH
- Systemair AB
- LG Electronics Inc
- Emerson Electric Co
- Hitachi Ltd
- Trane Technologies Plc
Disclaimer: The companies listed above are not ranked in any particular order.
Other companies analyzed during the course of research:- Ingersoll Rand Plc
- Nortek Air Solutions
- GE Appliances, a Haier company
- Electrolux AB
- Syntec Airflow Systems
- Others
- Carrier Global Corporation Announces Investment Plans of US$ 1 billion in the US - In May 2025, Carrier Global Corporation, a global leader in intelligent climate and energy solutions, announced plans to invest an additional US$1 billion over five years in US manufacturing, innovation, and workforce expansion, incremental to its ongoing commitments to American operations. The investment is expected to create 4,000 highly skilled jobs in R&D, manufacturing, and field service.
- Daikin Applied broke ground for the construction of a new energy-efficient manufacturing facility in Mexico. - In June 2024, Alliance Air, a subsidiary of Daikin Applied, a leading global commercial and industrial HVAC manufacturer, broke ground for the construction of a new energy-efficient manufacturing facility in Tijuana, Mexico, to support sustainable data center growth across North America. This expanded facility allows the company to better serve customers with a single supplier for end-to-end HVAC solutions. The expansion builds on the legacy of Alliance Air in Tijuana, which is celebrating 20 years in the community and is now partnered with the 100-year legacy of industry leader Daikin Industries.
The "North America HVAC System Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
- North America HVAC System Market size and forecast at global, regional, and country levels for all the segments covered under the scope
- North America HVAC System Market trends, as well as dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- North America HVAC System Market analysis covering key trends, global and regional framework, major players, regulations, and recent developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the North America HVAC System Market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
Key HVAC types driving the demand for transformers include:
1. Split System
2. Ductless System
3. Packaged System
The global North America HVAC System Market was valued at US$ 41.09 billion in 2024 and is expected to reach US$ 63.40 billion by 2031
The US leads in market share, and Canada and Mexico are witnessing the significant growth due to the growing HVAC demand.
1. Smart HVAC with IoT connectivity is highly demanded.
2. Electrification and heat pump adoption are rising.
3. Commercial sector is in need of space, saving VRF retrofits
The main trends include:
1. Manufacturers are primarily focusing on the development of environment, friendly HVAC units using low, GWP refrigerants such as HFC, 32.
2. Consumers are increasingly preferring VRF systems and heat pumps to improve energy efficiency.
3. Continued IoT and AI advancements to enable smart controls.
North America HVAC System Market is supported by sustainability initiatives and smart building mandates which, in turn, are fueling the demand for VRF, heat pumps, and AI, optimized systems in residential and commercial sectors.
The market is projected to register a CAGR of 6.49% during 2025–2031
Some of the major components of HVAC systems include:
1. Thermostat
2. Air Handling Units
3. Central AC
4. Furnace
5. Heat Pump
6. Compressor
7. Others
1. Executive Summary
1.1 Analyst Market Outlook
1.2 Market Attractiveness
2. North America HVAC System Market Landscape
2.1 Overview
2.2 Value Chain Analysis
2.3 Supply Chain Analysis
2.3.1 List of Manufacturers/Suppliers
2.3.2 List of Potential Customers
2.4 Porter`s Five Force Analysis
2.5 PEST Analysis
2.6 Import–Export Analysis for Key Countries (As per the nearest HS Code)
2.6.1 Import–Export Analysis for Key Countries (841861 – Heat Pumps)
2.6.2 Import–Export Analysis for Key Countries (8415 - Air Conditioning Machines)
2.7 Impact of Artificial Intelligence (AI)
