NORTH AMERICA AIR CONDITIONING SYSTEMS MARKET ANALYSIS

Market Challenges And Opportunities

North America Air Conditioning Systems Market Drivers:

1. Increasing demand for energy-efficient products to drive growth of the North America air conditioning systems market during the forecast period

A vast pool of consumers across North America is replacing its existing air conditioning systems with models that consume less energy and help in reducing the electricity bill. This is typically due to the availability of energy-efficient options in the market. Furthermore, central air conditioning products are expected to face stringent regulatory norms in the U.S., with 'Energy Star' being mandatory. Since consumers are increasingly becoming more aware of energy conservation, the demand for energy-efficient air conditioning systems is increasing. For instance, the home air conditioning system in the U.S. accounts for more than 8% of the total electricity produced there. Thus, these factors are expected to drive growth in the North America air conditioning systems market during the forecast period.

2. High growth of construction industry to propel the North America air conditioning systemsmarket growth over the forecast period

The building and construction industry in North America has witnessed significant growth in the recent past. This is owing to the rising demand for new households. As a matter of fact, North America has recovered after the economic slowdown in 2008 and 2009. Rise in building permits for construction of offices, malls, and industrial facilities are boosting the demand for air conditioning systems. Moreover, according to Coherent Market Insights analysis, commercials buildings are expected to grow at rate of 8% during the forecast period. Hence, these factors are expected to drive the growth of the market in the near future.

North America Air Conditioning Systems Market Opportunities:

Rising demand for replacement in the region can present lucrative growth opportunities

Energy consumption and rising environmental issues are the factors creating the need for replacing the conventional air conditioners in the North American region. The strict government regulations towards greener products will create an opportunity for the manufacturers of air conditioning systems to replace the existing models that use toxic refrigerants such as HCFC-22 and HFC. The newly developed energy-efficient models consume less energy and help consumers to reduce their electricity bills. The models that have 'Energy Star' accreditation will consume half of the energy as compared to the conventional models.

Availability of advanced features can provide major business opportunities

Many manufacturers are providing novel features such as a ubiquitous sensor network for smart cooling humidity control using auto humid control. These features help to provide customized temperature and humidity, balancing the surrounding nature. Market players can capitalize on these opportunities by providing novel products and gain a competitive edge in the market.