Report Overview

United States HVAC Market- Industry Trends and Forecast Report 2028

The United States HVAC market was worth USD 12.7 billion in 2021 and is further projected to reach USD 19.5 billion by the year 2028, growing at the CAGR of 6.40% in the forecast period. The market is expanding rapidly as a result of high consumer disposable income and purchasing power, as well as increased investment in infrastructure development and the building of different residential and commercial facilities. In addition, the incorporation of new technologies like the Internet of Things (IoT) is providing considerable potential prospects for the HVAC market in the United States.

HVAC - Overview

Heating, ventilation, and air conditioning or HVAC is a system of maintaining and controlling the temperature, humidity, and purity of the air of a room or enclosed space. These systems are used in a wide range of commercial, residential, and industrial facilities such as family homes, apartments, hotels, hospitals, trains, airplanes, ships, etc. Ventilation is a very important aspect of HVAC as it helps in maintaining high indoor air quality which involves removal of moisture, odors, smoke, dust, temperature control, and oxygen replenishment.

United States HVAC Market Forecast and Trends

Growth Drivers

Increasing Consciousness and Investment Towards Energy-Efficient Systems

The HVAC system is an energy-efficient option that is also cost-effective in the long term. Several types of HVAC equipment are designed to reduce power consumption. Installing Variable Frequency Drives (VFDs) for air blower modulation, for example, will minimize energy usage during part-load operations. In addition, installing 2-way or 3-way valves will adjust chilled water flow based on interior climatic conditions, reducing chiller option demand.

Rising Integration of Advanced Technologies into HVAC Systems

The HVAC system is becoming increasingly innovative, with sophisticated technology such as the Internet of Things (IoT) and artificial intelligence (AI). Consumers may achieve optimum efficiency by integrating sensors and IoT into HVAC systems. The HVAC system can connect and exchange data, as well as interpret it, to run more efficiently and promote maximum efficiency across a variety of goods, thanks to these sensors. In the projected term, this is expected to provide attractive growth prospects for the India HVAC market.

Restraints

High Installation Cost Involved in HVAC Systems

The high cost involved in the HVAC system and installation may act as a huge restraining factor for the market growth. This is because it involves several high-end components such as the outdoor and indoor unit, refrigeration line, ductwork, thermostat, etc. Furthermore, it also involves the maintenance cost the consumer has to bear along the course. For instance, the replacement of an HVAC system can cost around USD 15,000 and USD 40,000 for a replacement system.

Impact of COVID-19 on the United States HVAC Market

The sudden COVID-19 epidemic had a detrimental influence on the HVAC market in the United States. The government ordered a countrywide lockdown to stop the virus from spreading, which limited the manufacture and supply of non-essential things like HVAC equipment. Furthermore, because of strict rules and a lack of investment, the building of residential, commercial, and industrial structures has been stalled. Consumers' purchasing power has also been impacted due to the economic crises. All of these issues combined to cause a major reduction in HVAC system demand in the United States, affecting the total market growth.

United States HVAC Market - By Offering

Based on offering, the United States HVAC market is segmented into equipment and services. The equipment segment is further classified into healing, furnaces, boilers, chillers, air cleaners, etc. The services segment is also classified into installation, upgradation/replacement, maintenance, repair, consulting, etc. Due to its cost-effectiveness, the equipment segment has the largest market share and is largely in demand among the residential segment. Furthermore, the market demand for HVAC equipment is being fueled by the incorporation of modern technology.

United States HVAC Market - By End-User

Based on end-user, the United States HVAC market is segmented into residential, commercial, and industrial. The residential segment accounts for the largest market share owing to the high disposable income and purchasing power of the consumers in this region. As a result, there is a surge in the demand for HVAC products and systems in homes. However, because of the increasing development of commercial facilities like offices, retail malls, hotels, and other commercial facilities in the country, the commercial category is also expected to increase at the faster rate throughout the forecast period.

