Growing urbanization and infrastructural reforms in commercial and industrial sectors in the Americas have increased the demand for Heating, Ventilation Air-conditioning and Refrigeration (HVACR) system in these sectors. Growing population has also affected the HVACR market in a positive way as the demand for HVACR system in the residential application has increased manifold. Many companies have established their market in the Americas, especially in the U.S., and are engaging in various business activities to expand their business in this growing market.
In a press release in January 2017, Midea Group, one of the global leaders in air conditioning and appliances, announced that it will invest US $ 30 million in expanding its business to Latin and Central America. The company is aiming to reach a key area for its global expansion strategy, Latin America and the Caribbean, which in 2016 only, had a volume of 12 million units sold, with average revenues of US $ 3.1 million. Currently, Midea is present in Brazil, Argentina, and Chile, through the joint venture with American Carrier. “Our goal is to strengthen even more the brand globally, positioning products with the latest technology and quality,” said Joao Claudio Guetter, CEO of Midea LATAM.
In another recent development, Daikin Industries Ltd., has opened the 500-acre Daikin Texas Technology Park (DTTP) in Waller, northwest of Houston. The Japanese company’s new $400 million business campus consolidates many of the company’s HVAC (heating, ventilating and air conditioning) manufacturing and logistics facilities in Texas and Tennessee. Spanning roughly 4 million square feet, the DTTP supports the design, engineering and assembly of heating and cooling products for residential and commercial use, marketed under the Daikin, Goodman and Amana brands.1
Acknowledging the growth potential of the HVACR market, BIS Research has compiled a report titled ‘Americas Heating, Ventilation, Air-Conditioning, and Refrigeration (HVACR) Market - Analysis and Forecast: 2017-2023’, which provides an analysis of the Americas Heating, Ventilation Air-conditioning and Refrigeration (HVACR) market, by type of products and components across various countries in Americas, allowing the researcher to develop a comprehensive outlook of the market.
According to the analyst at BIS Research, “The Americas HVACR market volume is estimated to grow at a CAGR of 5.65% during the forecast period, 2017-2023. The demand for HVACR equipment in this region is witnessing an overall steady growth. The growth rate can be attributed to countries such as Brazil, Argentina, and Mexico that have shown a huge increase in the demand.”
This study provides an extensive insight into various forms of developments, trends, and key participants. While highlighting the key driving and restraining forces for this dynamic market, the report also provides an in-depth analysis of the Porter’s five forces model of the HVACR market and an assessment of the factors governing it. The report builds itself upon an all-inclusive value chain providing a clear understanding of the ecosystem of the HVACR products market. The report includes the profiles of major players such as Carrier, Trane, Johnson Controls, Daikin, Lennox International, among others in the Americas HVACR market.
1 Rebusiness Online