The U.S. HVAC systems market size is estimated to rise to a valuation of USD 31.1 billion by 2025, according to a new study by Grand View Research, Inc., registering a CAGR of 9.7% over the forecast period. Significant rise in the usage of highly energy-efficient air conditioners and heat pumps is estimated to fuel demand for HVAC solutions. Stringent government regulations to reduce overall energy consumption and minimize carbon emission from HVAC systems is expected to play a crucial role in market growth.
Rebate and incentive programs offered by the U.S. government to promote the use of eco-friendly and energy-efficient products is expected to elevate demand for HVAC systems from 2019 to 2025. HVAC solutions are being designed with next-generation technologies, such as smart sensors, remote control systems, and connectivity with other devices to provide optimum comfort as well as excellent customer experience. In addition, several key market players such as Daikin Industries Ltd. and LG Electronics are offering IoT-based air conditioners (AC) to monitor, control, and analyze overall system’s energy consumption through a user’s smartphones.
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Despite numerous benefits, high installation and maintenance costs, coupled with the complexity of retrofitting HVAC installations, are major factors restraining the market growth. However, rise in construction of commercial buildings and hospitals, along with increasing disposable income, is anticipated to foster demand for HVAC solutions over the forecast period. Additionally, government regulations to eliminate the usage of refrigerants such as R-22 or HCFC-22 in cooling systems is estimated to drive U.S. HVAC systems market growth over the forecast period.
U.S. HVAC Systems Market Report Highlights
• In 2018, the air conditioner segment, in terms of volume, exceeded 15 million units owing to increasing demand for new residential and commercial buildings
• Inverter AC technology accounted for more than 60.0% in terms of value in 2018. This is attributed to benefits such as energy savings and preventing systems from high voltage fluctuations
• Rapid innovation in heat pump technologies, such as advent of dual-fuel heat pumps and geothermal heat pumps, are anticipated to boost the heat pump segment
• Increased spending in construction of office spaces, warehouses, and hospitals, among others is estimated to propel the commercial segment from 2019 to 2025
• High focus on R&D investments by key market players, including Daikin Industries Ltd.; Carrier Corporation; Trane; LG Electronics; and Haier Inc., to introduce new innovative products is expected to create significant opportunities for the U.S. HVAC systems market market over the forecast period.
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U.S. HVAC Systems Market Segmentation
Grand View Research has segmented the U.S. HVAC systems market based on product, technology, end use, and region:
U.S. HVAC Systems Product Type Outlook (Volume, Million Units; Revenue, USD Billion, 2015 - 2025)
• Air Conditioners
o Unitary
o Rooftop
o Packaged Terminal AC (PTAC)
• Heat Pumps
o Unitary
o Rooftop
o Packaged Terminal Heat Pumps (PTHP)
U.S. HVAC Systems Technology Outlook (Volume, Million Units; Revenue, USD Billion, 2015 - 2025)
• Air Conditioner
o Inverter
o Non-Inverter
• Heat Pumps
o Inverter
o Non-Inverter
U.S. HVAC Systems End-use Outlook (Volume, Million Units; Revenue, USD Billion, 2015 - 2025)
• Residential
• Commercial
• Industrial
U.S. HVAC Control Systems Regional Outlook (Volume, Million Units; Revenue, USD Billion, 2015 - 2025)
• South
• West
• Midwest
• Northeast
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.