2.8 Product or Technology Roadmap
2.9 Sustainability and ESG Trends
2.10 Patent Analysis
2.11 Regulatory Framework
3. Competitive Landscape
3.1 Company Benchmarking by Key Players
3.2 Market Share Analysis, 2024 – By Key Players
3.3 Market Concentration
4. North America HVAC System Market – Key Industry Dynamics
4.1 Market Drivers
4.1.1 Climate & Comfort Demand
4.1.2 Indoor Air Quality (IAQ) Awareness
4.1.3 Urbanization & Infrastructure Growth
4.2 Market Restraints
4.2.1 High Upfront & Operational Costs
4.2.2 Skilled Labor Shortages
4.2.3 Supply Chain & Material Volatility
4.3 Market Opportunities
4.3.1 Retrofitting & Upgrades
4.3.2 Green Building and Sustainability Initiatives
4.3.3 Expanded Service and Maintenance Contracts
4.4 Future Trends
4.4.1 Smart & IoT-Enabled HVAC Systems
4.4.2 Variable Refrigerant Flow (VRF) Technology
4.4.3 Increasing Adoption of Mini-Split Systems
4.5 Impact of Drivers and Restraints
5. North America HVAC System Market – Region Market Analysis
5.1 North America HVAC System Market Overview
5.2 North America HVAC System Market Revenue (US$ Million), 2021–2031
5.3 North America HVAC System Market Forecast and Analysis
6. North America HVAC System Market Revenue Analysis –Type
6.1 North America HVAC System Market Forecasts and Analysis by Type
6.1.1 Split System
6.1.1.1 Overview
6.1.1.2 Split System: North America HVAC System Market – Revenue, 2021–2031 (US$ Million)
6.1.2 Ductless System
6.1.2.1 Overview
6.1.2.2 Ductless System: North America HVAC System Market – Revenue, 2021–2031 (US$ Million)
6.1.3 Packaged System
6.1.3.1 Overview
6.1.3.2 Packaged System: North America HVAC System Market – Revenue, 2021–2031 (US$ Million)
7. North America HVAC System Market Revenue Analysis –Implementation
7.1 North America HVAC System Market Forecasts and Analysis by Implementation
7.1.1 New Installation
7.1.1.1 Overview
7.1.1.2 New Installation: North America HVAC System Market – Revenue, 2021–2031 (US$ Million)
7.1.2 Retrofit
7.1.2.1 Overview
7.1.2.2 Retrofit: North America HVAC System Market – Revenue, 2021–2031 (US$ Million)
8. North America HVAC System Market Revenue Analysis –Application
8.1 North America HVAC System Market Forecasts and Analysis by Application
8.1.1 Residential
8.1.1.1 Overview
8.1.1.2 Residential: North America HVAC System Market – Revenue, 2021–2031 (US$ Million)
8.1.2 Commercial
8.1.2.1 Overview
8.1.2.2 Commercial: North America HVAC System Market – Revenue, 2021–2031 (US$ Million)
8.1.3 Industrial
8.1.3.1 Overview
8.1.3.2 Industrial: North America HVAC System Market – Revenue, 2021–2031 (US$ Million)
9. North America HVAC System Market Revenue Analysis –Component
9.1 North America HVAC System Market Forecasts and Analysis by Component
9.1.1 Thermostat
9.1.1.1 Overview
9.1.1.2 Thermostat: North America HVAC System Market – Revenue, 2021–2031 (US$ Million)
9.1.2 Air Handling Units
9.1.2.1 Overview
9.1.2.2 Air Handling Units: North America HVAC System Market – Revenue, 2021–2031 (US$ Million)
9.1.3 Central AC
9.1.3.1 Overview
9.1.3.2 Central AC: North America HVAC System Market – Revenue, 2021–2031 (US$ Million)
9.1.4 Furnace
9.1.4.1 Overview
9.1.4.2 Furnace: North America HVAC System Market – Revenue, 2021–2031 (US$ Million)
9.1.5 Heat Pump
9.1.5.1 Overview
9.1.5.2 Heat Pump: North America HVAC System Market – Revenue, 2021–2031 (US$ Million)
9.1.6 Compressor
9.1.6.1 Overview
9.1.6.2 Compressor: North America HVAC System Market – Revenue, 2021–2031 (US$ Million)
9.1.7 Others
9.1.7.1 Overview
9.1.7.2 Others: North America HVAC System Market – Revenue, 2021–2031 (US$ Million)
10. North America HVAC System Market – Country Analysis
10.1 North America HVAC System Market Breakdown by Countries
10.1.1 The US Market
10.1.1.1 The US: North America HVAC System Market Revenue and Forecasts, 2021–2031 (US$ Million)
10.1.1.2 The US: North America HVAC System Market– By Segmentation
10.1.1.2.1 Type
10.1.1.2.2 Implementation
10.1.1.2.3 Application
10.1.1.2.4 Component
10.1.2 Canada Market
10.1.2.1 Canada: North America HVAC System Market Revenue and Forecasts, 2021–2031 (US$ Million)
