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HVAC Equipment Market in North America Research Report, Size , Growth, Trends, Opportunity Analysis, Industry Forecast - 2022-2026

  • Published: Oct 2022
  • Pages: 130
  • SKU: IRTNTR74509
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The HVAC equipment market share in North America is expected to increase by USD 10.22 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 5.15%.

The research report provides valuable insights into the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the market segmentation by product (air conditioning equipment, heating equipment, and ventilation equipment) and end-user (non-residential and residential). The North America heating, ventilation, and air conditioning (HVAC) equipment market report also offers information on several market vendors, including A. O. Smith Corp., AAON inc., AB Electrolux, Daikin Industries Ltd, Emerson Electric Co., Fujitsu Ltd., Gree Electric Appliances inc. of Zhuhai, Haier Smart Home Co. Ltd., Hitachi Ltd., Ingersoll Rand inc., Johnson Controls International Plc, Lennox international inc., LG Electronics inc., MIDEA Group Co. Ltd., Nortek inc., Rheem Manufacturing Co., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Seeley International Pty Ltd., and Whirlpool Corp. among others.

What will the HVAC Equipment Market Size in North America be During the Forecast Period?

HVAC Equipment Market in North America Size

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HVAC Equipment Market in North America: Key Drivers, Trends, and Challenges

Changing climatic conditions are notably driving the HVAC equipment market's growth in North America, although factors such as a shortage of skilled labour may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the HVAC equipment market industry in North America. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key North America HVAC Equipment Market Driver

Changing climate conditions is one of the key drivers supporting the North American heating, ventilation, and air conditioning (HVAC) equipment market growth. Heatwaves due to climate change have led to record temperatures across European countries such as Belgium, Germany, and the Netherlands. However, a recent increase in heat waves and rising temperatures in North America has led to an increase in demand for air conditioning and ventilation equipment in the region. Such a significant rise in temperature levels compelled residential buyers in North America to increase the adoption of air-conditioning and ventilation systems for the effective modulation of room temperatures in 2019. Similar rising temperature trends are expected to continue during the forecast period, which is expected to provide high growth opportunities for HVAC equipment vendors in North America.

Key North America HVAC Equipment Market Trend

Smart HVAC equipment is one of the key North American heating, ventilation, and air conditioning (HVAC) equipment market trends contributing to the market growth. A smart HVAC system leverages the networks of HVAC components and other technologies such as IoT. IoT technology allows end-users to remotely control any device that they use every day, whether it is a lamp or a heater. The combination of devices with automated systems helps gather information, process it, and create action. Collected data helps devices learn and perform better in the future. It is becoming increasingly possible to heat buildings during the wintertime without a fire in the fireplace or stove that burns fuel. These technological advances in HVAC equipment will contribute to the market growth in the forecasted period.

Key North America HVAC Equipment Market Challenge

Shortage of skilled labour is one of the factors hindering the North American heating, ventilation, and air conditioning (HVAC) equipment market growth. Growth in the HVAC industry has been on the rise. HVAC businesses are scrambling to keep up with service calls, scheduling, ordering parts, and putting out fires. However, there are fewer resources for hiring or training technicians and the labour pool is shrinking. For instance, The US Bureau of Labor Statistics (BLS) recently estimated that the HVAC technician shortage in the US is around 70,000. There are several obvious reasons for the HVAC technician shortage, such as the ageing of the people working in the HVAC industry in North America and the lack of interest among young people in becoming HVAC technicians to replace the ageing and retiring base of HVAC technicians and installers. Such factors will hamper the growth of the market during the forecast period.

This market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the North American heating, ventilation, and air conditioning (HVAC) equipment market as a part of the global electrical components and equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the market during the forecast period.

Who are the Major North America Heating, Ventilation, and Air Conditioning Equipment Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • A. O. Smith Corp.
  • AAON inc.
  • AB Electrolux
  • Daikin industries Ltd
  • Emerson Electric Co.
  • Fujitsu Ltd.
  • Gree Electric Appliances inc. of Zhuhai
  • Haier Smart Home Co. Ltd.
  • Hitachi Ltd.
  • Ingersoll Rand inc.
  • Johnson Controls International Plc
  • Lennox international inc.
  • LG Electronics inc.
  • MIDEA Group Co. Ltd.
  • Nortek inc.
  • Rheem Manufacturing Co.
  • Robert Bosch GmbH
  • Samsung Electronics Co. Ltd.
  • Seeley International Pty Ltd.
  • Whirlpool Corp.

