Maintenance of existing equipment as well as growing replacement demand are expected to contribute to market growth over the forecast period.
San Francisco, California (PRWEB) May 22, 2014
The North America air conditioning systems market is expected to reach USD 52.56 billion by 2020, according to a new study by Grand View Research, Inc. 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 over the next six years.
Technological advancement has bolstered product development and innovation. 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. Growing application areas, such as the use of portable air conditioning systems in tents for outdoor activities is expected to be an opportunity for industry participants over the next six years.
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 now to Grand View Research customers at http://www.grandviewresearch.com/industry-analysis/north-america-air-conditioning-systems-market.
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Further key findings from the study suggest:
- Split air conditioning systems accounted for over 60% of the overall market revenue in 2013. They offer a high degree of flexibility and are relatively cost effective to install. In addition, split air conditioners offer a large amount of control to the user, since each conditioner functions as a separate unit. Portable air conditioners are expected to witness the fastest growth over the forecast period, mainly due to the high level of convenience they provide.
- Residential application accounted for over 40% of the market in 2013, and is further expected to remain the largest segment through the forecast period. Commercial applications such as the tourism and construction industries are expected to grow faster than the global average over the next six years.
- The U.S. contributed to over 83% of the revenue generation in North America in 2013, and is expected to continue dominating the market over the forecast period. This can be attributed to energy efficiency guidelines set by the US Environmental Protection Agency (EPA). Mexico is expected to be the fastest growing regional market, at an estimated CAGR of 10.3% from 2014 to 2020.
- Key industry participants employ strategies such as mergers, acquisitions and strategic collaborations to gain market share. Daikin Industries Ltd., Ingersoll-Rand, Carrier Corporation, Hitachi, Johnson Controls, Mitsubishi, etc. are among the companies operating in the market.
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For the purpose of this study, Grand View Research has segmented the North America air conditioning systems market on the basis of product, application and region:
- Air Conditioning Systems Product Outlook (Volume, Thousand Units and Revenue, USD Million; 2012 - 2020)
• Portable Air Conditioning Systems
• Window Air Conditioning Systems
• Split Air Conditioning Systems
• Single Packaged Air Conditioning Systems
• Airside Conditioning Systems
- Air Conditioning Systems Application Outlook (Volume, Thousand Units and Revenue, USD Million; 2012 - 2020)
- Air Conditioning Systems Regional Outlook (Volume, Thousand Units and Revenue, USD Million; 2012 - 2020)
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