Research and Markets - Americas Heating, Ventilation, Air-Conditioning and Refrigeration (HVACR) Market 2017-2023: Market Anticipated to Grow at a CAGR of 5.65% Featuring Carrier, Trane, Johnson controls, Daikin & Lennox
The growing demand of regulating temperature expanded from industries to large commercial buildings and household applications. HVACR systems are gradually becoming more of a necessity rather than mere luxury products in countries across the Americas region. Countries such as the U.S. and Canada account for the major share of HVACR market in the North America region. Argentina and Brazil currently account for the majority market share in South America primarily due to their hot climate, growing urban population, infrastructure, along with increased construction activities among others.
Per capita income in Americas increased in the recent years has considerably increased the average disposable income. This has been reflected in the residential HVACR market in Americas. Residential market has witnessed significant growth with the increase in the number of unit replacements.
Macro-economic factors such as Gross Domestic Product (GDP), labour force participation, and unemployment rate, among others have led to increase in the construction activities and in turn, have led to an increase in the number of jobs. Furthermore, increase in disposable income has also helped the market grow to a large extent.
The Americas HVACR market volume is estimated to grow at a CAGR of 5.65% during the forecast period, 2017-2023. The demand for HVACR equipment in this region is witnessing an overall steady growth. The growth rate can be attributed to countries such as Brazil, Argentina and Mexico that have shown a huge increase in the demand.
North America has had a very steady growth with U.S. and Canada being the major market share holders. However, South America had a huge increase in demand which can be attributed to increased construction activities in developing countries such as Brazil and Argentina. Also, the entry of Chinese and Japanese OEMs in the market further propelled the market.
In South America, Brazil accounted for majority of the total volume of HVACR products followed by Argentina in the year 2016. The South America HVACR market currently looks promising with the existing large scale demand for the products. Market is expected to grow at a decent pace in the following years. Mini splits and window/portable together continue to contribute to the majority of share by volume.
The demand of a comfortable environment and air quality expanded from residential to large commercial and industrial buildings. HVACR systems are gradually becoming more of a necessity rather than mere luxury products in Americas region.
The analysts have estimated that the Americas HVACR market will grow at a CAGR of 5.65% during the forecast period, 2017-2023. The demand for HVACR products in the Americas market is mainly driven by the factors such as rapid urbanization, infrastructural reforms and increasing HVACR unit replacement in the recent years, along with growing construction activities, among others.
The Americas HVACR product market is witnessing a gradual emergence of new cost-effective and energy efficient technologies that meet the required standards and regulations, as well as attempts to fulfill growing customer demands.
The main objective of the report is to help stakeholders take sound decisions by providing substantial answers regarding the major aspects of the industry including market drivers and opportunities, key development strategies of HVACR players, market size (volume and value)across different products along with country analysis.
The HVACR market possesses a range of untapped opportunities across the Americas region. These opportunities occur at a time when there is rise in urban population and unprecedented growth in infrastructure developments.
Introduction of environment friendly refrigerants is a very important aspect of the market. The current standards and regulations for the same have urged the OEMs to use refrigerants with low Global Warming Potential (GWP) and Ozone Depletion Potential (ODP)
Involvement of Internet of Things (IoT) in HVACR industry is shaping the way people interact with appliances. This technological revolution has positively impacted the HVACR industry and a number of developments with regard to IoT and HVACR have boosted the R&D in this industry. OEMs have already started including this development in their equipment. IoT is a revolution that will eventually be a part of each and every aspect of HVACR.