North America HVAC Market Growth Analysis Report - Market Size, Share, Forecast Trends and Outlook (2025-2034)

The North America HVAC market attained a value of about USD 45.64 Billion in 2024. The market is further expected to grow in the forecast period of 2025-2034 at a CAGR of 4.10%, to reach value of around USD 68.21 Billion by 2034.

The United States to Lead the HVAC Market in North America

The United States has been dominating the HVAC market share in North America and is expected to continue its dominance over the forecast years. The United States has an active presence of the key players in the global HVAC market, which is providing impetus for the growth of the HVAC industry in the country.

The United States Department of Energy has been investing heavily to improve the energy efficiency standards in the nation for sustainable development. The Department of Energy has also set up a mission to tackle the environmental and energy challenges in the nation through advanced science and technology. These steps are expected to propel the growth of environmentally friendly HVAC systems. Thus, green HVAC systems are in development in the region and are expected to improve the energy and cost efficiency of the systems.

HVAC Industry Segmentation

HVAC indicates the heating, ventilation, and air conditioning systems. HVAC solutions are the different structures, equipment, as well as technology that are able to improve and increase comfort indoors through an optimum temperature maintenance. They can be used in diverse locations, such as residential, industrial, office, and transport vehicles.

The market is segmented on the basis of equipment into the following:

• Heating
• Heat Pumps
• Furnaces
• Boilers
• Others
• Ventilation
• Air-Handling Units
• Air Filters and Purifiers
• Ventilation Fans
• Dehumidifiers and Humidifiers
• Others
• Cooling
• Unitary Air Conditioners
• VRF System
• Chillers
• Window and Portable Air Conditioners
• Cooling Towers
• Others

The HVAC industry is divided on the basis of implementation into the following:

• New Constructions
• Retrofits

On the basis of end use, the industry is segmented into the following:

• Residential
• Commercial
• Industrial

Market Breakup by Region:

• United States of America
• Canada

VRF Systems to Drive the HVAC Market in North America

VRF systems have the potential to reduce energy consumption and costs. They use environmentally-friendly refrigerants such as HFC-32 that is crucial to minimise the effects of global warming. Moreover, the systems are noiseless and are able to precisely control temperatures, can handle higher loads when the individual a/c units are running in summer and generate heat efficiently during winters.The key players operating in the HVAC industry have been increasingly investing in research and development for new and innovative technological solutions, which are further expected to propel the market ahead. The growing application of HVAC in smart homes is projected to bolster the market for HVAC in North America.

Key Industry Players in the North America HVAC Market

The report gives a detailed analysis of the following key players in the North America HVAC market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Rheem Manufacturing Company
• Trane Technologies plc
• Lennox International Inc.
• Carrier Global Corporation
• Daikin Industries, Ltd.
• Honeywell International Inc.
• Johnson Controls International plc
• Others

The comprehensive report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.