North America Air Conditioning Systems Market size was accounted for USD 28.81 billion in 2013. This growth can be associated with increasing demand for power-saving and energy efficient products among the millennial population across this region. The market in terms of units is anticipated to expand from 34.81 million in 2013 to 50.02 million in 2020 and is expected to witness a CAGR of 5.3% during the forecasted years, 2014-2020.
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The key driving factors responsible for the growth of North America
Air Conditioning Systems market :
This market is expected to boost
in the upcoming years due to rapid advances being made in terms of technology
across the globe. For instance, usage of natural refrigerants and appliances
that can operate on inverters are anticipated to positively impact the market
growth. Moreover, stringent rules and regulations being imposed by statutory
governing bodies regarding the usage of power-saving equipment and rising
awareness about efficient ways for utilizing the energy are expected to fuel up
the market growth. In addition, rising demand for replacement products is
expected to propel the market growth thereby generating USD 52.56 billion in
2020with a CAGR of 9.0%.
This industry is anticipated to
register a significant growth on account of rising construction activities.
However, strong competition among the Chinese suppliers and key manufacturers
in terms of product pricing is expected to act as a hindrance in the market
growth for the major suppliers.
Moreover, various public forums
and governing bodies are spreading awareness about the usage of
energy-efficient appliances that are eco-friendly. Furthermore, emergence of
Chinese producers like Gree, Midea, and Haier is expected to reduce the profit
margins thereby acting as a hurdle for new entrants.
Products Insights
The segment of split air
conditioning systems held the largest share of around 60% across the market in
2013 and it is anticipated to continue its dominance over the forecast period.
This growth can be associated with salient features like reduction in noise
levels, less cost of installation, and ease of handling. As these systems split
cold and hot sides of air, they consume less power as compared to the rest of
the types. Moreover, the portable segment is also gaining traction on account
of ease of usage and installation. Additionally, the airside product segment is
also anticipated to register significant growth in the upcoming years.
Application Insights
The residential application
segment held the largest share exceeding 40% across the North American market
in 2013. The commercial application segment is expected to register significant
growth due to rising trend for the usage of such appliances in places like
tents. This segment covers the construction industry, tourism sector,
hospitals, health clubs, and clinics. Moreover, rising demand for portable air
conditioners for camping, trekking, and other outdoor activities is expected to
drive the market growth in the upcoming years.
Regional Insights
The regional market for air
conditioning systems is anticipated to boost in the upcoming years on account
of diverse climatic conditions. In addition, rising disposable income among the
millennial population has paved the way for the market growth for such
products. Moreover, shifting trend towards usage of power-efficient appliances
rather than conventional air conditioners is anticipated to positively impact
the growth of North America air conditioning systems market.
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