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
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.
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.
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.
According to the US Commerce Department, single-family housing rose by 9.5% across the US in July 2023 on a year-on-year basis. In addition, the immigration of people to the US, Canada, and Mexico for graduation and post-graduation courses drives the construction of residential units. A growing residential construction sector, including single-family homes and multi-family units such as apartments and condominiums, leads to soaring demand for HVAC solutions and components such as fan coils. Fan coil units are typically found in apartments, and both single and multi-unit dwellings. Thus, the flourishing residential sector drives the North America fan coil market
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 North America fan coil market players that are profiled in this market study.
The overall North America fan coil market size has been derived using both primary and secondary sources. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the North America fan coil market size. The process also helps obtain an overview and forecast of the market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain analytical insights. This process includes industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the North America fan coil market.
1. Introduction
1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Secondary Research
3.2 Primary Research
3.2.1 Hypothesis formulation:
3.2.2 Macro-economic factor analysis:
3.2.3 Developing base number:
3.2.4 Data Triangulation:
3.2.5 Country level data:
4. North America Fan Coil Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.3.1 Component/Material Suppliers:
4.3.2 Fan Coil Manufacturers:
4.3.3 Suppliers and Authorized Distributors:
4.3.4 End Users:
4.3.5 List of Vendors in Value Chain
5. North America Fan Coil Market – Key Market Dynamics
5.1 North America Fan Coil Market – Key Market Dynamics
5.2 Market Drivers
5.2.1 Flourishing Construction Sector
5.2.2 Rising Data Center Investments
5.2.3 Evolving Energy Efficiency Regulations
5.3 Market Restraints
5.3.1 High Costs of Ownership
5.4 Market Opportunities
5.4.1 Increasing Retrofitting Activities
5.5 Trends
5.5.1 Smart Fan Coil Units
5.5.2 Shift Toward Low-Noise Operations
5.6 Impact of Drivers and Restraints:
6. North America Fan Coil Market Analysis
6.1 North America Fan Coil Market Revenue (US$ Million), 2021–2031
6.2 North America Fan Coil Market Forecast and Analysis
7. North America Fan Coil Market Analysis – by Type
7.1 Vertical Fan Coils
7.1.1 Overview
7.1.2 Vertical Fan Coils: North America Fan Coil Market – Revenue and Forecast to 2031 (US$ Million)
7.2 Horizontal Fan Coils
7.2.1 Overview
7.2.2 Horizontal Fan Coils: North America Fan Coil Market – Revenue and Forecast to 2031 (US$ Million)
7.3 Cassette Fan Coils
7.3.1 Overview
7.3.2 Cassette Fan Coils: North America Fan Coil Market – Revenue and Forecast to 2031 (US$ Million)
7.4 Wall Mounted Fan Coils
7.4.1 Overview
7.4.2 Wall Mounted Fan Coils: North America Fan Coil Market – Revenue and Forecast to 2031 (US$ Million)
7.5 Others
7.5.1 Overview
7.5.2 Others: North America Fan Coil Market – Revenue and Forecast to 2031 (US$ Million)
8. North America Fan Coil Market Analysis – by End User
8.1 Commercial
8.1.1 Overview
8.1.2 Commercial: North America Fan Coil Market – Revenue and Forecast to 2031 (US$ Million)
8.2 Residential
8.2.1 Overview
8.2.2 Residential: North America Fan Coil Market – Revenue and Forecast to 2031 (US$ Million)
8.3 Industrial
8.3.1 Overview
8.3.2 Industrial: North America Fan Coil Market – Revenue and Forecast to 2031 (US$ Million)
9. North America Fan Coil Market – Country Analysis
9.1 North America
9.1.1 North America Fan Coil Market Breakdown by Countries
9.1.2 North America Fan Coil Market Revenue and Forecast and Analysis – by Country
9.1.2.1 North America Fan Coil Market Revenue and Forecast and Analysis – by Country
9.1.2.2 United States: North America Fan Coil Market – Revenue and Forecast to 2031 (US$ Million)
9.1.2.2.1 United States: North America Fan Coil Market Breakdown by Type
9.1.2.2.2 United States: North America Fan Coil Market Breakdown by End User
9.1.2.3 Canada: North America Fan Coil Market – Revenue and Forecast to 2031 (US$ Million)
9.1.2.3.1 Canada: North America Fan Coil Market Breakdown by Type
9.1.2.3.2 Canada: North America Fan Coil Market Breakdown by End User
9.1.2.4 Mexico: North America Fan Coil Market – Revenue and Forecast to 2031 (US$ Million)
