Report : North America Fan Coil Market Size and Forecast (2021 - 2031), Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Vertical Fan Coils, Horizontal Fan Coils, Cassette Fan Coils, Wall Mounted Fan Coils, and Others), End User (Commercial, Residential, and Industrial), and Country
According to our latest study, “North America Fan Coil Market Size and Forecast (2021–2031), Global and Regional Share, Trend, and Growth Opportunity Analysis – by Type, End User, and Country," the market was valued at US$ 754.37 million in 2023 and is projected to reach US$ 1,139.14 million by 2031; it is estimated to record a CAGR of 5.3% from 2023 to 2031. The report includes growth prospects owing to the current North America fan coil market trends and their foreseeable impact during the forecast period.
The demand for data centers is increasing with the rise of cloud computing, emergence of artificial intelligence (AI), augmentation of social media and OTT services, increasing preference for digitization, adoption of the remote work model, and expanding reach of IoT and data analytics. As consumers and businesses produce vast volumes of data than ever before and AI requires higher processing power to train more complex models, businesses are making significant investments in developing the infrastructure for the storage, processing, and distribution of this data.
- In January 2024, Vantage Data Centers, a globally leading provider of hyperscale data center campuses, announced a US$ 6.4 billion equity investment led by investment vehicles managed by DigitalBridge Group, Inc. These investments focus on accelerating and extending the strategic capabilities of Vantage across North America, Europe, the Middle East, and Africa to partner with global hyperscale data centers in meeting unprecedented cloud and AI demands.
- As per the announcement made by NTT DATA, a global leader in digital business and IT services, in February 2024, TC Global Investments Americas LLC (a group company of Tokyo Century Corporation) has invested in NTT Global Data Centers data center business in Chicago, Illinois. The campus will consist of 3 data centers and deliver a total of 104 MW critical IT capacity.
- In October 2024, Equinix announced a joint venture with GIC (Singapore's sovereign wealth fund) and Canada Pension Plan Investment Board with a goal to raise more than US$ 15 billion in capital. Equinix and its partners will use the capital to expand the US footprint of their hyperscale data centers, offering massive networking capacity.
As data centers evolve to handle higher power densities and increased heat loads, efficient temperature management becomes crucial to prevent equipment overheating and ensure reliable operations. In such a scenario, fan coils offer a flexible solution that provides essential cooling solutions for high-density computing environments. Thus, increasing investments in data centers also bolster the North America fan coil market growth in the future.
North America Fan Coil Market Analysis, by Key Countries, 2023 and 2031 (%)
Source: Business Market Insights Analysis
Carrier Global Corp, Daikin Industries Ltd, Johnson Controls International Plc, TROX GmbH, Swegon Group AB, Midea Group Co Ltd, Zehnder Group AG, Inner-Cool Systems, Williams, and Ice Air are among the key players profiled in the North America fan coil market report. Several other major players were also studied and analyzed during the market study to get a holistic view of the market and its ecosystem.
The report includes the North America fan coil market forecast by type and end user. Based on type, the market is segmented into cassette fan coils, horizontal fan coils, vertical fan coils, wall-mounted fan coils, and others. In terms of revenue, the vertical fan coils segment held the largest North America fan coil market share in 2023, and it is expected to record the highest CAGR during the forecast period.
The scope of the North America fan coil market report focuses on the US, Canada, and Mexico. The US accounted for the largest the North America fan coil market share in 2023, followed by Canada and Mexico, respectively. Construction is one of the exponentially growing industries in North America. Government bodies in the US, Canada, and Mexico are investing substantially in developing commercial infrastructures, including airports, hospitals, hotels, office buildings, and universities. According to the Associated Builders and Contractors analysis of data by the US Census Bureau, national nonresidential construction spending increased by 0.4% in August 2023. Similarly, as per the Q3 2024 US Hotel Construction Pipeline Trend Report from Lodging Econometrics, the total construction pipeline in the US stands at 6,211 projects/722,821 rooms, recording a year-on-year (YoY) increase of 9% by projects and 7% by rooms. With the burgeoning number of infrastructural projects, builders pioneering modern technologies emphasize the implementation of advanced cooling and heating technologies, which drives the demand for fan coil units.
Key companies operating in the North America fan coil market are launching new products to meet the evolving consumer demands. In September 2023, Daikin announced the launch of the new FWC-D 3 × 3 Cassette fan coil unit. This product line features a BLDC fan motor and "open protocol" control capability. This product line, along with the FWF-D 2 × 2 range, completes the new BLDC Cassette lineup of Daikin. The BLDC fan-motor offers significant advantages in terms of reduced power consumption and lower noise levels. The cooling capacity of its BLDC cassette lineup is associated with a power consumption of 6–9.7 kW, and the products are available in two-panel layouts: standard and design panel.
Contact Us
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id: sales@businessmarketinsights.com