North American AC Market to Exceed $50 Billion by 2020

North American AC Market to Exceed $50 Billion by 2020
SAN FRANCISCO—The North America 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 the market to grow at a compound annual growth rate (CAGR) of 9% annually. Increasing construction expenditure is expected to drive the market across residential, commercial and industrial sectors. Additionally, favorable regulatory initiatives for energy efficiency are also expected to fuel market growth. Technological advancements have bolstered product development and innovation, which brings more products to market quicker. However, the study cautioned that a high degree of competition from other regional markets, coupled with lower prices of products offered by Chinese manufacturers, may hinder the industry in North America over the forecast period.