[200 Pages Report] North America ceiling cassette market is set to be valued at US$ 2,141.0 Mn in 2022 and is estimated to grow at a CAGR of 4.8% from 2022 to 2032. The market is projected to reach a valuation of US$ 3,427.1 Mn by the end of 2032.
Demand for HVAC systems that can provide both high performance and comfort has increased in North America due to unfavorable climate changes. The necessity to adopt energy-saving measures established by the United Nations Framework Convention on Climate Change (UNFCCC) is also expected to fuel growth.
Compact and lightweight goods are highly sought after by manufacturers and contractors for simple installation and upkeep of a comfortable atmosphere. Development of smart cities with effective and environmentally friendly temperature control systems is likely to be driven by government bodies, who are following innovative steps in North America. Additionally, countries in the region are embracing the idea of smart cities because of the growing use of new technologies such as IoT.
| Attributes | Key Statistics |
|---|---|
| North America Ceiling Cassette Market Estimated Size (2022E) | US$ 2,141.0 Million |
| Projected Market Valuation (2032F) | US$ 3,427.1 Million |
| Value-based CAGR (2022 to 2032) | 4.8% |
| Collective Value Share: Top 3 Countries (2022E) | 31.1% |
Commercial properties are considered to be a popular area for investors who often rent out these buildings to other individuals or companies who then use the space to run their own businesses. Commercial property sector comprises key segments, namely, industrial, retail, office, lodging, amusement, and similar others.
Consumer spending would significantly influence the demand for businesses across North America. As consumers spend more, downstream demand for goods and services rises, thereby encouraging companies to expand and increase their production capacities. This factor is projected to drive the demand for more retail outlets, offices, warehouses, and other commercial spaces.
Increasing trend of building automation is another factor contributing to growth in the North America ceiling cassette market. Integration of innovative technologies such as Bluetooth and RFID into HVAC systems is also set to create new growth opportunities for key players in the region.
Owing to the above-mentioned factors, the North America ceiling cassette market currently holds around 20-25% of the global ceiling cassette market.
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From 2017 to 2021, the market for ceiling cassettes in North America exhibited growth at 1.5% CAGR and is estimated to foresee a y-o-y growth of 4.2% in 2022. However, increased infrastructural developments and rising number of commercial offices have provided a significant boost to the North America ceiling cassette market since 2022.
Ability of ceiling cassettes to provide airflow in all four directions with increased efficiency is projected to bolster their demand in the upcoming decade. Additionally, in a low price range, there exist no other air conditioning products to offer this type of smooth performance.
Ongoing expansion of commercial construction activities such as commercial offices, retail shops, and hospitals, particularly in the U.S. is expected to further yield demand for ceiling mounted split AC units in the forecast period.
Healthcare infrastructure includes facilities, designing of unique buildings, new hospital accreditation, sustainability, and information technology. As of March 31, 2021, in Canada, around CA$ 347.2 billion has been invested to support health-related infrastructure projects. This amount would also accelerate the development of ventilation systems in healthcare facilities and other public buildings.
Ceiling cassette air conditioners work as excellent ventilation units. Hospitals equipped with ICUs and OPTs require efficient ventilation and air circulation systems. Increased investments in the development of healthcare infrastructure projects and addition of modern equipment in medical facilities are expected to create lucrative opportunities for key market participants in the forecast period.
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Since cassette air conditioners are installed on the roof, their outdoor units are located outside the buildings. In large buildings, distance between the outdoor units and the air conditioning block can be significantly long. Thus, during installation, many holes must be drilled into the walls. This can be expensive and time-consuming and may negatively affect the North America ceiling cassette market.
Moreover, cassette air conditioners usually cost about twice as much as split ACs of similar capacity. In residential homes or smaller rooms, a split AC is likely to be more cost-efficient, as compared to a ceiling cassette air conditioner.
In a multi-story apartment building or business hub, there is no guarantee that its roof will have enough space to install a cassette cooler. If there is no space, other types of air conditioners can be used for better effect. These factors are expected to hamper demand for ceiling cassettes in the residential sector across North America.
“Need for Heating Ventilation and Air Conditioning Systems to Boost Growth”
The U.S. is projected to account for around 73% of the North America ceiling cassette market share in 2022. The country is estimated to create an absolute dollar opportunity worth US$ 2.35 Bn by the end of the forecast period.
Rapid modern urban or suburban development in the U.S. on the back of expansion of the agriculture, transport, manufacturing, and communications sectors is set to drive the market. Around 82% of the population lives in urban areas in the U.S.
Today, however, parts of the Western U.S. are considered to be the most urbanized, the Northeast is highly urbanized, and New York is the most populous city in the country.
