The U.S. HVAC Equipment market is estimated to surpass $16,222million market by 2022, growing at CAGR 6.8% during the forecast period 2018-2024, majorly driven by increasing energy efficiency and cost effectiveness, higher spending capacities in automobile sector among others. The overall market are broadly segmented into heating, cooling as well as ventilation equipment.
What is HVAC Equipment?
HVAC systems also known as climate control, refer to heating, ventilating and air conditioning equipment. These are group of closely interrelated systems whose key function is to provide indoor comfort. These are electro-mechanical equipment that are used in building of the HVAC product.
Residential sector is the leading market for heating equipment occupying nearly 42% of the overall revenue generated by heating equipment followed by commercial sector. Heating Equipment don’t contribute in Industrial sector contributing 17% of the overall revenue.
Cooling Equipment comprise of air-conditioners, chillers, evaporative coolers among others. In Commercial sector, the demand for central air conditioners that comprise of cooler towers and chillers is comparatively higher owing to increase in demand from the construction and refurbishment activity from commercial sector.
What are the major applications of HVAC Equipment?
HVAC Equipment cater its application in residential, commercial, industrial and automotive sector. Residential sector is the leading end-user industry utilizing HVAC Systems. These residential sector is further segregated into single zone, multi-zone and multi-tenant dwelling. Commercial sector includes education, healthcare, hospitality, enterprises, and utilities among others. Enterprise is the leading segment in the commercial sector deploying HVAC Equipment systems. Enterprise sector comprise of shopping malls, supermarkets, grocery stores among others. This is followed by industrial sector where heat pumps are opted for maintaining the temperature of the manufacturing process. Owing to safety environment as well as governmental regulations, the industrial segment is projected to grow at a CAGR of 7% throughout the forecast period.
Market Research and Market Trends of U.S. HVAC Equipment
- Growing population and strong demand for HFC refrigerants in consumer durables and automotive industry is set to accelerate the growth of HVAC Equipment market. Growing urbanization makes it inevitable for the OEMs to increase the production of air conditioners and refrigerators. Residential sector is set to boom in the coming years with increasing replacement rates and complete recovery from the recession which provides investment opportunities especially in the Ductless HVAC systems segment
- Automotive industry is also utilizing air conditioners. According to IndustryARC Analysis, 96.7% of the passengers cars are manufactured has air conditioners in build in it. Also, Automobile per captia has increased to 797 per 1000 people.
- According to U.S. Bureau of Economic Analysis, Consumer spending in U.S. has increased to $11,545.80 billion in the Q3 of 2016 from 11,484.90 billion in the second quarter of 2016. Increasing spending activities has also impacted the rise of demand for HVAC Equipment in residential spaces.
- U.S. is the largest market for HVAC in the globe, mainly driven by concentration of multinational companies their manufacturing plants, offices and considerable penetration of these systems in commercial and public infrastructure segments. In the recent years, there has been a re-shoring trend in U.S., with multinational companies investing in U.S. in parallel to the investments in emerging economies which provides growth opportunities for the HVAC market players
- Rising emphasis on green energy, its delivery and usage provides growth avenues to market players for developing and launching solar powered HVAC systems
- Increasing concerns regarding environment has demanded U.S. to establish tax credits and rebate programs to drive the customers to purchase energy efficient products opening up new markets for HVAC industry
- For instance U.S. government has established tax credits such as “Residential Renewable Energy Tax Credit”, “Residential Energy Conservation Subsidy Exclusion” and so on. This opens a whole new market to HVAC manufacturers since there would be increase in rates of replacements
Who are the Major Players in the U.S. HVAC Equipment Market?
The companies referred to in the market research report include and many others. Key players in the US Cooling Equipment Market comprise of Daikin Industries, United Technologies, Mitsubishi Electric, Ingersoll Rand, Johnson Controls and others whereas relevant players in the US Heating Equipment market comprise of Ingersoll Rand, United Technologies, and Johnson Controls
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