The U.S. HVAC systems market size is anticipated to reach USD 23.78 billion by 2028 and is expected to expand at a 6.0% CAGR from 2021 to 2028.
Changing climatic conditions is the primary factor driving HVAC (Heating, Ventilation, and Air Conditioning) equipment demand in the country. Additionally, the adoption of technologically advanced systems that offer smart connectivity and remote operation is expected to be a significant factor influencing the market growth.
Strict government regulations aimed at reducing energy consumption and carbon emissions from HVAC systems are anticipated to play an imperative role in market growth. To help consumers make an informed decision, the U.S. government has introduced the Energy Star Program that provides energy ratings that indicate the efficiency performance, and savings for each product. Such programs, coupled with active efforts taken by HVAC providers to provide energy-efficient products, are expected to fuel the growth of energy-efficient equipment over the forecast period.
The market for HVAC systems in the U.S. is characterized by intense competition, with several major players dominating the market. Companies adopt different strategies to maintain their grip on the market.
For instance, Carrier Corporation, a popular name among consumers, completed its separation from United Technologies Corporation (UTC) in April 2020. Operating independently will help Carrier Corporation to improve its product offerings and geographical presence, thus, improving its presence in the market.
Despite all the above-mentioned benefits and efforts, high installation and maintenance costs, coupled with the complexity of retrofitting HVAC installations, are expected to pose a challenge to the market growth. However, companies are offering discounted repair and maintenance services to attract customers and promote HVAC sales across the country.
Additionally, government regulations to eliminate the usage of refrigerants such as R-22 or HCFC-22 in cooling systems are expected to boost sales of newer systems in the next seven years.
U.S. HVAC Systems Market Report Highlights
- Cooling systems held the largest revenue share of more than 55% in 2020. The large revenue share is attributable to the fact that the U.S. is one of the leading consumers of air conditioning systems in the world
- Owing to the increasing office spaces, hospitals, hotels, and other commercial constructions, the commercial segment is anticipated to record the fastest growth of 6.6% from 2021 to 2028
- The large population is the primary factor contributing to the large revenue share and the high CAGR of the Western region
- Companies operating in the market are investing heavily in research and development to offer a technologically advanced product in an attempt to beat market competition via product differentiation
Key Topics Covered:
Chapter 1. Methodology and Scope
1.1. Methodology Segmentation & Scope
1.2. Information procurement
1.3. Information analysis
1.4. Market formulation & data visualization
1.5. Data validation & publishing
Chapter 2. Executive Summary
2.1. U.S. HVAC Systems Market - Industry Snapshot & Key Buying Criteria, 2017 - 2028
Chapter 3. U.S. HVAC Systems Market Variables, Trends & Scope
3.1. Market Size and Growth Prospects, 2017 - 2028
3.2. Industry Value Chain Analysis
3.3. Market Dynamics
3.3.1. Market Driver Analysis
3.3.2. Market Restraint/Challenge Analysis
3.3.3. Market Opportunity Analysis
3.4. Penetration & Growth Prospect Mapping (Key Opportunities Prioritized)
3.5. Business Environment Analysis Tools
3.5.1. Industry Analysis - Porter's Five Forces Analysis
3.5.2. PEST Analysis
Chapter 4. U.S. HVAC Systems Market Product Outlook
4.1. U.S. HVAC Systems Market Share by Product, 2020 & 2028 (USD Billion)
Chapter 5. U.S. HVAC Systems Market Product Outlook
5.1. U.S. HVAC Systems Market Share by Product, 2020 & 2028 (USD Billion)
Chapter 6. U.S. HVAC Systems Market: Regional Outlook
6.1. HVAC Systems Market Share by Region, 2020 & 2028 (USD Billion)
Chapter 7. Competitive Landscape
7.1. Company overview
7.2. Financial performance
7.3. Product benchmarking
7.4. Recent developments
- Carrier Corporation
- Daikin Industries, Ltd.
- Emerson Electric Co.
- Haier Group
- Johnson Controls International plc
- L.G. Electronics
- Lennox International, Inc.
- Mitsubishi Electric U.S. Inc.
- Rheem Manufacturing Company
- Trane Technologies
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