US- HVAC Equipment Market: Transforming market with changing regulation and need for more energy efficient systems

The U.S. market for heating, ventilation and air conditioning (HVAC) equipment manufacturing is continuing to improve and forecasted to show steady growth as economic conditions pick up. The market went through a period of stable growth before 2008, followed by a dip during recession and slow recovery since 2010.  

The HVAC equipment market was estimated to be over $22 billion in 2013. The market continues to recover and has shown a growth rate of 3.8 percent in 2013 and is expected to grow at a CAGR of 4.2 percent during the forecast period.

The cooling equipment is the largest segment, covering 60% of the market. The cooling equipment is led by the unitary segment with ducted splits capturing most of the residential market and packaged roof-top units covering a large part of light commercial. The ductless air conditioning system represents only 4% of the cooling equipment market and is expected to attain high single digit growth in the US market in the coming 2-3 years. Heating equipment is led by air source heat pump, followed by gas furnace.

Trending products showing strong growth potential include VRF (Variable Refrigerant Flow), ductless split and chillers.

                         

"The HVAC equipment market is transforming. With the changes in federal regulations regarding the minimum efficiency requirements for air conditioners and heat pumps, it is expected to bring a product change in terms of more efficient equipment in the market,” states principal analyst Priyanka Ranjan. “The market is moving towards larger, consolidated players that are able to offer wide range of HVAC solutions to meet the demands of the consumers.”

As industry moves towards higher efficiency equipment, the trend towards smart technology and intelligent HVAC systems is becoming more apparent.

The market is dominated by seven major market participants and a host of smaller companies. Major market participants include: United Technologies Corporation, Daikin AC (Americas), Inc., Ingersoll Rand, Inc., Johnson Controls, Inc., Lennox International, Inc., Rheem Manufacturing Company and Nortek Incorporated.  The study is available for purchase here.

Analyst Priyanka Ranjan

For more information please email info@verifymarkets.com.

 

By Verify Markets | | Trends & Insights | 0 comments
next post → ← previous post

Comments

Leave a comment

Stay in Touch

Call Us

We'd love to hear from you. Call us at +1.210.595.9687 or email us at info@verifymarkets.com and we'll be happy to answer any questions you have.