10.1.2.2 Canada: North America HVAC System Market– By Segmentation
10.1.2.2.1 Type
10.1.2.2.2 Implementation
10.1.2.2.3 Application
10.1.2.2.4 Component
10.1.3 Mexico Market
10.1.3.1 Mexico: North America HVAC System Market Revenue and Forecasts, 2021–2031 (US$ Million)
10.1.3.2 Mexico: North America HVAC System Market– By Segmentation
10.1.3.2.1 Type
10.1.3.2.2 Implementation
10.1.3.2.3 Application
10.1.3.2.4 Component
11. North America HVAC System Market Industry Landscape
12. North America HVAC System Market – Key Company Profiles
12.1 Daikin Industries Ltd
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Johnson Controls International Plc
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Carrier Global Corp
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Honeywell International Inc
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 Mitsubishi Electric Corp
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Robert Bosch GmbH
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 Systemair AB
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 LG Electronics Inc
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 Emerson Electric Co
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
12.10 Hitachi Ltd
12.10.1 Key Facts
12.10.2 Business Description
12.10.3 Products and Services
12.10.4 Financial Overview
12.10.5 SWOT Analysis
12.10.6 Key Developments
12.11 Trane Technologies Plc
12.11.1 Key Facts
12.11.2 Business Description
12.11.3 Products and Services
12.11.4 Financial Overview
12.11.5 SWOT Analysis
12.11.6 Key Developments
13. List of Additional Companies Analyzed
13.1 List of Additional Companies Analyzed
14. Appendix
14.1 Glossary
14.4 Research Methodology and Approach
14.4.1 Secondary Research
14.4.2 Primary Research
14.4.3 Market Estimation Approach
14.4.3.1 Supply Side Analysis
14.4.3.2 Demand Side Analysis
14.4.4 Research Assumptions and Limitations
14.4.5 Currency Conversion
14.5 About The Insight Partners
14.6 Market Intelligence Cloud
List of Tables
Table 1. North America HVAC System Market Segmentation. 2
Table 2. List of Regulatory Bodies and Organizations
Table 3. Ease of Doing Business: Key Country Rankings
Table 4. North America HVAC System Market – Revenue, 2021–2024(US$ Million)
Table 5. North America HVAC System Market – Revenue Forecast, 2025–2031(US$ Million)
Table 6. North America HVAC System Market – Revenue, 2021–2024(US$ Million) – by Type
Table 7. North America HVAC System Market – Revenue Forecast, 2025–2031(US$ Million) – by Type
Table 8. North America HVAC System Market – Revenue, 2021–2024(US$ Million) – by Implementation
Table 9. North America HVAC System Market – Revenue Forecast, 2025–2031(US$ Million) – by Implementation
Table 10. North America HVAC System Market – Revenue, 2021–2024(US$ Million) – by Application
Table 11. North America HVAC System Market – Revenue Forecast, 2025–2031(US$ Million) – by Application
Table 12. North America HVAC System Market – Revenue, 2021–2024(US$ Million) – by Component
Table 13. North America HVAC System Market – Revenue Forecast, 2025–2031(US$ Million) – by Component
Table 14. North America HVAC System Market – Revenue, 2021–2024 (US$ Million) – by Country
Table 15. North America HVAC System Market – Revenue Forecast, 2025–2031 (US$ Million) – by Country
Table 16. The US: North America HVAC System Market – Revenue, 2021–2024 (US$ Million) – by Type
Table 17. The US: North America HVAC System Market – Revenue Forecast, 2025–2031 (US$ Million) – by Type
Table 18. The US: North America HVAC System Market – Revenue, 2021–2024 (US$ Million) – by Implementation
Table 19. The US: North America HVAC System Market – Revenue Forecast, 2025–2031 (US$ Million) – by Implementation
Table 20. The US: North America HVAC System Market – Revenue, 2021–2024 (US$ Million) – by Application
Table 21. The US: North America HVAC System Market – Revenue Forecast, 2025–2031 (US$ Million) – by Application
Table 22. The US: North America HVAC System Market – Revenue, 2021–2024 (US$ Million) – by Component
