U.S. HVAC Market Size to Reach Revenues of around USD 37 Billion by 2025 - Arizton

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Nov 10, 2020, 12:00 ET

CHICAGO, Nov. 10, 2020 /PRNewswire/ -- In-depth analysis and data-driven insights on the impact of COVID-19 included in this U.S. HVAC market report.

The U.S. HVAC market is expected to grow at a CAGR of approximately 4% during the period 2019−2025.

Key Highlights Offered in the Report:

1. A looming climate crisis and a pandemic have dictated much of where the HVAC industry is today with thermal comfort and indoor air quality becoming the prime focus.

2. Sustainability has become the buzzword, and so has efficiency-driven standards and regulations and other conditions in the US HVAC market.

3. IoT is fundamentally changing the market, making systems smarter and more accessible, offering benefits such as condition-based maintenance and remote and automatic system adjustments.

4. HVAC engineers are aging out; with an average age of 54, a good chunk of technicians is expected to retire within the next decade, with a lesser number of technicians replacing them, challenging market growth.

5. A lot of the established vendors are focusing on forward and backward integrations in order to provide end-to-end solutions in the US HVAC market.

Key Offerings:

Market Size & Forecast by Revenue | 2019−2025
Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
Market Segmentation – A detailed analysis by equipment, application, and geography
Competitive Landscape – 4 key vendors and 17 other vendors

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U.S. HVAC Market – Segmentation

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.
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.
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.

U.S. HVAC Market by Equipment

Air Conditioning

RAC
CAC
Chillers
Heat Exchangers
Others

Ventilation

Air Handling Units
Air Filters
Humidifiers and Dehumidifiers
Fan Coil Units
Others

Heating

Furnace
Heat Pump
Boiler Units
Others

U.S. HVAC Market by Application

Residential
Commercial

Office Space
Airports & Public Spaces
Hospitality
Healthcare Facilities
Industrial & Others

U.S. HVAC Market – Dynamics

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. At the prompt of a command, occupants are able to adjust just about everything from heat to fans. The uptake of smart HVAC is being fuelled by the growing number of renewable energy start-ups that are cropping up across the country, the prevalence of different weather conditions, and the acceleration in smart home and smart building adoption. Further, the Government of the US and EPA's implementations of several regulations have forced several manufacturers in the market to upgrade their products with energy-efficient technologies. In the recent past, the emphasis on connecting several sensors within building ecosystems, including HVAC, has grown for achieving energy efficiency.

Key Drivers and Trends fueling Market Growth:

Conducive Environment for Contractors
Systems Go Ductless
Energy Economy Spawns Upgrades
Renewed Focus on Comfort, Functionality, and Health

U.S. HVAC Market – Geography

The southern part of the country recorded the largest sale of HVAC services and revenues in 2019. This is mainly attributed to the fact that cities and towns in the southern part of the country experience varying weather conditions, as compared to those in other regions. The National Association of Home Builders stated the construction industry in southern states had experienced major growth in residential and commercial units with a growth rate of 6.3% in 2019, creating a huge need for efficient heating and cooling of residential, industrial, and commercial buildings. As a result, 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.

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U.S. HVAC Market by Geography

South
West
North-East
Mid-West

Major Vendors

Daikin
Carrier
Ingersoll Rand
Lennox International

Other Prominent Vendors

Mitsubishi Electric
Johnson Controls
Danfoss
Honeywell
Rheem Manufacturing
Nortek Air Solutions
Fujitsu America
Dunham Bush
TCL
Camfil
Onda
Backer Springfield
Soler & Palau
Hitachi
Alfa Laval
LG Electronics
Zehnder

Explore our industrial machinery profile to know more about the industry.

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About Arizton:

Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.

We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.

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SOURCE Arizton Advisory & Intelligence