North America HVAC Compressor Market To Reach 1,302.8 Million By 2030

North America HVAC Compressor Market Growth & Trends

The North America HVAC compressor market size is expected to reach USD 1,302.8 million by 2030, registering a CAGR of 5.7% during the forecast period, according to a new report by Grand View Research, Inc. The market is anticipated to benefit from a growing number of commercial spaces in the region, such as shopping malls, offices, theatres, and hotels, which is anticipated to fuel the product demand over the forecast period.

The demand for heating, ventilation, & air conditioning (HVAC) compressors is expected to be fueled by the growing need for power-saving ratings, stricter laws & regulations governing energy-efficient practices in the U.S., and increased consumer awareness. Governments at various levels, namely Federation and state governments, have established standards to improve the operation of HVAC systems. Observing the market trend, companies are also taking the initiative to expand their product portfolio in energy-efficient products.

In February 2023, LG Electronics (LG) released its latest compressors in the Component Solutions booth at AHR Expo 2023. The new compressors use eco-responsible low-GWP refrigerants, R32, and R454B. Unlike the commonly used R410A, which has a GWP of approximately 2,088, the refrigerants deployed by the company's recent models have a GWP below 750. Moreover, LG unveiled a collection of Internet of Things (IoT) gadgets that can communicate with home system air conditioners. These devices include the AI-based Amazon Echo, Google Home, Next, and Honeywell. In addition, LG introduced numerous products like the Multi F and Multi V solutions, which extend cooling and heating depending on the characteristics, sizes, and uses of a building.

The North America HVAC compressor industry is highly consolidated, with the presence of major players such as Emerson Electric Co., Danfoss, LG, and Panasonic. New product launches, expansions, technological investments, and mergers & acquisitions strategies are adopted by the participants to strengthen their positions in the market. For instance, in February 2023, Danfoss announced the construction of a new sensor and compressor manufacturing unit in Apodaca, Mexico.

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North America HVAC Compressor Market Report Highlights

• The variable speed scroll compressor segment led the market and accounted for a 32.5% share in 2022 and is expected to register the fastest CAGR of 6.6% during the forecast period. In variable-speed compressors, the compressor capacity is managed via variable-speed technology, which alters the speed of the compressor in short intervals and over a broad operating range

• The U.S. government is working on various efforts to upgrade its community infrastructure. For instance, in June 2021, a USD 905.3 million investment was announced by the U.S. Department of Transportation in infrastructure development projects around the country.As a result, rising commercial construction in the country is expected to fuel the demand for HVAC systems in the U.S. and simultaneously bolster the product demand over the forecast period

• The residential construction investment in Canada surged by 28.4%, reaching USD 162.0 billion in 2022, with single-unit investment accounting for over half of the gain. The growth in residential construction is expected to correspondingly increase the demand for energy-efficient electronic products such as air-conditioners, dehumidifiers, and heat pumps. This is anticipated to augment the market growth over the forecast period

• HVAC compressor manufacturers adopt several strategies, including acquisitions, partnerships, new product launches, and geographical expansions to cater to the changing technological demand for equipment from various end-use industries such as residential, commercial, and industrial, and enhance their market penetration

• For instance, in February 2023, Danfoss launched the development of a new sensor and compressor manufacturing unit in Apodaca, Mexico. The new facility is expected to manufacture pressure sensors for HVACR, medium, and large scroll compressors, and A2L leak detection sensors for commercial and residential air conditioning and refrigeration

North America HVAC Compressor Market Segmentation

Grand View Research has segmented the North America HVAC compressor market based on product and country:

North America HVAC Compressor Product Outlook (Volume, Thousand Units; Revenue, USD Million, 2018 - 2030)

• Single Stage Scroll Compressor

• 2-stage Scroll Compressor

• Variable Speed Scroll Compressor

North America HVAC Compressor Country Outlook (Volume, Thousand Units; Revenue, USD Million, 2018 - 2030)

• U.S.

• Canada

• Mexico

List of Key Players in the North America HVAC Compressor Market

• Danfoss Group

• Emerson Electric Co.

• Daikin Industries Ltd.

• Mitsubishi Electric Corporation

• LG Electronics

• Hitachi Ltd.

• Tecumseh Products Company LLC.

• Panasonic Group