Increased urbanization and modernization have resulted in a rising number of high-rise buildings in the U.S. These buildings require efficient heating ventilation and air conditioning systems for moving air indoors and outdoors, which would propel sales of ceiling cassettes in the U.S.
“Infrastructure Development to Push Sales of Slim Cassette Air Conditioners”
Canada is expected to grow at a CAGR of 6.4% and account for more than 12% of the North America ceiling cassette market share by 2032. Increasing shift of people living in Canada towards large cities like Toronto, Montreal, and Vancouver is projected to drive the market.
The Canadian government's planned investment in infrastructure development is also expected to support growth of the country’s construction industry. In June 2022, for instance, the Government of Canada committed more than US$ 180 Billion for infrastructure over 12 years.
It is set to benefit Canadians- right from natural spaces to community services, trading ports to public transit, and energy systems to broadband networks. Similar government initiatives are expected to bode well for the Canada market.
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“Demand for Cassette Ceiling Fans to Surge in the Commercial Sector”
By end use, the commercial segment is projected to dominate the North America ceiling cassette market in the evaluation period. As per FMI, the commercial sector is estimated to account for more than 29% of the market share by 2032.
At present, the maximum amount of energy is utilized in residential and commercial buildings for cooling and heating purposes. Therefore, reducing energy consumption of air conditioners is considered to be the need of the hour to improve energy efficiency from a global perspective.
Further, rapid urbanization and ongoing development of smart cities are pushing the demand for HVAC systems. Owing to the above-mentioned factors, the commercial sector is projected to witness significant growth in the North America ceiling cassette market.
“Ductless Ceiling Air Conditioning Units to Gain Traction in 2022-2032”
The ductless ceiling cassettes segment is set to grow at a CAGR of 4.9% and is estimated to create an absolute dollar opportunity worth US$ 3.18 Bn during the forecast period, finds FMI. These ceiling cassettes are considered to be the ideal solutions for those looking for high comfort and energy efficiency.
Ductless ceiling cassettes are perfect for hospitals, commercial offices, laboratories, conference rooms, and any other setting where low noise is considered to be crucial. These are specially designed for quiet operation above suspended ceilings.
These units offer the versatility of cooling, heating, or both depending on requirements of the room. This adaptability prevents the design from being compromised and can save cost of building renovations owing to the utilization of existing pipes and/or wiring.
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. A few other key players are expanding their reach to enhance sales and service for their customers through distribution networks.
Some of the tier 1 players 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.
| Attribute | Details |
|---|---|
| Estimated Market Size (2022) | US$ 2,141.0 Million |
| Projected Market Valuation (2032) | US$ 3,427.1 Million |
| Value-based CAGR (2022 to 2032) | 4.8% |
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2021 |
| Market Analysis | Value (US$ Million) and Volume (Units) |
| Key Regions Covered | North America |
| Key Countries Covered | The USA, Canada, and Mexico. |
| Key Segments Covered | Cooling Capacity, End Use, Product Type, and Country |
| Key Companies Profiled | Commercial Systems North America (Carrier); Mitsubishi Electric Trane HVAC US LLC; Lennox International, Inc; Daikin North America LLC; Nortek North America HVAC; Carrier Global Corporation; JOHNSON CONTROLS INTERNATIONAL PLC; Gree Electric Appliances Inc.; Panasonic Corporation; Rheem Manufacturing Company; YMGI Group; FUJITSU GENERAL LTD; American Standard Heating & Air Conditioning |
| Report Coverage | Market forecast, brand share analysis, competition intelligence, DROT analysis, market dynamics and challenges, strategic growth initiatives |
The North America ceiling cassette market was valued at US$ 2,054.1 Mn in 2021.
Sales of ceiling cassettes are slated to surge at a CAGR of around 4.8% in North America from 2022 to 2032.
The U.S. is the most lucrative market for ceiling cassettes in North America and is set to hold the highest share of more than 70% by 2032.
Commercial System North America (Carrier), Mitsubishi Electric Trane HVAC US LLC, and Lennox International Inc. are the top 3 ceiling cassette manufacturers that accounted for around 31% of revenue in 2021.
The market for ceiling cassettes is expected to surge at 6.4% CAGR through 2032 in Canada.
