The Industrial Revolution changed the face of the traditional industrial practices and new manufacturing processes required temperature control during extreme climate change. Eventually, the demand for temperature control spread from industries to large commercial buildings and residential buildings. The rising temperature is driving environmental changes all over the globe and the need for Heating, Ventilation, Air Conditioning and Refrigeration (HVACR) systems has become a mandate for industries and, commercial buildings. Considered as mere luxury products initially, HVACR systems have become a necessity in the Americas, where Canada and the U.S. account for the major share of HVACR market in the North America.

Hot climate, growing urban population, infrastructural developments and increased construction activities have increased the need for HVACR systems in South America, where Argentina and Brazil account for the major market share. Per capita income has increased substantially in the Americas in recent years and this has resulted in an increase in the demand for HVACR systems for household applications. Residential market has increased significantly with the increase in the number of unit replacements over the recent years. Americas HVACR market has witnessed a stable growth for the past few years and is expected to follow this trend in the coming years.

Increase in population has given a boost to urbanization and infrastructural reforms in commercial and industrial sector in the Americas, and increased per capita income has given an option to people to improve their quality of life. As a result of rapid urbanization, construction activities have also increased rapidly in the Americas, which is directly proportional to the HVACR unit sales. Furthermore, the introduction of new energy efficient models and new technologies such as inverter technology has increased unit replacements in the Americas. All of these activities have contributed to the substantial growth and consolidation of the Americas HVACR market.

Despite having a significant growth rate, the HVACR market has been facing some restraints. Rising demand of energy has increased the associated prices over four times in Americas over the past decade. This has affected the HVACR market adversely. Adding to the restraining forces are the stringent regulations and laws regarding energy savings, Ozone Depletion Potential (ODP) and Global Warming Potential (GWP). Global warming and ozone depletion have become major environmental problems faced by human beings, and HVACR systems play a considerable role in harming the environment. Hence, regulations pertaining to the same have been established and are shaping the future of the HVACR industry.

The stringent regulations have pushed the distributors and original equipment manufacturers (OEM), such as Daikin, to introduce environment friendly products in the market in recent years. Refrigerants such as R-134A, R-32 and R-410A are prevalent in the industry, and have proved to be successful in terms of GWP and ODP, although, there is still immense scope for efficient products in the market. Furthermore, building automation and control systems has become an integral part of the HVACR industry. With the involvement of Internet of Things (IoT) in the industry, features such as complete control and increased energy savings are being added to the HVACR systems using sensors and smart technologies. Hence, IoT in HVACR industry is a potential market for the key market players.

BIS Research has conducted an extensive market research on ‘Americas Heating, Ventilation, Air-Conditioning, and Refrigeration (HVACR) Market -Analysis and Forecast: 2017-2023’. The market intelligence report aims to provide an in-depth analysis of the key development strategies, marketing strategies and market trend dynamics which includes drivers, restraints and opportunities prevailing in the industry.

For further queries, please write to us at sales@bisresearch.com or call us at: +1 650 228 0182.