Table 23. The US: North America HVAC System Market – Revenue Forecast, 2025–2031 (US$ Million) – by Component
Table 24. Canada: North America HVAC System Market – Revenue, 2021–2024 (US$ Million) – by Type
Table 25. Canada: North America HVAC System Market – Revenue Forecast, 2025–2031 (US$ Million) – by Type
Table 26. Canada: North America HVAC System Market – Revenue, 2021–2024 (US$ Million) – by Implementation
Table 27. Canada: North America HVAC System Market – Revenue Forecast, 2025–2031 (US$ Million) – by Implementation
Table 28. Canada: North America HVAC System Market – Revenue, 2021–2024 (US$ Million) – by Application
Table 29. Canada: North America HVAC System Market – Revenue Forecast, 2025–2031 (US$ Million) – by Application
Table 30. Canada: North America HVAC System Market – Revenue, 2021–2024 (US$ Million) – by Component
Table 31. Canada: North America HVAC System Market – Revenue Forecast, 2025–2031 (US$ Million) – by Component
Table 32. Mexico: North America HVAC System Market – Revenue, 2021–2024 (US$ Million) – by Type
Table 33. Mexico: North America HVAC System Market – Revenue Forecast, 2025–2031 (US$ Million) – by Type
Table 34. Mexico: North America HVAC System Market – Revenue, 2021–2024 (US$ Million) – by Implementation
Table 35. Mexico: North America HVAC System Market – Revenue Forecast, 2025–2031 (US$ Million) – by Implementation
Table 36. Mexico: North America HVAC System Market – Revenue, 2021–2024 (US$ Million) – by Application
Table 37. Mexico: North America HVAC System Market – Revenue Forecast, 2025–2031 (US$ Million) – by Application
Table 38. Mexico: North America HVAC System Market – Revenue, 2021–2024 (US$ Million) – by Component
Table 39. Mexico: North America HVAC System Market – Revenue Forecast, 2025–2031 (US$ Million) – by Component
Table 40. List of Additional Companies Analyzed
Table 41. Glossary – North America HVAC System Market
List of Figures
Figure 1. North America HVAC System Market – Value Chain Analysis
Figure 2. Porter’s Five Forces Analysis
Figure 3. Pest Analysis
Figure 4. Patent Analysis, By Country
Figure 5. Patent Analysis, By Year
Figure 6. Market Share Analysis, 2024
Figure 7. North America HVAC System Market – Key Industry Dynamics
Figure 8. Impact Analysis of Drivers and Restraints
Figure 9. North America HVAC System Market Revenue (US$ Million), 2021–2031
Figure 10. North America HVAC System Market Share (%) – by Type (2024 and 2031)
Figure 11. Split System: North America HVAC System Market – Revenue and Forecasts, 2021–2031 (US$ Million)
Figure 12. Ductless System: North America HVAC System Market – Revenue and Forecasts, 2021–2031 (US$ Million)
Figure 13. Packaged System: North America HVAC System Market – Revenue and Forecasts, 2021–2031 (US$ Million)
Figure 14. North America HVAC System Market Share (%) – by Implementation (2024 and 2031)
Figure 15. New Installation: North America HVAC System Market – Revenue and Forecasts, 2021–2031 (US$ Million)
Figure 16. Retrofit: North America HVAC System Market – Revenue and Forecasts, 2021–2031 (US$ Million)
Figure 17. North America HVAC System Market Share (%) – by Application (2024 and 2031)
Figure 18. Residential: North America HVAC System Market – Revenue and Forecasts, 2021–2031 (US$ Million)
Figure 19. Commercial: North America HVAC System Market – Revenue and Forecasts, 2021–2031 (US$ Million)
Figure 20. Industrial: North America HVAC System Market – Revenue and Forecasts, 2021–2031 (US$ Million)
Figure 21. North America HVAC System Market Share (%) – by Component (2024 and 2031)
Figure 22. Thermostat: North America HVAC System Market – Revenue and Forecasts, 2021–2031 (US$ Million)
Figure 23. Air Handling Units: North America HVAC System Market – Revenue and Forecasts, 2021–2031 (US$ Million)
Figure 24. Central AC: North America HVAC System Market – Revenue and Forecasts, 2021–2031 (US$ Million)
Figure 25. Furnace: North America HVAC System Market – Revenue and Forecasts, 2021–2031 (US$ Million)
Figure 26. Heat Pump: North America HVAC System Market – Revenue and Forecasts, 2021–2031 (US$ Million)
