Anticipated to attain a noteworthy valuation of US$ 2,141.0 million in 2022, the North America ceiling cassette market is primed for a significant ascent. This trajectory is projected to persist with a robust Compound Annual Growth Rate (CAGR) of 4.8% from 2022 to 2032, leading to a market valuation of US$ 3,427.1 million by the conclusion of 2032.
The escalating demand for Heating, Ventilation, and Air Conditioning (HVAC) systems that seamlessly blend high performance with enhanced comfort is steering the market dynamics in North America. This trend is prominently catalyzed by evolving climatic conditions that underscore the necessity for advanced HVAC solutions. Furthermore, the compelling drive to adopt energy-saving measures, in line with mandates outlined by the United Nations Framework Convention on Climate Change (UNFCCC), is expected to significantly bolster market growth. These dual imperatives—promoting comfort in adverse climatic scenarios and aligning with stringent energy-saving mandates—converge to fuel the North America ceiling cassette market’s expansion, charting a trajectory of sustained growth and innovation.
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Growing Trend of Commercial Property Rentals by Investors in North America
In contemporary North America, a notable trend has emerged wherein investors are increasingly engaging in the rental of commercial properties to individuals or entities that subsequently utilize the space for conducting their business operations. This practice spans diverse sectors such as industrial, retail, office spaces, lodging, and entertainment venues, encapsulating a broad spectrum of commercial properties.
Furthermore, the upward trajectory of consumer spending exerts a considerable influence on business demand across North America. The augmented consumer expenditure translates into heightened downstream demand for an array of goods and services. This, in turn, stimulates businesses to amplify their production capacities. The consequential effect is the heightened demand for additional retail establishments, office spaces, and warehouses, thereby fostering a substantial market expansion. This synergy between burgeoning consumer spending and the burgeoning demand for commercial properties positions the market on an upward trajectory, poised for sustained growth and development.
Key Takeaways: North America Ceiling Cassette Market
- By cooling capacity, the upto 5.8 kW segment is expected to remain dominant during the forecast period and will account for around 45% of market share by 2032.
- By application, the ductless ceiling cassette segment is anticipated to grow at a CAGR of 4.9% throughout the forecast period.
- By end use, the commercial segment is projected to lead the North America ceiling cassette market and create an absolute dollar opportunity worth US$ 998.6 Mn by 2032.
- In terms of country, the U.S. ceiling cassette market is projected to exhibit a CAGR of 4.4% from 2022-2032.
- Canada ceiling cassette market is anticipated to generate nearly 12% of the North America ceiling cassette market share by the end of 2032.
“Ongoing technological advancements and emergence of cutting-edge ceiling cassettes that consume less power, as compared to conventional ones are projected to drive the market” says a Future Market Insights analyst.
Competitive Landscape: North America Ceiling Cassette Market
The North America ceiling cassette market is moderately consolidated with leading players focusing on increasing their profit margins by relocating their manufacturing bases in Mexico from the U.S. and Canada to reduce taxes and labor costs. They are also aiming to broaden their geographic presence and improve customer service to strengthen their positions.
Some of the renowned tier 1 players in the market include Commercial Systems North America (Carrier), Mitsubishi Electric Trane HVAC US LLC, Lennox International, Inc, Daikin North America LLC, and Nortek North America HVAC among others.
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Key Segments Covered in Ceiling Cassette Industry Research
By Cooling Capacity:
- Up to 5.8 kW
- Between 5.8 – 14 kW
- Above 14 kW
By Product Type:
- Ducted Ceiling Cassettes
- Ductless Ceiling Cassettes
By End Use:
- Residential
- Industrial
- Commercial
- Healthcare
- Hospitality
- Retail
- Others
By Country:
- The U.S.
- Canada
- Mexico
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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