1. Executive Summary 1.1. North America Market Outlook 1.2. Demand Side Trends 1.3. Supply Side Trends 1.4. Technology Roadmap 2. Market Overview 2.1. Market Coverage / Taxonomy 2.2. Market Definition / Scope / Limitations 3. Key Market Trends 3.1. Key Trends Impacting the Market 3.2. Innovation / Development Trends 4. Key Success Factors 5. North America Ceiling Cassette Market Demand Analysis 2017-2021 and Forecast, 2022-2032 5.1. Historical Market Volume (Units) Analysis, 2017-2021 5.2. Current and Future Market Volume (Units) Projections, 2022-2032 5.3. Y-o-Y Growth Trend Analysis 6. North America Ceiling Cassette Market - Pricing Analysis 6.1. Pricing Analysis By Rated Power 6.2. Pricing Breakup 7. North America Ceiling Cassette Market Demand (in Value or Size in US$ Mn) Analysis 2017-2021 and Forecast, 2022-2032 7.1. Historical Market Value (US$ Mn) Analysis, 2017-2021 7.2. Current and Future Market Value (US$ Mn) Projections, 2022-2032 7.2.1. Y-o-Y Growth Trend Analysis 7.2.2. Absolute $ Opportunity Analysis 8. Market Background 8.1. Macro-Economic Factors 8.1.1. Industry Value Added (% of GDP) 8.1.2. U.S. Public Construction Sector Growth Outlook 8.1.3. U.S. Private Construction Sector Growth Outlook 8.1.4. U.S. Hotel Industry Market Outlook 8.1.5. North America Urbanization Overview 8.1.6. Air conditioning Overview of Air Conditioning 8.2. Forecast Factors - Relevance & Impact 8.3. Value Chain Analysis 8.4. Impact of COVID – 19 Crisis 8.4.1. Impact on Current Statistics 8.4.2. Short-Mid-Long Term Impact Assessment 8.4.3. Likely Recovery 8.5. Market Dynamics 8.5.1. Drivers 8.5.2. Restraints 8.5.3. Opportunity Analysis 9. North America Ceiling Cassette Market Analysis 2017-2021 and Forecast 2022-2032, By Cooling Capacity 9.1. Introduction / Key Findings 9.2. Historical Market Size (US$ Mn) and Volume Analysis By Cooling Capacity, 2017-2021 9.3. Current and Future Market Size (US$ Mn) and Volume Analysis and Forecast By Cooling Capacity, 2022-2032 9.3.1. Up to 5.8 kW 9.3.2. Between 5.8 to 14 kW 9.3.3. Above 14 kW 9.4. Market Attractiveness Analyses, By Cooling Capacity 10. North America Ceiling Cassette Market Analysis 2017-2021 and Forecast 2022-2032, By End Use 10.1. Introduction / Key Findings 10.2. Historical Market Size (US$ Mn) and Volume Analysis By End Use, 2017-2021 10.3. Current and Future Market Size (US$ Mn) and Volume Analysis and Forecast By End Use, 2022-2032 10.3.1. Residential 10.3.2. Industrial 10.3.3. Commercial 10.3.4. Healthcare 10.3.5. Hospitality 10.3.6. Retail 10.3.7. Others 10.4. Market Attractiveness Analyses, By End Use 11. North America Ceiling Cassette Market Analysis 2017-2021 and Forecast 2022-2032, By Product Type 11.1. Introduction / Key Findings 11.2. Historical Market Size (US$ Mn) and Volume Analysis By Product Type, 2017-2021 11.3. Current and Future Market Size (US$ Mn) and Volume Analysis and Forecast By Product Type, 2022-2032 11.3.1. Ducted Ceiling Cassettes 11.3.2. Ductless Ceiling Cassettes 11.4. Market Attractiveness Analysis By Product Type 12. North America Ceiling Cassette Market Analysis 2017-2021 and Forecast 2022-2032, By Country 12.1. Introduction 12.2. Historical Market Size (US$ Mn) and Volume Analysis By Country, 2017-2021 12.3. Current Market Size (US$ Mn) and Volume Analysis and Forecast By Country, 2022-2032 12.3.1. U.S. 12.3.2. Canada 12.3.3. Mexico 12.4. Market Attractiveness Analysis By Country 13. U.S. Ceiling Cassette Market Analysis 2017-2021 and Forecast 2022-2032 13.1. Introduction 13.2. Historical Market Size (US$ Mn) and Volume Trend Analysis By Market Taxonomy, 2017-2021 13.3. Market Size (US$ Mn) and Volume Forecast By Market Taxonomy, 2022-2032 13.3.1. By Cooling Capacity 13.3.2. By End-Use 13.3.3. By Product Type 14. Canada Ceiling Cassette Market Analysis 2017-2021 and Forecast 2022-2032 14.1. Introduction 14.2. Historical Market Size (US$ Mn) and