The North America ceiling cassette market is expected to grow at a CAGR of 4.8% in the forecast period (2022-2032) and reach a valuation of US$ 3,427.1 Mn by the end of 2032. Rapid development of urban areas in North America and ongoing technological advancements in the field of air conditioning are projected to drive the market.
Besides, urgent need for energy-efficient ceiling cassettes and high demand from the retail sector are expected to bode well for the North America market. Increasing evolution of healthcare, commercial, and hospitality sectors across the U.S. and Canada is another crucial factor that would influence growth in the assessment period.
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Investors across North America are nowadays renting out commercial properties to individuals or organizations who are further using the space to run their businesses. Industrial, retail, offices, lodging, and amusement are some of the key segments that come under commercial properties.
Further, rising consumer spending is significantly influencing the demand for businesses across North America. As consumers are spending more money, downstream demand for goods and services is rising. It is thus encouraging companies to expand their production capacities. This factor is estimated to push the demand for more retail shops, offices, and warehouses, thereby driving the market.
The majority of the ceiling cassettes come with a built-in energy efficiency feature. Demand for ceiling cassettes is likely to expand at a fast pace stoked by easy availability of advanced heating, ventilation, and air conditioning systems. Compact design, easy installation, straightforward operation, and high process dependability are some of the new features of ceiling cassettes that would propel the global market in the next decade.
Leading market players are engaging in merger and acquisition activities to enhance their inorganic growth, strengthen product development, and expand their supply chain. In addition, these players are acquiring regional manufacturers and dealers to enhance their sales network within North America. A few other companies are investing huge sums to develop new manufacturing facilities for expanding their production capacities.
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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.
More Valuable Insights on North America Ceiling Cassette Market:
The research report analyzes the market demand trend for the North America ceiling cassette. The North America market is based on macroeconomic factors, market trends, & market background. As per Future Market Insights’ research scope, the North America ceiling cassette market report is studied and analyzed in the following segments- cooling capacity (up to 5.8 kW, between 5.8 – 14 kW, and above 14 kW), end use (residential, industrial, commercial, healthcare, hospitality, retail, and others), product type (ducted ceiling cassettes and ductless ceiling cassettes), and countries. The ceiling cassette market report gives us qualitative and quantitative information about the companies.
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Future Market Insights (ESOMAR certified 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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