Figure 27. Compressor: North America HVAC System Market – Revenue and Forecasts, 2021–2031 (US$ Million)
Figure 28. Others: North America HVAC System Market – Revenue and Forecasts, 2021–2031 (US$ Million)
Figure 29. North America HVAC System Market Breakdown by Key Countries, 2024 and 2031 (%)
Figure 30. The US: North America HVAC System Market Revenue and Forecasts, 2021–2031 (US$ Million)
Figure 31. Canada: North America HVAC System Market Revenue and Forecasts, 2021–2031 (US$ Million)
Figure 32. Mexico: North America HVAC System Market Revenue and Forecasts, 2021–2031 (US$ Million)
Figure 33. Bottom–Up Approach and Top–Down Approach
Yes! We provide a free sample of the report, which includes Report Scope (Table of Contents), report structure, and selected insights to help you assess the value of the full report. Please click on the "Download Sample" button or contact us to receive your copy.
Absolutely - analyst assistance is part of the package. You can connect with our analyst post-purchase to clarify report insights, methodology or discuss how the findings apply to your business needs.
Once your order is successfully placed, you will receive a confirmation email along with your invoice.
• For published reports: You'll receive access to the report within 4-6 working hours via a secured email sent to your email.
• For upcoming reports: Your order will be recorded as a pre-booking. Our team will share the estimated release date and keep you informed of any updates. As soon as the report is published, it will be delivered to your registered email.
We offer customization options to align the report with your specific objectives. Whether you need deeper insights into a particular region, industry segment, competitor analysis, or data cut, our research team can tailor the report accordingly. Please share your requirements with us, and we'll be happy to provide a customized proposal or scope.
The report is available in either PDF format or as an Excel dataset, depending on the license you choose.
The PDF version provides the full analysis and visuals in a ready-to-read format. The Excel dataset includes all underlying data tables for easy manipulation and further analysis.
Please review the license options at checkout or contact us to confirm which formats are included with your purchase.
Our payment process is fully secure and PCI-DSS compliant.
We use trusted and encrypted payment gateways to ensure that all transactions are protected with industry-standard SSL encryption. Your payment details are never stored on our servers and are handled securely by certified third-party processors.
You can make your purchase with confidence, knowing your personal and financial information is safe with us.
Yes, we do offer special pricing for bulk purchases.
If you're interested in purchasing multiple reports, we're happy to provide a customized bundle offer or volume-based discount tailored to your needs. Please contact our sales team with the list of reports you're considering, and we'll share a personalized quote.
Yes, absolutely.
Our team is available to help you make an informed decision. Whether you have questions about the report's scope, methodology, customization options, or which license suits you best, we're here to assist. Please reach out to us at sales@theinsightpartners.com, and one of our representatives will get in touch promptly.
Yes, a billing invoice will be automatically generated and sent to your registered email upon successful completion of your purchase.
If you need the invoice in a specific format or require additional details (such as company name, GST, or VAT information), feel free to contact us, and we'll be happy to assist.
Yes, certainly.
If you encounter any difficulties accessing or receiving your report, our support team is ready to assist you. Simply reach out to us via email or live chat with your order information, and we'll ensure the issue is resolved quickly so you can access your report without interruption.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
Get Free Sample For