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U.S. HVAC Systems Market Size And Share Report, 2030

U.S. HVAC Systems Market Size, Share & Trends Report

U.S. HVAC Systems Market Size, Share & Trends Analysis Report By Equipment (Heat Pump, Air Conditioning, Air Purifier, Chillers, Boilers), By End-use (Residential, Commercial, Industrial), By Region, And Segment Forecasts, 2024 - 2030

Report ID: GVR-3-68038-837-4
Number of Report Pages: 125
Format: PDF, Horizon Databook

Historical Range: 2018 - 2023
Forecast Period: 2024 - 2030
Industry: Advanced Materials

U.S. HVAC Systems Market Size & Trends

The U.S. HVAC systems market size was estimated at USD 30.41 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 7.4% from 2024 to 2030. Global warming and the resultant extreme climatic conditions will help uptick the market demand over the forecast period. In addition, the demand for energy-efficiency equipment, together with the growing real estate market, will also upkeep HVAC demand in the U.S. Moreover, the increasing demand for energy-efficient equipment, coupled with the growing real estate market, is expected to increase the demand for U.S. HVAC systems.

U.S. HVAC Systems Market size and growth rate, 2024 - 2030

The U.S. government incentivizes low power consumption and the adoption of renewable energy sources. Given the escalating concerns about global warming, the regulations instituted by the U.S. government to monitor the operations of HVAC systems will be instrumental in stimulating demand. Beyond demand-side efficiency standards, the standardization of manufacturing processes on the supply side has significantly contributed to minimizing environmental hazards and carbon emissions. For example, tax credits, covering around 20% to 30% of the installation cost, are provided for energy-efficient products, fostering a conducive environment for sustainability measures in the HVAC market.

Subsequently, the HVAC industry experienced a brief downturn characterized by sluggish sales; nevertheless, the last two quarters of 2020 showcased sales figures surpassing the average. Consequently, the market growth in 2020 paralleled the levels observed in 2017, defying expectations of a substantial sales decline. Consumers in the U.S. benefit from advantageous tax credits and rebate programs, rendering HVAC systems an appealing commodity in the country. Moreover, citizens enjoy various financial incentives linked to the acquisition and installation of energy-efficient systems, aligning with the national focus on minimizing environmental impact.

Another recent example is the New Jersey government’s COOLAdvantage Program, which aims at offering tax credits and rebates on using or installing energy-conserving central heat pumps or Air Conditioners (ACs). All these monetary programs and favorable government support will help the product demand thrive over the long term. After China, the U.S. AC systems market is the largest, in terms of volume sales. Over 70% of homes in the U.S. have ACs installed as per a report published by the U.S. Department of Energy (DOE). Therefore, there is over 20% to 30% market opportunity for OEMs in terms of new unit sales as well as the oncoming replacement demand due to aging products.

Statistics reveal that, on average, 2-3 million heating and cooling systems undergo replacement in the U.S., highlighting favorable growth prospects. Beyond the demand for new and replacement units, there is an anticipated upswing in maintenance and repair activities. Regular cleaning, aimed at preventing system damage or failure, presents a potential revenue stream for existing Original Equipment Manufacturers (OEMs). Similarly, the replacement of parts and components, including motors, coolants, and filters, due to their limited lifespan, offers OEMs opportunities to thrive in this competitive industry. Research indicates an annual expenditure of over USD 10 billion on HVAC repair and maintenance services, creating a potential growth area for OEMs to expand their service offerings alongside products. However, this trend could also pose a challenge to traditional product sales.

Market Concentration & Characteristics

The market growth stage is high and the growth pace is accelerating. The U.S. HVAC systems market is characterized by a high degree of innovation owing to rapid technological advancements. Moreover, the companies are further adopting various organic and inorganic growth strategies, such as product launches, geographical expansions, mergers & acquisitions, and collaborations, to strengthen their position in the global market.

U.S. HVAC Systems Market Concentration & Characteristics

The market is also characterized by a high level of mergers & acquisitions by the leading players. This is due to several factors, including increasing the reach of their products and enhancing the availability of their products & services in diverse geographical areas. The key players adopting this inorganic growth strategy include Carrier Corporation; Daikin Industries, Ltd.; Emerson Electric Co.; Johnson Controls International plc; Lennox International, Inc.; and Trane Technologies.

The market is significantly influenced by a complex regulatory landscape, encompassing energy efficiency standards, environmental regulations, and building codes. Stringent energy efficiency mandates, such as those set by the Department of Energy (DOE), have a profound impact, driving innovation in HVAC technologies to meet or exceed efficiency requirements. Additionally, environmental regulations targeting refrigerants, such as the phasedown of hydrofluorocarbons (HFCs) outlined in the Kigali Amendment to the Montreal Protocol, are reshaping the market towards more sustainable and eco-friendly refrigerant solutions.

The U.S. market for HVAC systems is significantly impacted by end-user concentration, with diverse sectors such as residential, commercial, and industrial playing crucial roles. The concentration of end-users in each sector influences product preferences, system sizes, and the integration of smart technologies. HVAC manufacturers need to adapt their offerings to cater to the specific needs of each segment, emphasizing factors such as energy efficiency, indoor air quality, and system reliability. Navigating this diverse landscape and understanding the distinct demands of various end-users is crucial for the HVAC market players to maintain competitiveness and capture opportunities in each segment.