Competitive Landscape

The leading market players of the United States HVAC market are EMCOR Services, National HVAC Services, Southland Industrial Energy, ACCO Engineered Systems, United Mechanical, Carrier Corporation, Daikin Industries, Ltd., Trane Technologies, and other prominent players.

The United States HVAC market is slightly consolidated with the presence of a handful of players. The company offers a wide range of components and services regarding HVAC to boost its revenue. They also constantly launch new products with advanced features to boost their sales. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, collaborations, etc., is also prominent in this market.

Recent Development

• In February 2022, Redwood Services, a US-based HVAC home service acquisition firm, announced to have invested in Arlinghaus Plumbing, Heating, and Air Conditioning.

Scope of the Report

By Offering

• Equipment
• Services

By End-User

• Residential
• Commercial
• Industrial

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Research Methodology
   1. Qualitative Research
      1. Primary & Secondary Research
   2. Quantitative Research
   3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
   4. Breakdown of Primary Research Respondents, By Region
   5. Assumption & Limitation
3. Executive Summary
4. U.S. HVAC Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
   3. Technological Landscape/Recent Development
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
5. U.S. HVAC Market Overview
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Product
         1. Heating
         2. Ventilation
         3. Cooling
      2. By End-Use
         1. Residential
         2. Commercial
         3. Industrial
      3. By Region
         1. Northern U.S.
         2. Southern U.S.
         3. Eastern U.S
         4. Western U.S.
6. Competitive Landscape
   1. List of Key Players and their Offerings
   2. Market Share Analysis, 2021
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Development (Merger, Acquisition, Partnership.)
7. Impact of COVID-19 on U.S. HVAC MarketIndustry
8. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) **
   1. Carrier Corporation
   2. Daikin Industries, Ltd.
   3. Emerson Electric Co.
   4. Haier Group
   5. Johnson Controls International plc
   6. L.G. Electronics
   7. Lennox International, Inc.
   8. Mitsubishi Electric U.S. Inc.
   9. Rheem Manufacturing Company
   10. Trane Technologies
   11. Other Prominent Players
9. Key Strategic Recommendations

List of Figures

Figure 1        Global U.S. HVAC Segmentation

Figure 2        U.S. HVAC Market Value Chain Analysis

Figure 3        Porter’s Five Forces Analysis

Figure 4        Company Market Share Analysis, 2021

Figure 5        U.S. HVAC Market Size, By Value (USD Million), 2018-2028

Figure 6        U.S. HVAC Market Share, By Product, By Value, 2018-2028

Figure 7        U.S. HVAC Market Share, By End-Use, By Value, 2018-2028

Figure 8        U.S. HVAC Market Share, By Region, By Value, 2018-2028

List of Tables

Table 1         U.S. HVAC Size, By Product, By Value, 2018-2028

Table 2         U.S. HVAC Size, By End UserIndustry, By Value, 2018-2028

Table 3         Key Players and Their Offerings

Table 4         Competitive Benchmarking, By Operating Parameters

Table 5         Merger Acquisition, Partnership, Joint-Ventures etc

Table 6         Carrier Corporation Company Overview

Table 7         Carrier Corporation Financial Overview

Table 8         Daikin Industries, Ltd Company Overview

Table 9         Daikin Industries, Ltd Financial Overview

Table 10        Emerson Electric Co. Company Overview

Table 11        Emerson Electric Co. Financial Overview

Table 12        Haier Group Company Overview

Table 13        Haier Group Financial Overview

Table 14        Johnson Controls International plc Company Overview

Table 15        Johnson Controls International plc Financial Overview

Table 16        L.G. Electronics Company Overview

Table 17        L.G. Electronics Financial Overview

Table 18        Lennox International, Inc. Company Overview

Table 19        Lennox International, Inc. Financial Overview

Table 20        Mitsubishi Electric U.S. Inc Company Overview

Table 21        Mitsubishi Electric U.S. Inc Financial Overview

Table 22        Rheem Manufacturing Company Overview

Table 23        Rheem Manufacturing Company Financial Overview

Table 24        Trane Technologies Company Overview

Table 25        Trane Technologies Financial Overview