In 2020, Carrier announced increasing R&D spending to USD 50 million in order to drive sustained industry growth by focussing on energy-efficient HVAC and refrigeration systems.
According to the latest Arizton's market research report, the U.S. HVAC services market size to cross USD 37 billion by 2025, growing at a CAGR of approximately 4% during the forecast period.
Market Growth Analysis of the U.S. HVAC Services Market
The solutions of dealing with immediate effects and aftereffects of climatic conditions, the overall efficiency is important because the HVAC systems will consume more energy to cool a space. Which in turn, results in upgradations of more efficient HVAC systems and is driving the growth of the U.S. HVAC services market. While zoning is not a new trend, customer demand and expectations for more finite control over their spatial temperatures have recently pushed the U.S. HVAC services market into high growth. The increasing collaboration between IoT and HVAC technology offering high visibility into energy usage and trends, in order to improve and simplify operational efficiency is expected to augur well for the market growth.
Interesting Facts to Know!
- More than 50% of the homes in the US are smart homes and this market is expected to grow 25% annually by 2025.
- Geothermal HVAC systems that tap into the consistency of ground temperatures six feet below the surface are an extension of a domestic unearthing trend that is occurring across the US.
- In 2020, Carrier announced increasing R&D spending to USD 50 million in order to drive sustained industry growth by focussing on energy-efficient HVAC and refrigeration systems.
IoT is fundamentally changing the HVAC industry as the technology comes to the forefront and makes systems smarter and more accessible, offering benefits based on a number of custom settings and schedules, including condition-based maintenance, lower energy consumption, predictive performance issues, remote and automatic system adjustments. Hence, U.S. HVAC services market is flourishing in this country.
- Market Size & Forecast by Revenue | 2019−2025
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Segmentation – A detailed analysis by equipment, application, and geography
- Competitive Landscape – 4 Key Company Profiles and 17 Other Prominent Vendors
Geography Analysis of the U.S. HVAC Services Market
According to the 2019 data, the southern part of the country recorded the largest sale of HVAC services and revenues. The National Association of home builders stated the construction industry in Southern States had experienced major growth rate by 6.3% in the residential and commercial units. However, the Southern part of the US is creating huge demand for efficient heating and cooling of residential, industrial, and commercial. Hence, the necessity for HVAC remains consistently high in this part of the country. As per the EIA, the greatest number of electrifies homes are in the South. As electric heat pumps work well in mild winter in the hot-humid and certain mixed-humid areas of the Southeast, they have shown a lot of potentials and growth opportunity in the U.S. HVAC services market.
Who are the Key Players in the U.S. HVAC Services Market
Majority of the U.S. HVAC services market players are focusing on expanding customer base and business operations across the country. With the recent trends in developing technologies, the U.S. HVAC services market is moving towards smart technologies and a high level of IoT integrations. HVAC companies are acquiring start-ups that apply state of the art technologies in HVAC systems in order to strengthen their product capabilities. Ingersoll Rand is another big player, which employs around 6,600 workers, of which 1,900 workers are located in the US. The intense competition among the players in the U.S. HVAC services market is significantly inducing investments in R&D infrastructures and mergers & acquisitions. Major established vendors are increasing their focus on forward and backward integrations in order to provide an end-to-end solutions.
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