DUBLIN–(BUSINESS WIRE)–The “U.S. HVAC Market – Industry Outlook and Forecast 2020-2025” report has been added to ResearchAndMarkets.com’s offering.
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 by revenue is expected to grow at a CAGR of approx. 4% during the period 2019-2025.
The U.S. HVAC industry is majorly influenced by the growth and innovations in construction technology and building designs. The increasing installation of heating, ventilation, and air conditioning (HVAC) equipment in residential and commercial building constructions is a significant factor influencing the market U.S. HVAC market growth.
The rise in regular services and maintenance of HVAC systems is another major influential driver that fuels the growth in demand across the country with a consistent growth rate. Growth in smart technologies and IoT-based operations in electronic consumer goods are likely to uplift the growth and popularity in the United States market. The increased emphasis on green energy, its delivery, and usage provides growth avenues to key players for developing and launching solar-powered HVAC systems.
The United States is one of the adversely affected countries in terms of the number of infected patients and economic slowdown due to the COVID-19 pandemic. Therefore, several large established players in the market are experiencing high losses due to lag in the supply chain and shipment of products. Although a few states in the United States have managed to contain the spread of COVID-19, the impact on the U.S. HVAC market is expected to be felt as vendors depend on raw material procurement from neighboring countries.
U.S. HVAC Market Segmentation
The U.S. HVAC research report includes a detailed segmentation by equipment, application, and geography. The increasing sale of inverter model rooms and commercial air-conditioners, along with the rapid development in technology, has propelled the United States air conditioner market share significantly in recent years. Air-conditioning units have become major essential equipment, especially in the residential sector across the country, thereby driving the growth.
Moreover, the increasing number of commercial investments in several rapidly urbanizing cities is expected to propel the demand for air-conditioners and other cooling equipment significantly.
The increased installation of heating equipment in residential and commercial buildings in the United States is expected to drive the segment during the forecast period. The rapid construction of dwelling units is increasing the sale volume of heating equipment due to the increased residential consumption of heat pumps. Manufacturers are focusing on increasing operations in retail service units to provide post-purchase services.
Furthermore, the increasing demand for alternative energy sources has forced several manufacturers to produce electric and solar-based heating equipment to be supplied across the country. Moreover, the heating equipment market is expected to surge significantly during the forecast period, owing to regulation updates by the Environmental Protection Agency (EPA) and the US Government.
Several industries and public spaces are increasing their investments in HVAC equipment, especially the post-COVID-19 outbreak. Similar to the Europe HVAC market, the demand and sales volumes in the commercial segment reached its highest points in several segments until 2019 in the US.
This is majorly attributed to the massive surge in commercial construction activities across the country. Further, the rapid urbanization and the increasing number of office constructions in several fast-growing states in the country are expected to propel the demand for installation and maintenance services of HVAC systems. This upsurge due to the growth in commercial applications is expected to attract several key manufacturers to extend their operations and production plants in the US during the forecast period.
Insights by Vendors
The U.S. HVAC market share is highly competitive and characterized by a number of small and medium-scale players along with several established manufacturers. Although the prevalence of small-scale players in the market has been high, major global manufacturers account for a dominant share with well-established supply chain networks. The majority of players in the U.S. HVAC market are focusing on expanding their customer base and business operations across the country.
The prominent vendors in the market include Daikin Industries, Lennox International, Mitsubishi Electric, Johnson Controls, Zehnder, Danfoss, Ingersoll Rand, Carrier, and Honeywell. These established companies are leveraging strategic collaborations and innovative initiatives to increase their profitability and market share. Increasingly in recent years, the companies operating in the market are also acquiring start-ups that apply state of the art technologies in HVAC systems to strengthen their product capabilities.
Key Questions Answered
1. What is the U.S. HVAC market size and growth rate during the forecast period?
2. What are the factors impacting the growth of the U.S. HVAC market share?
3. What are the drivers, trends, and restraints in the U.S. HVAC market?
4. Who are the leading vendors in the U.S. HVAC market, and what are their market shares?
5. What is the impact of the COVID-19 pandemic on the U.S. HVAC market share?
Market Opportunities & Trends
- Smart HVAC Becoming the New Norm
- Systems Go Ductless
- Zoning into Zoning
- Conducive Environment for Contractors
Market Growth Enablers
- Energy Economy Spawns Upgrades
- Renewed Focus on Comfort, Functionality, and Health
- Home Improvement Cycles and Housing Boom
- Climbing Climate Emergencies and Shifting weather patterns
- Phasedowns, Standards, and Regulations in Constant Flux
- Intractable Data Security Issues
- Inadequate Workforce
- Lack of Sufficient Disruption
- Lennox International
- Mitsubishi Electric
- Johnson Controls
- Ingersoll Rand
Other Prominent Vendors
- Rheem Manufacturing
- Nortek Air Solutions
- Fujitsu America Inc.
- Dunham Bush
- Backer Springfield
- Soler & Palau (S&P)
- Alfa Laval
For more information about this report visit https://www.researchandmarkets.com/r/n0zida
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900