Volume Trend Analysis By Market Taxonomy, 2017-2021 14.3. Market Size (US$ Mn) and Volume Forecast By Market Taxonomy, 2022-2032 14.3.1. By Cooling Capacity 14.3.2. By End-Use 14.3.3. By Product Type 15. Mexico Ceiling Cassette Market Analysis 2017-2021 and Forecast 2022-2032 15.1. Introduction 15.2. Historical Market Size (US$ Mn) and Volume Trend Analysis By Market Taxonomy, 2017-2021 15.3. Market Size (US$ Mn) and Volume Forecast By Market Taxonomy, 2022-2032 15.3.1. By Cooling Capacity 15.3.2. By End-Use 15.3.3. By Product Type 16. Market Structure Analysis 16.1. Market Analysis by Tier of Companies 16.2. Market Share Analysis of Top Players 16.3. Product Footprint of Key Players 16.3.1. By Regional footprint of Players 16.3.2. Product footprint by Players 17. Competition Analysis 17.1. Competition Dashboard 17.2. Competition Deep Dive – Company Profiles 17.2.1. Carrier Global Corporation 17.2.1.1. Corporate Information 17.2.1.2. Product Portfolio 17.2.1.3. Key Financials and Revenue share of Target product 17.2.1.4. Key Developments 17.2.1.5. SWOT Analysis 17.2.1.6. Strategy Overview 17.2.2. Daikin Industries, Ltd. 17.2.2.1. Corporate Information 17.2.2.2. Product Portfolio 17.2.2.3. Key Financials and Revenue share of Target product 17.2.2.4. Key Developments 17.2.2.5. SWOT Analysis 17.2.2.6. Strategy Overview 17.2.3. JOHNSON CONTROLS INTERNATIONAL PLC 17.2.3.1. Corporate Information 17.2.3.2. Product Portfolio 17.2.3.3. Key Financials and Revenue share of Target product 17.2.3.4. Key Developments 17.2.3.5. SWOT Analysis 17.2.3.6. Strategy Overview 17.2.4. Gree Electric Appliances Inc. 17.2.4.1. Corporate Information 17.2.4.2. Product Portfolio 17.2.4.3. Key Financials and Revenue share of Target product 17.2.4.4. Key Developments 17.2.4.5. SWOT Analysis 17.2.4.6. Strategy Overview 17.2.5. Lennox International, Inc. 17.2.5.1. Corporate Information 17.2.5.2. Product Portfolio 17.2.5.3. Key Financials and Revenue share of Target product 17.2.5.4. Key Developments 17.2.5.5. SWOT Analysis 17.2.5.6. Strategy Overview 17.2.6. Panasonic Corporation 17.2.6.1. Corporate Information 17.2.6.2. Product Portfolio 17.2.6.3. Key Financials and Revenue share of Target product 17.2.6.4. Key Developments 17.2.6.5. SWOT Analysis 17.2.6.6. Strategy Overview 17.2.7. Trane Technologies PLC (1/5) (Mitsubishi Electric Trane HVAC US LLC.) 17.2.7.1. Corporate Information 17.2.7.2. Product Portfolio 17.2.7.3. Key Financials and Revenue share of Target product 17.2.7.4. Key Developments 17.2.7.5. SWOT Analysis 17.2.7.6. Strategy Overview 17.2.8. Rheem Manufacturing Company 17.2.8.1. Corporate Information 17.2.8.2. Product Portfolio 17.2.8.3. Key Financials and Revenue share of Target product 17.2.8.4. Key Developments 17.2.8.5. SWOT Analysis 17.2.8.6. Strategy Overview 17.2.9. YMGI Group 17.2.9.1. Corporate Information 17.2.9.2. Product Portfolio 17.2.9.3. Key Financials and Revenue share of Target product 17.2.9.4. Key Developments 17.2.9.5. SWOT Analysis 17.2.9.6. Strategy Overview 17.2.10. FUJITSU GENERAL LTD. 17.2.10.1. Corporate Information 17.2.10.2. Product Portfolio 17.2.10.3. Key Financials and Revenue share of Target product 17.2.10.4. Key Developments 17.2.10.5. SWOT Analysis 17.2.10.6. Strategy Overview 17.2.11. Nortek Global HVAC 17.2.11.1. Corporate Information 17.2.11.2. Product Portfolio 17.2.11.3. Key Financials and Revenue share of Target product 17.2.11.4. Key Developments 17.2.11.5. SWOT Analysis 17.2.11.6. Strategy Overview 17.2.12. American Standard Heating & Air Conditioning 17.2.12.1. Corporate Information 17.2.12.2. Product Portfolio 17.2.12.3. Key Financials and Revenue share of Target product 17.2.12.4. Key Developments 17.2.12.5. SWOT Analysis 17.2.12.6. Strategy Overview 18. Assumptions and Acronyms Used 19. Research Methodology
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North America Ceiling Cassette Market
