According to a new market report published by Lucintel, the future of the US HVAC (heating, ventilation and air conditioning) equipment market looks good with opportunities in the residential and commercial construction industry. The US HVAC equipment market is expected to reach an estimated $17.5 billion by 2022 and it is forecast to grow at a CAGR of 3.4% from 2017 to 2022. The major drivers of growth are higher rate of building renovation and federal tax credits offered in the US to make existing facilities energy efficient and to control greenhouse gas emissions.
In this market, furnace, heat pumps, central AC, and room AC are the segments by product type. On the basis of our comprehensive research, Lucintel forecasts that central AC segment is expected to show above average growth during the forecast period due to increasing building renovation activities and higher demand for energy efficient HVAC equipment.
Within the US HVAC equipment market, residential is expected to remain the largest segment during the forecast period. Increasing housing starts and increasing penetration of air conditioners are the major driving force that will spur growth for this segment over the forecast period.
For business expansion, Lucintel’s report suggests innovation and new product development, particularly in terms of energy-efficiency, high performance and environmental friendly; to make more efficient HVAC equipment.
Emerging trends, which have a direct impact on the dynamics of the market, include the increasing usage of green HVAC, increasing usage of air purification technology, and increasing usage of smart thermostat. Lennox, Johnson Controls Inc., Daikin Industries, Ingersoll Rand Plc, and UTC (United Technology and Corporation) are the major manufacturers of the HVAC equipment in the US.