International. The North American air conditioning systems market is expected to reach $52.56 billion by 2020, according to a new study by Grand View Research.
The study projects that the market will grow at a compound annual growth rate (CAGR) of 9%. Construction spending is expected to increase to drive the market across all residential, commercial, and industrial sectors. In addition, favorable regulatory initiatives for energy savings are also expected to fuel the growth of the market. The study indicates that technological advances have driven product development and innovation, bringing more products to market faster.
However, the study warned that a high degree of competition from other regional markets, coupled with lower prices of products offered by Chinese manufacturers, may hinder the North American industry throughout the forecast period.