 

This statistical study of the North American heating, ventilation, and air conditioning equipment market encompasses successful business strategies deployed by the key vendors. The North American heating, ventilation, and air conditioning equipment market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

  • samsung.com - The company offers various HVAC equipment such as WindFree 2.0 and Quantum 2.0.

To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.

The vendor profiles are designed to help clients improve their market position, and information on production and sustainability along with this the report provides a detailed analysis of several leading Companies.

North America Heating, Ventilation, and Air Conditioning Equipment Market Value Chain Analysis

Our in-house experts produce extensive information on the value chain and parent market of the heating, ventilation, and air conditioning equipment market in North America, which vendors can leverage to gain a competitive advantage during the forecast period. The Value Chain information provides an end-to-end understanding of product insight and profit and also optimization and evaluation of business strategies The players across the value chain includes selective data and analysis from entire research findings as per the scope of the report.

What are the Revenue-generating Product Segments in the HVAC Equipment Market in North America?

HVAC Equipment Market in North America Share

To gain insights on the market contribution of various segments Request a PDF Sample

The North American HVAC equipment market share growth in the air conditioning equipment segment will be significant during the forecast period. The efficiency of air conditioning equipment, for example, compressors and air handlers are required to meet a specific standard, which in the US is measured by the seasonal energy efficiency ratio (SEER). The operation of the air conditioning equipment depends on the characteristics of the building or home where the equipment is used. Such factors will boost market growth during the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the North American HVAC equipment market size and actionable market insights on the post-COVID-19 impact on each segment.

 

HVAC Equipment Market in North America Scope

Report Coverage

Details

Page number

130

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 5.15%

Market growth 2022-2026

$10.22 billion

Market structure

Fragmented

YoY growth (%)

3.11

Regional analysis

North America

Key consumer countries

US, Mexico, and Canada

Competitive landscape

Leading companies, Competitive Strategies, Consumer engagement scope

Key companies profiled

A. O. Smith Corp., AAON inc., AB Electrolux, Daikin Industries Ltd, Emerson Electric Co., Fujitsu Ltd., Gree Electric Appliances inc. of Zhuhai, Haier Smart Home Co. Ltd., Hitachi Ltd., Ingersoll Rand inc., Johnson Controls International Plc, Lennox international inc., LG Electronics inc., MIDEA Group Co. Ltd., Nortek inc., Rheem Manufacturing Co., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Seeley International Pty Ltd., and Whirlpool Corp.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this North America Heating, Ventilation, and Air Conditioning Equipment Market Report?

  • CAGR of the market during the forecast period 2022-2026
  • Detailed information on factors that will drive HVAC equipment market growth in North America during the next five years
  • Precise estimation of the HVAC equipment market size in North America  and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behaviour
  • The growth of the HVAC equipment market in industry North America  
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of HVAC equipment market vendors in North America 

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1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Country Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Product
    • Exhibit 06: Executive Summary – Chart on Market Segmentation by End-user
    • Exhibit 07: Executive Summary – Chart on Incremental Growth
    • Exhibit 08: Executive Summary – Data Table on Incremental Growth
    • Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 10: Parent market
    • Exhibit 11: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 12: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 13: Market segments
  • 3.3 Market size 2021
    • 3.4 Market outlook: Forecast for 2021-2026
      • Exhibit 14: Chart on North America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 15: Data Table on Regional - Market size and forecast 2021-2026 ($ million)
      • Exhibit 16: Chart on North America: Year-over-year growth 2021-2026 (%)
      • Exhibit 17: Data Table on Regional - Market size and forecast 2021-2026 ($ million)

    4 Five Forces Analysis

    • 4.1 Five forces summary
      • Exhibit 18: Five forces analysis - Comparison between 2021 and 2026
    • 4.2 Bargaining power of buyers
      • Exhibit 19: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026
    • 4.3 Bargaining power of suppliers
      • Exhibit 20: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
    • 4.4 Threat of new entrants
      • Exhibit 21: Threat of new entrants – Impact of key factors in 2021 and 2026
    • 4.5 Threat of substitutes
      • Exhibit 22: Threat of substitutes – Impact of key factors in 2021 and 2026
    • 4.6 Threat of rivalry
      • Exhibit 23: Threat of rivalry – Impact of key factors in 2021 and 2026
    • 4.7 Market condition
      • Exhibit 24: Chart on Market condition - Five forces 2021 and 2026

    5 Market Segmentation by Product

    • 5.1 Market segments
      • Exhibit 25: Chart on Product - Market share 2021-2026 (%)
      • Exhibit 26: Data Table on Product - Market share 2021-2026 (%)
    • 5.2 Comparison by Product
      • Exhibit 27: Chart on Comparison by Product
      • Exhibit 28: Data Table on Comparison by Product
    • 5.3 Air conditioning equipment - Market size and forecast 2021-2026
      • Exhibit 29: Chart on Air conditioning equipment - Market size and forecast 2021-2026 ($ million)
      • Exhibit 30: Data Table on Air conditioning equipment - Market size and forecast 2021-2026 ($ million)
      • Exhibit 31: Chart on Air conditioning equipment - Year-over-year growth 2021-2026 (%)
      • Exhibit 32: Data Table on Air conditioning equipment - Year-over-year growth 2021-2026 (%)
    • 5.4 Heating equipment - Market size and forecast 2021-2026
      • Exhibit 33: Chart on Heating equipment - Market size and forecast 2021-2026 ($ million)
      • Exhibit 34: Data Table on Heating equipment - Market size and forecast 2021-2026 ($ million)
      • Exhibit 35: Chart on Heating equipment - Year-over-year growth 2021-2026 (%)
      • Exhibit 36: Data Table on Heating equipment - Year-over-year growth 2021-2026 (%)
    • 5.5 Ventilation equipment - Market size and forecast 2021-2026
      • Exhibit 37: Chart on Ventilation equipment - Market size and forecast 2021-2026 ($ million)
      • Exhibit 38: Data Table on Ventilation equipment - Market size and forecast 2021-2026 ($ million)
      • Exhibit 39: Chart on Ventilation equipment - Year-over-year growth 2021-2026 (%)
      • Exhibit 40: Data Table on Ventilation equipment - Year-over-year growth 2021-2026 (%)
    • 5.6 Market opportunity by Product
      • Exhibit 41: Market opportunity by Product ($ million)

    6 Market Segmentation by End-user

    • 6.1 Market segments
      • Exhibit 42: Chart on End-user - Market share 2021-2026 (%)
      • Exhibit 43: Data Table on End-user - Market share 2021-2026 (%)
    • 6.2 Comparison by End-user
      • Exhibit 44: Chart on Comparison by End-user
      • Exhibit 45: Data Table on Comparison by End-user
    • 6.3 Non-residential - Market size and forecast 2021-2026
      • Exhibit 46: Chart on Non-residential - Market size and forecast 2021-2026 ($ million)
      • Exhibit 47: Data Table on Non-residential - Market size and forecast 2021-2026 ($ million)
      • Exhibit 48: Chart on Non-residential - Year-over-year growth 2021-2026 (%)
      • Exhibit 49: Data Table on Non-residential - Year-over-year growth 2021-2026 (%)
    • 6.4 Residential - Market size and forecast 2021-2026
      • Exhibit 50: Chart on Residential - Market size and forecast 2021-2026 ($ million)
      • Exhibit 51: Data Table on Residential - Market size and forecast 2021-2026 ($ million)
      • Exhibit 52: Chart on Residential - Year-over-year growth 2021-2026 (%)
      • Exhibit 53: Data Table on Residential - Year-over-year growth 2021-2026 (%)
    • 6.5 Market opportunity by End-user
      • Exhibit 54: Market opportunity by End-user ($ million)

    7 Customer Landscape

    • 7.1 Customer landscape overview
      • Exhibit 55: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    8 Geographic Landscape

    • 8.1 Geographic segmentation
      • Exhibit 56: Chart on Market share by geography - 2021-2026 (%)
      • Exhibit 57: Data Table on Market share by geography - 2021-2026 (%)
    • 8.2 Geographic comparison
      • Exhibit 58: Chart on Geographic comparison
      • Exhibit 59: Data Table on Geographic comparison
    • 8.3 US - Market size and forecast 2021-2026
      • Exhibit 60: Chart on US - Market size and forecast 2021-2026 ($ million)
      • Exhibit 61: Data Table on US - Market size and forecast 2021-2026 ($ million)
      • Exhibit 62: Chart on US - Year-over-year growth 2021-2026 (%)
      • Exhibit 63: Data Table on US - Year-over-year growth 2021-2026 (%)
    • 8.4 Mexico - Market size and forecast 2021-2026
      • Exhibit 64: Chart on Mexico - Market size and forecast 2021-2026 ($ million)
      • Exhibit 65: Data Table on Mexico - Market size and forecast 2021-2026 ($ million)
      • Exhibit 66: Chart on Mexico - Year-over-year growth 2021-2026 (%)
      • Exhibit 67: Data Table on Mexico - Year-over-year growth 2021-2026 (%)
    • 8.5 Canada - Market size and forecast 2021-2026
      • Exhibit 68: Chart on Canada - Market size and forecast 2021-2026 ($ million)
      • Exhibit 69: Data Table on Canada - Market size and forecast 2021-2026 ($ million)
      • Exhibit 70: Chart on Canada - Year-over-year growth 2021-2026 (%)
      • Exhibit 71: Data Table on Canada - Year-over-year growth 2021-2026 (%)
    • 8.6 Market opportunity by geography
      • Exhibit 72: Market opportunity by geography ($ million)

    9 Drivers, Challenges, and Trends

    • 9.1 Market drivers
      • 9.2 Market challenges
        • 9.3 Impact of drivers and challenges
          • Exhibit 73: Impact of drivers and challenges in 2021 and 2026
        • 9.4 Market trends

          10 Vendor Landscape

          • 10.1 Overview
            • 10.2 Vendor landscape
              • Exhibit 74: Overview on Criticality of inputs and Factors of differentiation
            • 10.3 Landscape disruption
              • Exhibit 75: Overview on factors of disruption
            • 10.4 Industry risks
              • Exhibit 76: Impact of key risks on business

            11 Vendor Analysis

            • 11.1 Vendors covered
              • Exhibit 77: Vendors covered
            • 11.2 Market positioning of vendors
              • Exhibit 78: Matrix on vendor position and classification
            • 11.3 Daikin Industries Ltd
              • Exhibit 79: Daikin Industries Ltd - Overview
              • Exhibit 80: Daikin Industries Ltd - Business segments
              • Exhibit 81: Daikin Industries Ltd - Key news
              • Exhibit 82: Daikin Industries Ltd - Key offerings
              • Exhibit 83: Daikin Industries Ltd - Segment focus
            • 11.4 Fujitsu Ltd.
              • Exhibit 84: Fujitsu Ltd. - Overview
              • Exhibit 85: Fujitsu Ltd. - Business segments
              • Exhibit 86: Fujitsu Ltd. - Key offerings
              • Exhibit 87: Fujitsu Ltd. - Segment focus
            • 11.5 Gree Electric Appliances Inc. of Zhuhai
              • Exhibit 88: Gree Electric Appliances Inc. of Zhuhai - Overview
              • Exhibit 89: Gree Electric Appliances Inc. of Zhuhai - Product / Service
              • Exhibit 90: Gree Electric Appliances Inc. of Zhuhai - Key offerings
            • 11.6 Haier Smart Home Co. Ltd.
              • Exhibit 91: Haier Smart Home Co. Ltd. - Overview
              • Exhibit 92: Haier Smart Home Co. Ltd. - Business segments
              • Exhibit 93: Haier Smart Home Co. Ltd. - Key offerings
              • Exhibit 94: Haier Smart Home Co. Ltd. - Segment focus
            • 11.7 Hitachi Ltd.
              • Exhibit 95: Hitachi Ltd. - Overview
              • Exhibit 96: Hitachi Ltd. - Business segments
              • Exhibit 97: Hitachi Ltd. - Key news
              • Exhibit 98: Hitachi Ltd. - Key offerings
              • Exhibit 99: Hitachi Ltd. - Segment focus
            • 11.8 Johnson Controls International Plc
              • Exhibit 100: Johnson Controls International Plc - Overview
              • Exhibit 101: Johnson Controls International Plc - Business segments
              • Exhibit 102: Johnson Controls International Plc - Key news
              • Exhibit 103: Johnson Controls International Plc - Key offerings
              • Exhibit 104: Johnson Controls International Plc - Segment focus
            • 11.9 LG Electronics Inc.
              • Exhibit 105: LG Electronics Inc. - Overview
              • Exhibit 106: LG Electronics Inc. - Business segments
              • Exhibit 107: LG Electronics Inc. - Key news
              • Exhibit 108: LG Electronics Inc. - Key offerings
              • Exhibit 109: LG Electronics Inc. - Segment focus
            • 11.10 MIDEA Group Co. Ltd.
              • Exhibit 110: MIDEA Group Co. Ltd. - Overview
              • Exhibit 111: MIDEA Group Co. Ltd. - Business segments
              • Exhibit 112: MIDEA Group Co. Ltd. - Key offerings
              • Exhibit 113: MIDEA Group Co. Ltd. - Segment focus
            • 11.11 Robert Bosch GmbH
              • Exhibit 114: Robert Bosch GmbH - Overview
              • Exhibit 115: Robert Bosch GmbH - Business segments
              • Exhibit 116: Robert Bosch GmbH - Key news
              • Exhibit 117: Robert Bosch GmbH - Key offerings
              • Exhibit 118: Robert Bosch GmbH - Segment focus
            • 11.12 Samsung Electronics Co. Ltd.
              • Exhibit 119: Samsung Electronics Co. Ltd. - Overview
              • Exhibit 120: Samsung Electronics Co. Ltd. - Business segments
              • Exhibit 121: Samsung Electronics Co. Ltd. - Key news
              • Exhibit 122: Samsung Electronics Co. Ltd. - Key offerings
              • Exhibit 123: Samsung Electronics Co. Ltd. - Segment focus

            12 Appendix

            • 12.1 Scope of the report
              • 12.2 Inclusions and exclusions checklist
                • Exhibit 124: Inclusions checklist
                • Exhibit 125: Exclusions checklist
              • 12.3 Currency conversion rates for US$
                • Exhibit 126: Currency conversion rates for US$
              • 12.4 Research methodology
                • Exhibit 127: Research methodology
                • Exhibit 128: Validation techniques employed for market sizing
                • Exhibit 129: Information sources
              • 12.5 List of abbreviations
                • Exhibit 130: List of abbreviations

              Research Framework

              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

              TechnavioINFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases
              Technavio

              TechnavioDATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts
              Technavio

              TechnavioREPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape
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              HVAC Equipment market growth will increase by $10228.83 million during 2022-2026.
              The hvac equipment market is expected to grow at a CAGR of 5.15% during 2022-2026.
              Technavio has segmented the hvac equipment market by product (Air conditioning equipment, Heating equipment, and Ventilation equipment) and geographic (North America).
              A. O. Smith Corp., AAON Inc., AB Electrolux, Daikin Industries Ltd, Emerson Electric Co., Fujitsu Ltd., Gree Electric Appliances Inc. of Zhuhai, Haier Smart Home Co. Ltd., Hitachi Ltd., Ingersoll Rand Inc., Johnson Controls International Plc, Lennox International Inc., LG Electronics Inc., MIDEA Group Co. Ltd., Nortek Inc., Rheem Manufacturing Co., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Seeley International Pty Ltd., Whirlpool Corp. are a few of the key vendors in the hvac equipment market.
              North America will register the highest growth rate of 100% among the other regions. Therefore, the hvac equipment market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
              The key factors driving the hvac equipment market growth are:
              • Changing climate condition
              • Smart HVAC equipment
              The hvac equipment market vendors should focus on grabbing business opportunities from the air conditioning equipment segment as it accounted for the largest market share in the base year.
              • What are the key global market and the regional market share?
              • What are the revenue-generating key market segments?
              • What are the key factors driving and challenging this market’s growth?
              • Who are the key market vendors and their growth strategies?
              • What are the latest trends influencing the growth of this market?
              • What are the variables influencing the market growth in the primary regions?
              • What are the factors influencing the growth of the parent market?
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              • Five-force market analysis

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