Increasing need for energy efficient products is estimated to drive the North America air conditioning systems market over the forecasted period. The market in this region was accounted at USD 28,809.5 million in 2013, and is projected to achieve USD 52,560.7 million by 2020, increasing at a CAGR of 9.20% from 2013 to 2020. On the basis of shipments, the North America air conditioning systems market was expected to be 34,813.4 thousand units in 2013 and is estimated to attain 50,024.7 thousand units by 2020, rising at a CAGR of 5.34% from 2013 to 2020. Strict regulations in the U.S. concerning energy efficiency and growing consumer awareness are estimated to provide positive avenues to the market growth. Technological development has resulted rise in innovation and new product advancement. Growing construction industry is expected to boost air conditioning system market over the next five years. However, there is a stiff competition from Chinese manufacturers where they sell products at lesser prices when compared to international markets. This may pose a challenge to market demand in North America.
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Product Insight
Split air conditioning systems provides several benefits such as low initial cost, ease of installation and low degree of noise. They valued for over 61% of the total revenue share in 2013, and are projected to be the largest product category over the forecasted period. They split the cold and hot air effectively and less cost. Portable air conditioners compact in nature and conditioners offer high efficiency levels. Furthermore, portable air conditioners can be shifted o another location easily and they do not need permanent installation. This category is projected to nurture at the best CAGR from 2013 to 2020. Airsides are also estimated to provide avenues to market growth over the forecasted period.
Application Insight
Air conditioning systems are mostly used by in residential is projected to nurture the overall market demand over the next six years and they are valued for over 40% of the total market share in 2013. Commercial segment includes tourism and construction industries, as well as locations such as clinics, hospitals and health clubs. This segment is estimated to nurture faster than the total average, owing increasing these systems in end-use areas. Growing demand for air conditioning systems in the commercial sector is estimated to be driven by those using portable systems for outdoor activities and camping trips.
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Regional Insights
The U.S. is estimated to continue to be the largest market over the next five years as it valued for over 84% of the North America market share in 2013. Since conventional air conditioning units use a large amount of energy and need for products which consume less energy is estimated to continue rising over the next five years. The market in Mexico is estimated to nurture at the fastest CAGR of 10.43% over the next the next five years from 2015 to 2020. Varied weather conditions and increasing demand from end-use industries are anticipated to boost the North America air conditioning systems market over the forecasted period.
Competitive Insights
The key market and niche players include Carrier Corporation, Daikin Industries Ltd., Hitachi and Mitsubishi, Ingersoll Rand among others. Market is highly consolidated and monopolistic in nature and therefore firms are taking many strategies to gain the maximum market share. For the development their business the firms are going through many merger, acquisition, new product development and geographical expansion.
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