HVAC systems play a critical role in maintaining indoor air quality (IAQ), promoting occupant health and well-being, improving energy efficiency, and ensuring compliance with increasingly stringent IAQ standards. That said, a recent report showing that the HVAC equipment market in North America is expected to grow shouldn’t come as a shock. While the market is fragmented by product type and residential and non-residential use, from the 2021-to-2026 period, the market is expected to increase by $10.22 billion at a CAGR of 5.15 percent.
The primary drivers of the industry’s rise in North America are, according to the report, the result of population expansion and the rising costs of energy consumption, but there are other factors that are influencing this level of growth. As the report pinpointed the United States as the majority share of the North American HVAC Equipment market, recent developments in U.S. real estate are undoubtedly propelling the market forward. We’ve reported in the past that many HVAC systems in the U.S. are outdated and in need of replacement. As these systems reach the end of their useful life, building owners are likely to invest in new equipment that is more energy-efficient and can provide better performance. Additionally, there has been a record amount of construction activity in parts of the U.S. after the COVID-19 pandemic prompted major demographic shifts across the country, including new commercial and residential buildings. As a result, there is growing demand for HVAC equipment to be installed in these new buildings.
