Fan Coil Market in North America Market Share, Industry Analysis and Top Manufactures Industry Trends and Forecast to 2031

The North America Fan Coil Market size was valued at US$ 754.37 million in 2023 and is expected to reach US$ 1139.14 million by 2031. The market is estimated to record a CAGR of 5.3% from 2023 to 2031.

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The North America fan coil market is segmented into the US, Canada, and Mexico. In terms of revenue, in 2023, the US held the largest share of the market. The market in North America is expected to witness significant growth during the forecast period owing to factors such as the increasing demand for energy-efficient HVAC solutions in commercial and residential buildings, including hotels, offices, hospitals, and multi-family residential complexes. The rising adoption of fan coil units can be attributed to their ability to provide individual zone temperature control and relatively compact size. The increasing number of housing projects with high construction spending, fast urbanization, and rising disposable income also favors the growth of the North America fan coil market growth in North America. Stringent government regulations such as ASHRAE (American Society of Heating, Refrigerating, and Air-Conditioning Engineers) and requirements outlined in building codes also contribute to the market.

Analysis of the Top Market Players:

1. Carrier Global Corp
2. Daikin Industries Ltd
3. Johnson Controls International Plc
4. TROX GmbH
5. Swegon Group AB
6. Midea Group Co Ltd
7. Zehnder Group AG
8. Inner-Cool Systems
9. Williams
10. Ice Air

In this report, the market has been segmented on the basis of:

Type (Vertical Fan Coils, Horizontal Fan Coils, Cassette Fan Coils, Wall Mounted Fan Coils, and Others),

End User (Commercial, Residential, and Industrial), and Country

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Based on end user, the North America fan coil market is segmented into commercial, residential, and industrial. The commercial segment held the largest North America fan coil market share. Commercial buildings include office buildings, retail spaces, warehouses, and more. Soaring urbanization, population growth, and demand for modern architecture are the key factors driving the growth of the commercial sector in North America. Its growth further leads to the increased demand for HVAC systems, including fan coil units. New infrastructure requires efficient climate control solutions to ensure occupant comfort and staff productivity. Moreover, the existing infrastructures are retrofitted or renovated with the installation of modern and energy-efficient HVAC systems, which further generates the requirement for fan coils.

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