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North America Residential Unitary HVAC Market Trends

Report ID: GMI9978
Published Date: Jun 2024
Report Format: PDF

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North America Residential Unitary HVAC Market Trends

In recent years, there has been an increased emphasis on energy-efficient HVAC systems. This involves the use of high-efficiency equipment including variable speed compressors and condensers, which not only save energy but also minimize electricity expenses. Additionally, people are more conscious of the value of clean air in their homes and workplaces.

As a result, there is an increasing need for HVAC systems capable of efficiently filtering contaminants and improving indoor air quality. In response to recent trends, residential unitary HVAC products manufacturers are constantly looking for ways to innovate and offer advanced unitary HVAC products for residential applications. One of the key strategies adopted by these businesses is the launch of new products and services.

For instance, in June 2024, Bosch Home Comfort Group, a unit of German industrial conglomerate Robert Bosch GmbH, introduced new water source heat pumps intended for use in both new buildings and renovation projects. Additionally, the product is available with both vertical & horizontal cabinets, use R-454B as a refrigerant, and rely on water coil & air coil freeze protection.

Additionally, in January 2024, LG Electronics (LG) unveiled its latest HVAC solutions at AHR Expo 2024. LG latest HVAC solution includes the R32 air-to-water heat pump and furnace, and the Multi F heat pump, both designed for residential applications. LG’s R32 air-to-water heat pump, which employs the low Global Warming Potential (GWP) refrigerant, R32. Meeting the latest refrigerant standards, R32 contributes to the solution’s ability to deliver a reliable heating performance at low temperatures.

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The market size for residential unitary HVAC in North America reached USD 6.53 billion in 2023 and will depict a 5.5% CAGR between 2024 and 2032, attributed to rising residential construction activities, coupled with renovation projects and increasing awareness and adoption of energy-efficient solutions.

North America residential unitary HVAC industry from the air conditioning equipment segment will reach USD 4.9 billion by 2032, driven by rising temperatures, urbanization, and higher disposable incomes coupled with increasing demand for cooling solutions in homes.

U.S. market captured 69.6% share in 2023, owing to the region's large population, extensive urbanization, robust construction sector and government initiatives for promoting sustainable building practices.

Danfoss A/S, GREE Electric Appliances, Inc, Haier Group, Hisense HVAC equipment Co., Ltd., Johnson Controls Plc, Lennox International, LG Electronics, Midea Group, Mitsubishi Electric Group, and Panasonic Corporation, among others.