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Smart HVAC Systems Market in North America to grow at a CAGR of 5.50% from 2023 – 2032

Jan 17, 2024 7:55 PM ET

Smart HVAC Systems Market in North America to grow at a CAGR of 5.50% from 2023 – 2032

North America Smart HVAC Systems Market Overview

The smart HVAC systems market industry is projected to grow from USD 45.6 Billion in 2023 to USD 69.9 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.50% during the forecast period (2023 – 2032).

The smart HVAC systems market is expected to grow as technology advances, energy efficiency regulations become more stringent, and consumer awareness increases.

Smart HVAC (Heating, Ventilation, and Air Conditioning) systems integrate advanced technologies to optimize energy efficiency, enhance comfort, and provide remote control and monitoring capabilities.

Smart HVAC Systems Key Market Players

Key Companies in the smart HVAC systems market include

  • Johnson Controls International PLC
  • Daikin Industries Ltd
  • Lennox International Inc.
  • Electrolux AB
  • Emerson Electric Co.
  • Carrier Corporation
  • Rheem Manufacturing Company Inc.
  • Uponor Corp.
  • Ingersoll Rand Inc. (Trane Inc.)
  • Nortek Global HVAC, LLC

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Market Drivers:

Energy Efficiency: Governments and businesses are increasingly focused on reducing energy consumption, making smart HVAC systems attractive due to their ability to optimize energy usage.

Smart Building Trends: The growth of smart buildings, where various systems are integrated for improved efficiency and sustainability, contributes to the demand for smart HVAC solutions.

Consumer Demand: Increasing awareness of environmental issues and the desire for cost savings drive consumer interest in energy-efficient and smart home technologies.

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Smart HVAC Systems Market Segmentation

Smart HVAC Systems Type Outlook

  • Single Split
  • Variable Refrigerant Flow (VRF) Systems
  • Chillers
  • Others (Multi-split System)

Smart HVAC Systems Application Outlook

  • Commercial
  • Residential
  • Industrial

Smart HVAC Systems Regional Outlook

  • North America
  • US
  • Canada
  • Mexico
  • Rest of North America

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Regional Insights on Intelligent HVAC Systems

Throughout the forecast period, robust growth is anticipated in the North American smart HVAC systems market. This growth can be attributed to several factors, including the increasing adoption of green building initiatives, the surge in residential and commercial construction (both new and renovated buildings), the development of industrial facilities, government incentives, and a rising demand for energy-efficient solutions. The proliferation of the Internet of Things (IoT) is further propelling market expansion, with manufacturers investing more in the production of ventilation systems, air conditioning units, and intelligent heating solutions in both the United States and Canada.

The United States stands out as the largest market for smart HVAC systems, experiencing steady expansion. The country benefits from widespread installation of high-efficiency systems, challenging weather conditions, and a surge in construction activity. Major manufacturers such as Emerson Electric Co., Carriers, and others play a pivotal role in supporting the ongoing growth of the North American industry. Additionally, Canada’s growing construction sector contributes to the demand for diverse types of equipment.

In response to the imperative of reducing energy consumption, building owners are focusing on modernizing ventilation, air conditioning, and other systems within their structures. The anticipation of government subsidies for energy efficiency is also expected to further boost this industry.

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