Us Air-Conditioning & Refrigeration Market Size By Applications, By Type, By End-User, By Deployment & By Technology 2032
Air-Conditioning & Refrigeration Market was valued at USD 149.25 Billion in 2022 and is projected to reach USD 216.13 Billion by 2030, growing at a CAGR of 5.1% from 2024 to 2030.
The U.S. air-conditioning and refrigeration market is experiencing significant growth, driven by rising global temperatures and increasing demand for energy-efficient cooling solutions. In 2023, the U.S. HVAC systems market was valued at approximately USD 30.41 billion and is projected to grow at a compound annual growth rate (CAGR) of 7.4% from 2024 to 2030. This surge is largely attributed to the heightened need for advanced cooling systems in both residential and commercial sectors.
One notable trend is the rapid adoption of energy-efficient technologies. Consumers and businesses are increasingly seeking HVAC systems that reduce energy consumption and operational costs. Innovations such as inverter technology and variable refrigerant flow (VRF) systems are gaining popularity due to their enhanced efficiency. Additionally, the integration of smart home and building automation systems allows for centralized control, further optimizing energy use.
The refrigerants market is also evolving. In 2023, the global refrigerants market size was valued at USD 24.20 billion, with North America holding a 30.58% share. The U.S. market is expected to reach approximately USD 11.98 billion by 2032. This growth is influenced by regulatory changes aimed at phasing out hydrofluorocarbons (HFCs) due to their environmental impact. The Environmental Protection Agency (EPA) has implemented rules to reduce HFC production and importation, prompting manufacturers to develop eco-friendly alternatives.
Industry leaders are responding to these dynamics with strategic initiatives. For instance, Trane Technologies raised its full-year profit and revenue forecasts in 2024, citing robust demand for heating and air-conditioning systems from commercial builders. Similarly, Carrier Global reported better-than-expected profits, driven by increased demand for HVAC products and aftermarket services. These developments underscore the market's resilience and adaptability amidst changing environmental and regulatory landscapes.
From a personal perspective, the growing emphasis on sustainability and energy efficiency is evident. Many consumers are now prioritizing HVAC systems that not only provide comfort but also align with environmental consciousness. The shift towards smart, connected devices reflects a broader trend of integrating technology into daily life to enhance convenience and reduce ecological footprints.
In summary, the U.S. air-conditioning and refrigeration market is poised for continued expansion, fueled by technological advancements, regulatory reforms, and a collective move towards sustainable practices. As the industry adapts to these changes, stakeholders across the board are likely to benefit from improved efficiency and environmental stewardship.
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Daikin
Gree Electric Appliances
Midea
Mitsubishi Electric
Panasonic
Toshiba Carrier
Blue Star
Electrolux
Haier
Hitachi
Ingersoll-Rand
Johnson Controls
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Air-Conditioning & Refrigeration Market
Air Conditioners
Refrigerators
Commercial Refrigeration
Residential
Commercial
Industrial
Vapor Compression
Evaporative Cooling
Absorption Cooling
Smart Air-Conditioning and Refrigeration
Energy-Efficient Systems
Traditional Systems
Online
Offline
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Air-Conditioning & Refrigeration Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Air-Conditioning & Refrigeration Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Air-Conditioning & Refrigeration Market, By Type
6. Global Air-Conditioning & Refrigeration Market, By Application
7. Global Air-Conditioning & Refrigeration Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Air-Conditioning & Refrigeration Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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