PUBLISHED DATE : Nov 2020 | Pages : 207
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U.S. HVAC Market Size, Share, Trends Analysis Report by Equipment (Air Conditioning (RAC, CAC, and Heat Exchangers, and Others), Ventilation (Air Handling Units, Air Filters, Humidifiers and Dehumidifiers, Fan Coil Units, and Others), Heating (Furnace, Heat Pump, Boiler Units and Others)), Application (Residential and Commercial (Office Space, Airports & Public Spaces, Hospitality, Healthcare Facilities, and Industrial & Others), and Geography (US), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020-2025
207 Pages
38 Tables
64 Charts
4 Regions
1 Countries
21 Companies
3 Market Segment
| Report Attribute | Details |
|---|---|
| Market Size (REVENUE) | USD 37 BILLION (2025) |
| CAGR | 4% (2020-2025) |
| Base Year | 2019 |
| Forecast Year | 2020-2025 |
| Market Segments | Equipment (Air Conditioning (RAC, CAC, Chillers, Heat Exchangers, and Others), Ventilation (Air Handling Units, Air Filters, Humidifiers and Dehumidifiers, Fan Coil Units, and Others), Heating (Furnace, Heat Pump, Boiler Units and Others)), Application (Residential and Commercial (Office Space, Airports & Public Spaces, Hospitality, Healthcare Facilities, and Industrial & Others) |
| Geographic Analysis | United States |
| Countries Covered | South, West, North-East, and Mid-West United States |
Like the global air conditioners market, the U.S. HVAC market is undergoing tremendous modifications due to the increasing integration of IoT technology with HVAC products, which is making them smarter and more accessible. The emphasis on connecting several sensors within building ecosystems, including HVAC, has grown for achieving energy efficiency. HVAC systems are loaded with sensors that essentially “talk” with each other across several systems and are thereby truly intelligent. Digital sensors are increasingly replacing analog ones as the former can bring wiring costs considerably down through wireless communication and offer automatic reconfiguration advantage, hot-swap capabilities, and plug-and-play installation. Several key air-conditioners and heating equipment manufacturers have introduced smart applications with voice assistance features. Therefore, the increasing collaboration between IoT and HVAV technology offers high visibility into energy usage trends and helps to further improve and simplify operational efficiency, which is expected to augur well for the market growth.
U.S. HVAC research report includes a detailed segmentation by
The air conditioning segment is expected to reach a revenue share of over $23 billion by 2025. The US air conditioner market is characterized by domestic and globally established vendors. Although a majority of regions in the US are witnessing harsh winter climates throughout the year, the demand for air-conditioners is seasonal. Among the subsegments, the room air conditioning (RAC) segment is likely to contribute maximum revenue to the market. Over 60% households in the US have central ducted air-conditioning systems for whole home cooling, with Southern homes having a high concentration of central AC and North Eastern tending to have wall or window air conditioners. The segment is projected to observe steady revenue contributions from commercial air conditioners (CAC), chillers, and heat exchangers.
The increase in heating equipment installations in residential and commercial buildings across the country is expected to drive the market during the forecast period. The residential consumption of heat pumps holds a major share in the sale’s volume of heating equipment owing to the rapid increasing construction of dwelling units. Manufacturers are increasing their key focus to increase their operation in retail service units to provide post purchase services. In terms of revenue, furnace, heat pumps, and boiler units are expected to influence the segment growth.
The increased health awareness has led to growth in spend on ventilation products, particularly on the residential space, which is driving the revenue share of ventilation products. Several manufacturers in the ventilation equipment market are incorporating state-of-art technology to gain an upper hand in the cross competition with air-conditioners and heating equipment that are manufactured with inbuilt ventilation fans. A majority of ventilation equipment manufacturers is expected to increase the focus on products that can help to reduce the prevalence of pathogens.
The application segment of the U.S. HVAC market has severely hit since the outbreak of the COVID-19 pandemic. In Q2 2020, majority of construction projects in Northeast and Southern regions were affected with a high risk of lag in operations. Most projects had been shut down due to the unavailability of employees and construction supplies. However, a lot of states have returned to some degree of normalcy, particularly in Massachusetts, New York, Pennsylvania, New Jersey, Texas, and California, with several large-scale constructions resuming construction works post lockdown, the segment is expected to grow. The pandemic brought more demand for residential products causing a spike as a high number of people stayed at homes.
The commercial segment has been disrupted worse than the residential market owing to the crisis in hospitality, retail, business, universities due to the cancellation or delayed construction. While the first few months recorded a smaller decline in demand, the reminder of the year is anticipated to get worse. The renewal of service agreements between HVAC contractors and customers is expected to be delayed, thereby estimating to affect the sale revenue for the HVAC market exponentially. Currently, there is a movement toward replacement demand as opposed to new builds. However, where construction is new and renovations wider in scope, buildings are largely designed for high performance and more rentable space, which means tighter building envelopes and efficiency in HVAC.
The southern US recorded the largest sale of HVAC services and revenues in 2019. This can be mainly attributed to the fact that the cities and towns in the region experience a varying weather condition. The construction industry in south had experienced a major growth in residential and commercial units with a growth rate of over 6% in 2019, creating a high demand for efficient heating and cooling solutions in residential, industrial, and commercial buildings, according to the National Association of Home Builders. Therefore, the need for HVAC remains consistently high in this part of the country and all new single-family households in the region are built with CACs. The number of residential housing units has been increasing at a rapid pace in major states such as Texas, Florida, Carolina, Arizona, and Oklahoma. Cities such as Atlanta, Georgia; Austin, Texas; Phoenix, Arizona are high-growth metros in terms of employment, households, and multifamily demand with highly active construction, showing a lot of potential for the market.
The U.S. HVAC market is highly competitive and characterized by a number of small and medium-scale players along with several established manufacturers. Majority of players in the US market are focusing in expanding customer base and business operations across the country. These established companies are leveraging on strategic collaborations and innovative initiatives in order to increase their profitability and market share. Companies operating in the US market have increasingly in recent years acquired start-ups to strengthen their product capabilities. In recent years, the HVAC market in US has moved toward smart technology and high level IoT integrations.
By Equipment
By Application
By Geography
Frequently Asked Questions
What is the HVAC market size and growth rate during the forecast period?
The U.S. HVAC market size to reach USD 37 billion by 2025, growing at a CAGR of close to 4% during the forecast period.
What are the factors affecting the growth of the U.S. HVAC market share?
Increased availability of Smart HVAC and changing climate emergencies and shifting weather patterns are expected to drive the demand for HVAC systems across the US during the forecast period.
What are the drivers, trends, and restraints in the U.S. HVAC market?
The following factors are likely to contribute to the growth of the U.S. HVAC market during the forecast period: Increasing Demand for Smart HVAC Growing Popularity of Annual Maintenance Contract Increasing End-user Applications Increasing Concerns for Energy Efficiency
Who are the leading vendors in the U.S. HVAC market, and what are their market shares?
The leading vendors in the US HVAC market are: Daikin, Lennox International, Mitsubishi Electric, Johnson Controls, Zehnder, Danfoss, Ingersoll Rand, Carrier, and Honeywell
What is the impact of the COVID-19 pandemic on the U.S. HVAC market share?
The United States is one of the adversely affected countries in terms of the number of infected patients and economic slowdown due to the COVID-19 pandemic. Therefore, several large established players in the market are experiencing high losses due to lag in the supply chain and shipment of products. Although a few states in the United States have managed to contain the spread of COVID-19, the impact on the U.S. HVAC market is expected to be felt as vendors depend on raw material procurement from neighboring countries.
The U.S. HVAC market by revenue is expected to grow at a CAGR of close to 4% during the period 2019–2025.
The following factors are likely to contribute to the growth of the U.S. HVAC market during the forecast period:
Base Year: 2019
Forecast Year: 2020–2025
The study considers the present scenario of the U.S. HVAC market and its market dynamics for the period 2019−2025. It covers a detailed overview of several market growth enablers, restraints, and trends. The report offers both the demand and supply aspect of the market. It profiles and examines leading companies and other prominent ones operating in the market.
Prominent Vendors
Other Prominent Vendors
By Equipment
By APpplication
By Geography
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.1.1 Inclusions
4.1.2 Exclusions
4.2 Base Year
4.3 Scope Of The Study
4.3.1 Market Segmentation by Equipment
4.3.2 Market Segmentation by Application
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Market at a Glance
7 Introduction
7.1 Overview
7.2 COVID-19 Impact
7.2.1 Construction Industry
8 Market Opportunities & Trends
8.1 Smart HVAC Becoming the New Norm
8.2 Systems Go Ductless
8.3 Zoning into Zoning
8.4 Conducive Environment for Contractors
9 Market Growth Enablers
9.1 Energy Economy Spawns Upgrades
9.2 Renewed Focus on Comfort, Functionality, and Health
9.3 Home Improvement Cycles and Housing Boom
9.4 Climbing Climate Emergencies and Shifting weather patterns
10 Market Restraints
10.1 Phasedowns, Standards, and Regulations in Constant Flux
10.2 Intractable Data Security Issues
10.3 Inadequate Workforce
10.4 Lack of Sufficient Disruption
11 Market Landscape
11.1 Market Overview
11.2 Market Size & Forecast
11.3 Five Forces Analysis
11.3.1 Threat of New Entrants
11.3.2 Bargaining Power of Suppliers
11.3.3 Bargaining Power of Buyers
11.3.4 Threat of Substitutes
11.3.5 Competitive Rivalry
12 Equipment
12.1 Market Snapshot & Growth Engine
12.2 Market Overview
13 Air Conditioning
13.1 Market Snapshot & Growth Engine
13.2 Market Overview
13.2.1 Market Size & Forecast
13.3 RAC
13.3.1 Market Size & Forecast
13.4 CAC
13.4.1 Market Size & Forecast
13.5 Chillers
13.5.1 Market Size & Forecast
13.6 Heat Exchangers
13.6.1 Market Size & Forecast
13.7 Others
13.7.1 Market Size & Forecast
14 Heating
14.1 Market Snapshot & Growth Engine
14.2 Market Overview
14.2.1 Market Size & Forecast
14.3 FURNACE
14.3.1 Market Size & Forecast
14.4 HEAT PUMP
14.4.1 Market Size & Forecast
14.5 BOILER UNITS
14.5.1 Market Size & Forecast
14.6 OTHERS
14.6.1 Market Size & Forecast
15 Ventilation
15.1 Market Snapshot & Growth Engine
15.2 Market Overview
15.2.1 Market Size & Forecast
15.3 Air Handling Units
15.3.1 Market Size & Forecast
15.4 Air Filters
15.4.1 Market Size & Forecast
15.5 Humidifiers And Dehumidifiers
15.5.1 Market Size & Forecast
15.6 Fan Coil Units
15.6.1 Market Size & Forecast
15.7 Others
15.7.1 Market Size & Forecast
16 Application
16.1 Market Snapshot & Growth Engine
16.2 Market Overview
17 Residential
17.1 Market Size & Forecast
18 Commercial
18.1 Market Snapshot & Growth Engine
18.2 Market Size & Forecast
18.3 Office Spaces
18.3.1 Market Size & Forecast
18.4 Airports & Public Spaces
18.4.1 Market Size & Forecast
18.5 Hospitality
18.5.1 Market Size & Forecast
18.6 Healthcare Facilities
18.6.1 Market Size & Forecast
18.7 Industrial And Others
18.7.1 Market Size & Forecast
19 Region
19.1 Market Snapshot & Growth Engine
19.2 Geographic Overview
19.3 South
19.3.1 Market Size & Forecast
19.4 WEST
19.4.1 Market Size & Forecast
19.5 MID-WEST
19.5.1 Market Size & Forecast
19.6 NORTH-EAST
19.6.1 Market Size & Forecast
20 Competitive Landscape
20.1 Competition Overview
20.1 Market Ranking Analysis
21 Key Company Profiles
21.1 Daikin
21.1.1 Business Overview
21.1.2 Product Offerings
21.1.3 Key Strategies
21.1.4 Key Strengths
21.1.5 Key Opportunities
21.2 Carrier
21.2.1 Business Overview
21.2.2 Product Offerings
21.2.3 Key Strategies
21.2.4 Key Strengths
21.2.5 Key Opportunity
21.3 Ingersoll Rand
21.3.1 Business Overview
21.3.2 Product Offerings
21.3.3 Key Strategies
21.3.4 Key Strengths
21.3.5 Key Opportunity
21.4 Lennox International
21.4.1 Business Overview
21.4.2 Product Offerings
21.4.3 Key Strategies
21.4.4 Key Strengths
21.4.5 Key Opportunity
22 Other Prominent Vendors
22.1 Mitsubishi Electric
22.1.1 Business Overview
22.1.2 Product Offerings
22.1.3 Key Strategies
22.1.4 Key Strengths
22.2 Johnson Controls
22.2.1 Business Overview
22.2.2 Product Offerings
22.2.3 Key Strategies
22.2.4 Key Strengths
22.3 Danfoss
22.3.1 Business Overview
22.3.2 Product Offerings
22.3.3 Key Strategies
22.3.4 Key Strengths
22.4 Honeywell
22.4.1 Business Overview
22.4.2 Product Offerings
22.4.3 Key Strategy
22.4.4 Key Strengths
22.5 Rheem Manufacturing
22.5.1 Business Overview
22.5.2 Product Offerings
22.5.3 Key Strategies
22.5.4 Key Strengths
22.6 Nortek Air Solutions
22.6.1 Business Overview
22.6.2 Product Offerings
22.6.3 Key Strategies
22.6.4 Key Strengths
22.7 Fujitsu America
22.7.1 Business Overview
22.7.2 Product Offerings
22.7.3 Key Strategies
22.7.4 Key Strengths
22.8 Dunham Bush
22.8.1 Business Overview
22.8.2 Product Offerings
22.8.3 Key Strategies
22.8.4 Key Strengths
22.9 TCL
22.9.1 Business Overview
22.9.2 Product Offerings
22.9.3 Key Strategies
22.9.4 Key Strengths
22.10 Camfil
22.10.1 Business Overview
22.10.2 Product Offerings
22.10.3 Key Strategies
22.11 ONDA
22.11.1 Business Overview
22.11.2 Product Offerings
22.11.3 Key Strategy
22.11.4 Key Strength
22.12 Backer Springfield
22.12.1 Business Overview
22.12.2 Product Offerings
22.12.3 Key Strategy
22.12.4 Key Strength
22.13 Soler & Palau
22.13.1 Business Overview
22.13.2 Product Offerings
22.13.3 Key Strategies
22.13.4 Key Strengths
22.14 Hitachi
22.14.1 Business Overview
22.14.2 Product Offerings
22.14.3 Key Strategy
22.14.4 Key Strength
22.15 Alfa Laval
22.15.1 Business Overview
22.15.2 Product Offerings
22.15.3 Key Strategies
22.15.4 Key Strengths
22.16 LG Electronics
22.16.1 Business Overview
22.16.2 Product Offerings
22.16.3 Key Strategies
22.16.4 Key Strengths
22.17 Zehnder
22.17.1 Business Overview
22.17.2 Product Offerings
22.17.3 Key Strategies
22.17.4 Key Strengths
23 Report Summary
23.1 Key Takeaways
23.2 Strategic Recommendations
24 Quantitative Summary
24.1 Market By Geography
24.1.1 Market Size & Forecast
24.2 Market By Equipment
24.2.1 Market Size & Forecast
24.3 Market By Ac Equipment
24.3.1 Market Size & Forecast
24.4 Market By Heating Equipment
24.4.1 Market Size & Forecast
24.5 Market By Ventilation Equipment
24.5.1 Market Size & Forecast
24.6 Market By Application
24.6.1 Market Size & Forecast
24.7 Market By Commercial Application
24.7.1 Market Size & Forecast
25 Appendix
25.1 Abbreviations
List of Exhibits
Exhibit 1 Segmentation of HVAC Market in US
Exhibit 2 Market Size Calculation Approach 2019
Exhibit 3 Quarterly Review of the Market in 2020
Exhibit 4 Impact of Smart HVAC Becoming the New Norm
Exhibit 5 The Case for the Growth of Smart HVAC
Exhibit 6 Impact of Systems Go Ductless
Exhibit 7 Impact of Zoning into Zoning
Exhibit 8 Impact of Conducive Environment for Contractors
Exhibit 9 Impact of Energy Economy Spawns Upgrades
Exhibit 10 Impact of Renewed Focus on Comfort, Functionality, and Health
Exhibit 11 The Case for Clean Air 2020
Exhibit 12 Impact of Home Improvement Cycles and Housing Boom
Exhibit 13 Home Sales, Mortgage, and Equipment Data 2020
Exhibit 14 Impact of Climbing Climate Emergencies and Shifting Weather Patterns
Exhibit 15 An Overview of Climate Crisis
Exhibit 16 Impact of Phasedowns, Standards, and Regulations in Constant Flux
Exhibit 17 Impact of Intractable Data Security Issues
Exhibit 18 Impact of Inadequate Workforce
Exhibit 19 New HVAC Jobs Projected in US between 2020−2025
Exhibit 20 Impact of Lack of Sufficient Disruption
Exhibit 21 Theoretical Maximum Efficiency Achieved by Different Industries
Exhibit 22 Residential and Commercial Supply Chain of HVAC Market in US
Exhibit 23 HVAC Market in US 2019–2025 ($ billion)
Exhibit 24 Five Forces Analysis 2019
Exhibit 25 Incremental Growth by Equipment 2019 & 2025
Exhibit 26 Growth Momentum & Market Share by Equipment
Exhibit 27 Incremental Growth by Air Conditioning Equipment 2019 & 2025
Exhibit 28 Air Conditioner Market in US 2019–2025 ($ billion)
Exhibit 29 RAC Market in US 2019–2025 ($ billion)
Exhibit 30 CAC Market in US 2019–2025 ($ billion)
Exhibit 31 Chillers Market in US 2019–2025 ($ billion)
Exhibit 32 Heat Exchangers market in US 2019–2025 ($ billion)
Exhibit 33 Other Air Conditioning Equipment Market in US 2019–2025 ($ billion)
Exhibit 34 Incremental Growth by Heating Equipment 2019 & 2025
Exhibit 35 US Energy Consumption by Energy Source in 2019
Exhibit 36 Heating Equipment Market in US 2019–2025 ($ billion)
Exhibit 37 Furnace Market in US 2019–2025 ($ billion)
Exhibit 38 Heat Pump Market in US 2019–2025 ($ billion)
Exhibit 39 Boiler Units Market in US 2019–2025 ($ billion)
Exhibit 40 Other Heating Equipment Market in US 2019–2025 ($ billion)
Exhibit 41 Incremental Growth by Ventilation Equipment 2019 & 2025
Exhibit 42 Ventilation Market in US 2019–2025 ($ billion)
Exhibit 43 Air Handling Units Market in US 2019–2025 ($ billion)
Exhibit 44 Air Filters Market in US 2019–2025 ($ billion)
Exhibit 45 Humidifiers and Dehumidifiers market in US 2019–2025 ($ billion)
Exhibit 46 Fan Coil Units Market in US 2019–2025 ($ billion)
Exhibit 47 Other Ventilation Equipment Market in US 2019–2025 ($ billion)
Exhibit 48 Incremental Growth by Application 2019 & 2025
Exhibit 49 Growth in Single and Multi-Family Housing Units in US 2015−2019 (thousand units)
Exhibit 50 Residential Sector HVAC Market in US 2019–2025 ($ billion)
Exhibit 51 Incremental Growth by Commercial Application 2019 & 2025
Exhibit 52 Commercial Sector HVAC Market in US2019–2025 ($ billion)
Exhibit 53 HVAC Market in US by Office Spaces 2019–2025 ($ billion)
Exhibit 54 HVAC Market in US by Airport & Public Spaces 2019–2025 ($ billion)
Exhibit 55 HVAC Market in US by Hospitality Sector 2019–2025 ($ billion)
Exhibit 56 HVAC Market in US by Healthcare Facilities 2019–2025 ($ billion)
Exhibit 57 HVAC Market in US by Industrial and Others 2019–2025 ($ billion)
Exhibit 58 Incremental Growth by Region 2019 & 2025
Exhibit 59 Growth Momentum and Market Share by Region
Exhibit 60 HVAC Market in Southern Region 2019–2025 ($ billion)
Exhibit 61 HVAC Market in Western Region 2019–2025 ($ billion)
Exhibit 62 HVAC Market in Mid-West Region 2019–2025 ($ billion)
Exhibit 63 HVAC Market in North-East Region 2019–2025 ($ billion)
Exhibit 64 Market Ranking Analysis 2019
List of Tables
Table 1 Key Caveats
Table 2 Currency Conversion 2013−2019
Table 3 Estimated increase in HVAC positions 2019−2025
Table 4 Daikin: Major Product Offerings
Table 5 Carrier: Major Product Offerings
Table 6 Ingersoll Rand: Major Product Offerings
Table 7 Lennox International: Major Product Offerings
Table 8 Mitsubishi Electric: Major Product Offerings
Table 9 Johnson Controls: Major Product Offerings
Table 10 Danfoss: Major Product Offerings
Table 11 Honeywell: Major Product Offerings
Table 12 Rheem Manufacturing: Major Product Offerings
Table 13 Nortek Air Solutions: Major Product Offerings
Table 14 Fujitsu America: Major Product Offerings
Table 15 Dunham Bush: Major Product Offerings
Table 16 TCL: Major Product Offerings
Table 17 Camfil: Major Product Offerings
Table 18 Onda: Major Product Offerings
Table 19 Backer Springfield: Major Product Offerings
Table 20 Soler & Palau: Major Product Offerings
Table 21 Hitachi: Major Product Offerings
Table 22 Alfa Laval: Major Product Offerings
Table 23 LG Electronics: Major Product Offerings
Table 24 Zehnder: Major Product Offerings
Table 25 HVAC Market in US by Geography 2019−2025 ($ billion)
Table 26 HVAC Market in US by Geography 2019−2025 (Revenue %)
Table 27 HVAC Market in US by Equipment 2019−2025 ($ billion)
Table 28 HVAC Market in US by Equipment 2019−2025 (Revenue %)
Table 29 HVAC Market in US by AC Equipment 2019−2025 ($ billion)
Table 30 HVAC Market in US by AC Equipment 2019−2025 (Revenue %)
Table 31 HVAC Market in US by Heating Equipment 2019−2025 ($ billion)
Table 32 HVAC Market in US by Heating Equipment 2019−2025 (Revenue %)
Table 33 HVAC Market in US by Ventilation Equipment 2019−2025 ($ billion)
Table 34 HVAC Market in US by Ventilation Equipment 2019−2025 (Revenue %)
Table 35 HVAC Market in US by Application 2019−2025 ($ billion)
Table 36 HVAC Market in US by Application 2019−2025 (Revenue %)
Table 37 HVAC Market in US by Commercial Application 2019−2025 ($ billion)
Table 38 HVAC Market in US by Commercial Application 2019−2025 (Revenue %)
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