The U.S. HVAC market size to cross revenues of USD 36 billion by the end of 2025, growing at a CAGR of approx. 4% during the forecast period. The U.S. HVAC industry is majorly influenced by the growth and innovations in construction technology and building designs. The increasing installation of heating, ventilation, and air conditioning (HVAC) equipment in residential and commercial building constructions is a significant factor influencing the market U.S. HVAC market growth. The rise in regular services and maintenance of HVAC systems is another major influential driver that fuels the growth in demand across the country with a consistent growth rate. Growth in smart technologies and IoT-based operations in electronic consumer goods are likely to uplift the growth and popularity in the United States market. The increased emphasis on green energy, its delivery, and usage provides growth avenues to key players for developing and launching solar-powered HVAC systems. The United States is one of the adversely affected countries in terms of the number of infected patients and economic slowdown due to 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 competition between local and regional players is expected to intensify during the forecast period on account of increased FDI.
- The consistent growth in the construction industry is a major driving factor that fuels the growth in HVAC equipment in newly constructed buildings in the United States.
- The increasing health awareness in the population and need to maintain the indoor air quality in the commercial sectors, especially the post-COVID-19 pandemic, are increasing the installation of HVAC in several end-user industries.
- The arrival of modern HVAC technology and IoT-based electronic appliances are likely to intensify the competition among vendors in term of product offerings and features.
U.S. HVAC MARKET SEGMENTATION
U.S. HVAC research report includes a detailed segmentation by
INSIGHTS BY EQUIPMENT
The increasing sale of inverter model rooms and commercial air-conditioners, along with the rapid development in technology, has propelled the United States air conditioner market share significantly in recent years. Air-conditioning units have become major essential equipment, especially in the residential sector across the country, thereby driving the growth. Moreover, the increasing number of commercial investments in several rapidly urbanizing cities is expected to propel the demand for air-conditioners and other cooling equipment significantly.
The increased installation of heating equipment in residential and commercial buildings in the United States is expected to drive the segment during the forecast period. The rapid construction of dwelling units is increasing the sale volume of heating equipment due to the increased residential consumption of heat pumps. Manufacturers are focusing on increasing operations in retail service units to provide post-purchase services. Furthermore, the increasing demand for alternative energy sources has forced several manufacturers to produce electric and solar-based heating equipment to be supplied across the country. Moreover, the heating equipment market is expected to surge significantly during the forecast period, owing to regulation updates by the Environmental Protection Agency (EPA) and the US Government.
With the growing number of standards and regulations, the majority of end-users are increasing focus toward the efficiency and adaptability of the equipment to meet environmental standards. The demand for ventilation equipment after the post-COVID-19 pandemic is surging at a rapid pace in majority end-user applications, especially in commercial sectors such as healthcare facilities. This increase in demand can be attributed to growing concerns for healthy indoor air quality and to install effective air purifiers that can combat the spread of infectious diseases.
INSIGHTS BY APPLICATION
Several industries and public spaces are increasing their investments in HVAC equipment, especially the post-COVID-19 outbreak. Similar to the Europe HVAC market, the demand and sales volumes in the commercial segment reached its highest points in several segments until 2019 in the US. This is majorly attributed to the massive surge in commercial construction activities across the country. Further, the rapid urbanization and the increasing number of office constructions in several fast-growing states in the country are expected to propel the demand for installation and maintenance services of HVAC systems. This upsurge due to the growth in commercial applications is expected to attract several key manufacturers to extend their operations and production plants in the US during the forecast period.
The demand for HVAC equipment is majorly attributed to the growth in the construction of new residential buildings and refurbishments of existing houses. Between 2015 and 2019, the application of HVAC systems in the U.S. residential construction market share was the largest. However, the impact of COVID-19 has left a significant slowdown in the US construction industry. The majority of vendors in the US construction supplies market have been pushed into a heavy financial loss, which had significantly affected operations in Q1–Q3 2020. Further, the post-Q4 2020, the HVAC equipment market is expected to gain momentum at the modest growth rate, owing to the progress in vaccination to stop the spread of COVID-19 and return of normalcy among the majority of states in the US. Massachusetts, New York, Pennsylvania, New Jersey, Texas, and California have shown early signs of growth in the market with the large-scale resumption of construction works post the lockdown.
INSIGHTS BY GEOGRAPHY
The increasing number of skyscrapers and multiple-story residential construction projects is one of the key drivers for the U.S. HVAC market in rapidly growing states such as Florida, California, and New York. The southern region is expected to lead the growth in the market owing to the increase in the number of construction activities across several states. Further, the demand for high energy-efficiency and sustainable technology in residential buildings is expected to propel the demand for residential HVAC systems. Therefore, the growth in residential and commercial construction activities across several rapidly urbanizing cities in major states of the South region is expected to propel the overall demand for the U.S. HVAC equipment market. Besides, the number of residential housing units is increasing at a rapid pace in the major states such as Texas, Florida, Carolina, Arizona, and Oklahoma. According to the United States Census Bureau, the number of household residentials in south regional states had hit approximately 51 million individuals. Besides, the increasing annual household income in the region is expected to propel the demand for HVAC systems in single and multi-family dwelling units, owing to the high prevalence of affordable audiences.
INSIGHTS BY VENDORS
The U.S. HVAC market share is highly competitive and characterized by a number of small and medium-scale players along with several established manufacturers. Although the prevalence of small-scale players in the market has been high, major global manufacturers account for a dominant share with well-established supply chain networks. The majority of players in the U.S. HVAC market are focusing on expanding their customer base and business operations across the country. The prominent vendors in the market include Daikin Industries, Lennox International, Mitsubishi Electric, Johnson Controls, Zehnder, Danfoss, Ingersoll Rand, Carrier, and Honeywell. These established companies are leveraging strategic collaborations and innovative initiatives to increase their profitability and market share. Increasingly in recent years, the companies operating in the market are also acquiring start-ups that apply state of the art technologies in HVAC systems to strengthen their product capabilities.
The U.S. HVAC market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
Segmentation by Equipment
- Air Conditioning
- Heat Exchangers
- Air Handling Units
- Air Filters
- Humidifiers & Dehumidifiers
- Fan Coil Units
- Heat Pump
- Boiler Unit
- Office Spaces
- Airports & Public Spaces
- Healthcare Facilities
- Industrial & Others