North America Air Conditioner Market Insights, 2020
North America air conditioner market size is expected to reach USD 52.56 billion by 2020, growing at a CAGR of 9.0% from 2014 to 2020. Increasing awareness among customers regarding energy optimization is expected to drive the market growth by 2020.
North America air conditioner market size is expected to be valued at USD 52,560.7 million by 2020, as per a new research report by HexaResearch. Increasing usage of energy efficient air conditioners owing to declining energy consumption rate is expected to drive demand. Stringent government regulations in practice for decreasing energy consumption may play a key role in industry development. The increasing gap between energy supply and demand is compelling the government to take rigorous initiatives for the adoption of rated electrical appliances.
Split air conditioners dominated the North America air conditioning systems market, with revenue of USD 19,684.6 million in 2014. Airside air conditioning system was the second largest product segment, valued at USD 4,739.8 million in 2014. It is expected to grow at a CAGR of over 7.5% from 2014 to 2020. Flexibility and enhanced comfort level are factors likely to promote its demand.
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Energy star rated air conditioning systems are expected to exhibit less energy consumption and release less green house gases. Augmentation in construction sector owing to increasing construction permits for construction of malls, industrial facilities and corporate offices is expected to elevate the industry growth. However; domestic manufacturers are anticipated to face profitability issues due to competition from Chinese imported substitutes.
Key report insights suggest:
· S. air conditioner market dominated regional demand with an estimated industry share of 84.24% in 2014. Increasing awareness regarding energy efficient models is expected to have positive influence in regional demand. Mexico is expected to witness highest growth, growing at a CAGR of 10.3% during 2014 to 2020.
· Portable air conditioner systems are expected to be the fastest growing products, at a CAGR of over 11% and exceed USD 610.0 million by 2020. Compactness and high efficient properties of these systems is expected to drive growth. Chillers are likely to witness gains at over 8% with revenue forecast of USD 240 million by 2020.
· Residential applications dominated demand with an estimated share of 37.81% in 2014. Commercial is the fastest growing application segment and is likely to witness growth at a CAGR of 9.6% from 2014 to 2020. The growth can be attributed to increasing consumerism and pleasant shopping experience.
· Fairly consolidated North America air conditioner industry consists of key companies such as Carrier, Daikin, Mitsubishi, Hitachi, Trane, LG and JCI among others.
For the purpose of this study, Hexaresearch has segmented the North America air conditioner market on the basis of product, application and region:
North America air conditioner Product Overview (Thousand Units; Revenue, USD Million, 2012 - 2020)
· Single packaged
North America air conditioner Application Overview (Thousand Units; Revenue, USD Million, 2012 - 2020)
North America air conditioner Region Overview (Thousand Units; Revenue, USD Million, 2012 - 2020)
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