9.1.2.4.1 Mexico: North America Fan Coil Market Breakdown by Type
9.1.2.4.2 Mexico: North America Fan Coil Market Breakdown by End User
10. Competitive Landscape
10.1 Heat Map Analysis by Key Players
10.2 Company Positioning & Concentration
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
11.3 Merger and Acquisition
11.4 Product Development
12. Company Profiles
12.1 Carrier Global Corp
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Daikin Industries Ltd
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Johnson Controls International Plc
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 TROX GmbH
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 Swegon Group AB
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Midea Group Co Ltd
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 Zehnder Group AG,
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 Inner-Cool Systems
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 Williams
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
12.10 Ice Air
12.10.1 Key Facts
12.10.2 Business Description
12.10.3 Products and Services
12.10.4 Financial Overview
12.10.5 SWOT Analysis
12.10.6 Key Developments
13. Appendix
13.1 Word Index
13.2 About the Insight Partners
List of Tables
Table 1. North America Fan Coil Market Segmentation
Table 2. List of Vendors
Table 3. US States with Most Construction Spending, 2022
Table 4. Number of Completed Retrofits in Canada
Table 5. North America Fan Coil Market – Revenue and Forecast to 2031 (US$ Million)
Table 6. North America Fan Coil Market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 7. North America Fan Coil Market – Revenue and Forecast to 2031 (US$ Million) – by End User
Table 8. North America Fan Coil Market – Revenue and Forecast to 2031 (US$ Million) – by Country
Table 9. United States: North America Fan Coil Market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 10. United States: North America Fan Coil Market – Revenue and Forecast to 2031 (US$ Million) – by End User
Table 11. Canada: North America Fan Coil Market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 12. Canada: North America Fan Coil Market – Revenue and Forecast to 2031 (US$ Million) – by End User
Table 13. Mexico: North America Fan Coil Market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 14. Mexico: North America Fan Coil Market – Revenue and Forecast to 2031 (US$ Million) – by End User
Table 15. Company Positioning & Concentration
Table 16. List of Abbreviation
List of Figures
Figure 1. North America Fan Coil Market Segmentation, by Country
Figure 2. PEST Analysis
Figure 3. Impact Analysis of Drivers and Restraints
Figure 4. North America Fan Coil Market Revenue (US$ Million), 2021–2031
Figure 5. North America Fan Coil Market Share (%) – by Type, 2023 and 2031
Figure 6. Vertical Fan Coils: North America Fan Coil Market – Revenue and Forecast to 2031 (US$ Million)
Figure 7. Horizontal Fan Coils: North America Fan Coil Market – Revenue and Forecast to 2031 (US$ Million)
Figure 8. Cassette Fan Coils: North America Fan Coil Market – Revenue and Forecast to 2031 (US$ Million)
Figure 9. Wall Mounted Fan Coils: North America Fan Coil Market – Revenue and Forecast to 2031 (US$ Million)
Figure 10. Others: North America Fan Coil Market – Revenue and Forecast to 2031 (US$ Million)
Figure 11. North America Fan Coil Market Share (%) – by End User, 2023 and 2031
Figure 12. Commercial: North America Fan Coil Market – Revenue and Forecast to 2031 (US$ Million)
Figure 13. Residential: North America Fan Coil Market – Revenue and Forecast to 2031 (US$ Million)
Figure 14. Industrial: North America Fan Coil Market – Revenue and Forecast to 2031 (US$ Million)
Figure 15. North America Fan Coil Market Breakdown by Key Countries, 2023 and 2031 (%)
Figure 16. United States: North America Fan Coil Market – Revenue and Forecast to 2031 (US$ Million)
Figure 17. Canada: North America Fan Coil Market – Revenue and Forecast to 2031 (US$ Million)
Figure 18. Mexico: North America Fan Coil Market – Revenue and Forecast to 2031 (US$ Million)
Figure 19. Heat Map Analysis by Key Players
- 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
- Ice Air
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the North America fan coil market
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations such as specific country and segmental insight highlights crucial progressive industry trends in the North America fan coil market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth market trends and outlook coupled with the factors driving the market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution