U.S. HVAC Systems Market Analysis Report By Product Type, End-use, Manufacturer, Statistics, And Growth Forecasts

The U.S. HVAC systems market size is anticipated to reach USD 26.93 billion by 2030, registering a CAGR of 5.6% over the forecast period, according to a new study by Grand View Research, Inc. Diverse and changing climatic conditions across the U.S. remain the prime factor favoring the HVAC equipment demand. Furthermore, to this the U.S. is a large country in terms of a geographic area as such the weather changes from extreme cold to extreme hot throughout the year across states, cities, or coasts, making HVAC installation in residential spaces a mandate. The need to control building temperature irrespective of the outdoor conditions helps the HVAC business thrive in the country. From the supply-side, stringent norms by regulatory bodies in the country to lower power consumption and carbon emission will play a key role in driving the market growth.

U.S. HVAC Systems Market Report Highlights

  • The cooling segment captured the highest revenue share of over 50% in 2021 and is expected to continue growing over the forecast period due to the high demand for ACs
  • The growing real estate sector in the U.S. with the expansion of commercial facilities, such as hotels, restaurants, offices, malls, etc., is expected to drive the demand for HVAC systems in the commercial sector
  • The western region of the U.S. recorded the fastest growth while also capturing the largest market share in 2021. A large population is a major factor that contributed to the segment growth in the same year
  • R&D remains the key focus area for most companies, which will essentially help them offer feature-rich products to the changing consumer demands, particularly in the residential space

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Heating, Ventilation, and Air-Conditioning (HVAC) systems are designed to deliver maximum heating and cooling capacity and help to maintain good indoor air quality through adequate ventilation with filtration and provide thermal comfort and are highly efficient. In the U.S. about 13 million households use heat pumps for heating or cooling and three million heating and cooling systems are replaced every year and billions are spent on services or repairs. They are divided into heating and cooling split systems, hybrid split systems, duct-free or mini-split, packaged heating, and air conditioning system. The impact of COVID-19 on the HVAC system market has been considered to be for a short-to-medium term and lasted from the first quarter of 2020 to its fourth quarter.

U.S. HVAC Systems Market Size By Product
U.S. HVAC Systems Market size, by product

Consumers in recent times are becoming aware of severe threats associated with global warming and hence demand energy-efficient products that keep Greenhouse Gas (GHG) emissions at bay. To further help consumers make informed decisions, the U.S. government offers several tax credit programs that reward consumers who adopt products promoting high energy savings. For this purpose, the Energy Star Program came forth, which essentially aims at giving ratings based on product performance and energy savings. Cut-throat competition in the U.S. market is predominantly because of the strong presence of well-established HVAC vendors in the country.

With strategies to acquire and retain existing customers, several companies in the space are focused on offering cost-effective as well technologically advanced smart products. For instance, innovations in the field of HVAC control systems. Although HVAC is a lucrative market in the U.S., the costs of maintenance and installation have still held the market from reaching its full potential. However, companies are offering discounted repair & maintenance services to attract customers and promote HVAC sales across the country. In addition, government regulations to eliminate the usage of refrigerants, such as R-22 or HCFC-22, in cooling systems are expected to boost the sales of newer systems in the next seven years.

U.S. HVAC Systems Market Insights By Region

On the basis of regions, the market has been sub-segmented into Northeast, Southeast, Midwest, Southwest, and West. The market in the Midwest region of the country accounted for the maximum revenue share. Varied weather conditions in the U.S. throughout the year demand the installation of HVAC systems to maintain ambient indoor temperatures. The western part of the country accounted for a significant revenue share, a trend expected to continue over the long term. On the other hand, the Southeast region is estimated to expand at the fastest growth rate. The demand for industrial HVAC systems in the region is high. The regional market is expected to grow at a significant CAGR.

Competitive Analysis By Major Brands

The industry is competitive and moderately consolidated with vendors with a global presence dominating the space. Research and development, particularly in terms of producing region-specific products aligning with the climatic conditions, will be a key success factor for most players. IoT penetration has increased over the years and consumers are often fascinated by-products that boast the latest features while also being pocket-friendly. A focus on these factors over the short and mid-term will help vendors maintain a profitable level of sales. Companies are also engaging in inorganic growth strategies, such as mergers & acquisitions, strategic partnerships, and geographical expansions, to stay afloat in the competitive market scenario. Some prominent players in the U.S. HVAC systems market include:

  • Carrier Corporation
  • Daikin Industries, Ltd.
  • Emerson Electric Co.
  • Johnson Controls International plc
  • Lennox International, Inc.
  • Trane Technologies

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U.S. HVAC Systems Market Segmentation

Grand View Research has segmented the U.S. HVAC systems market on the basis of product, end-use, and region:

  • S. HVAC Systems Product Outlook (Revenue, USD Billion, 2018 – 2030)
  • S. HVAC Systems End-use Outlook (Revenue, USD Billion, 2018 – 2030)
  • S. HVAC Systems Regional Outlook (Revenue, USD Billion, 2018 – 2030)
  • List of Key Players in U.S. HVAC Systems Market

Research Methodology

We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.

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About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

 

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