The degree of innovation in the U.S. HVAC systems industry is increasingly significant as the industry responds to evolving technological trends and sustainability imperatives. Technological advancements, such as the integration of smart and connected solutions, are reshaping the landscape by enhancing system control, automation, and overall energy efficiency. Innovations in sensor technologies, data analytics, and Internet of Things (IoT) connectivity enable predictive maintenance, real-time monitoring, and optimization of HVAC systems.

Equipment Insights

The heat pump equipment segment dominated the market and accounted for 47.3% of the total revenue share in 2023. Favorable government policies for energy-efficient solutions and lowering carbon footprint are anticipated to boost market growth. Many governments are providing subsidies or incentives and tax credits & rebates for the installation of heat pumps are expected to further fuel the demand for energy-efficient heat pumps, thereby, benefitting the growth of the heat pump industry.

Rising pollution levels and the frequency of airborne ailments have increased the global demand for air purifiers. The U.S. Environmental Protection Agency (EPA) estimates that the average American spends about 90% of their time indoors. Over the past few decades, the concentrations of certain pollutants found indoors have increased as a result of a number of factors, including the increased use of energy-efficient building construction and synthetic materials. Other sources of indoor pollution are the release of asbestos, formaldehyde, and radon, biological pollutants from coatings, paints, carpets, and damp environments among others. Using an air purifier, particularly one with a high-efficiency particulate air filter, which, according to the EPA, eliminates over 99.97% of particulate matter from the air.

End-use Insights

Based on end-use, the overall market is further segmented into residential, commercial, and industrial. The demand for HVAC systems in the commercial end-use sector is anticipated to witness the fastest CAGR from 2024 to 2030. The growth of the commercial segment can be attributed to the rapidly expanding real estate sector in the U.S., particularly commercial spaces, such as malls, hotels, airports, and offices.

HVAC also forms an integral part of the industrial sector, particularly in manufacturing plants or cold chain storage spaces. It is critical to maintain the temperature in such spaces to maintain the quality of the products and, hence, the demand for HVAC systems is gaining traction in the industrial segment. Some of the industrial HVAC systems include furnaces, boilers, thermostats, and chillers. However, the industrial segment is expected to register a slightly sluggish CAGR owing to the low frequency of upgrades or replacements in industries.

Regional Insights

The West region accounted for a revenue share of 24.4% in 2023. The Western region of the U.S. boasts the highest population, according to the U.S. Census Bureau report published in 2023. This has driven the growth of the residential sector. In addition, the median income in most states on the West Coast is translating to the high consumer disposable income levels. Furthermore, varied weather conditions in the country throughout the year demand the installation of HVAC systems to maintain ambient indoor temperatures.

The Midwest accounted for a significant revenue share of the market in 2023, a trend expected to continue over the long term. Illinois, Michigan, and Ohio in the Midwestern part of the U.S. have the presence of a large number of manufacturing units. Therefore, the regional demand for industrial HVAC systems is high.

Key U.S. HVAC Systems Company Insights

The U.S. market for HVAC systems is highly competitive due to the presence of both multinational and regional or local manufacturers. The companies offer a wide range of HVAC systems sold through various channels, including e-commerce websites, company-operated websites, retailers and their websites, and distributors.

For instance, in November 2022, Carrier released a new version of its Hourly Analysis Program (HAP) peak load and energy modeling software to address the needs of HVAC design engineers. This version has helped in drastically cutting down the time required for building model creation from a few days to a couple of hours. It leverages the U.S. DOE’s EnergyPlus calculation engine to bring advanced system simulation capabilities and the ASHRAE Heat Balance load calculation method for more accurate representation of building physics.

In May 2021, Mitsubishi Electric Corporation invested approximately USD 18 million in Mitsubishi Electric Air Conditioning Systems Manufacturing Turkey (MACT), Turkey to increase the production capacity of air-to-water (ATW) heat pumps. The capacity expansion was done to meet the growing demand for ATW heat pumps due to Europe's decarbonization policies.

Key U.S. HVAC Systems Companies:

The following are the leading companies in the U.S. HVAC systems market. These companies collectively hold the largest market share and dictate industry trends. Financials, strategy maps & products of these U.S. HVAC systems companies are analyzed to map the supply network.

Carrier Corporation
Daikin Industries, Ltd.
Emerson Electric Co.
Johnson Controls International plc
Lennox International, Inc.
Trane Technologies
Rheem Manufacturing Company
L.G. Electronics
Haier Group
Mitsubishi Electric U.S. Inc.

Recent Developments

In June 2023, Daikin announced the opening of the Daikin Sustainability & Innovation Center in Washington, U.S., to promote environmental technologies. The center will focus on the development of sustainable and efficient HVAC systems, including heat pumps and inverters, while also promoting the transition to the low-global-warming-potential refrigerant R32.
In June 2023, Automated Logic Corporation, a part of Carrier, announced that it had signed an agreement for the acquisition of Standard Plumbing Heating Controls (SPHC), a Washington-based independent Automated Logic Dealer. SPHC provides HVAC and building automation services for various establishments, including colleges, schools, commercial buildings, universities, and healthcare facilities.
In May 2023, Johnson Controls introduced the ‘Johnson Controls Ducted Systems (DS) Solutions App’ to expand their collection of commercial and residential contractor resources. The application is free and offers instant access to information regarding residential and commercial equipment to contractors, thus helping streamline the installation, troubleshooting, and maintenance processes.
In April 2023, Daikin announced the commencement of construction of its new heat pump facility in Poland, which is expected to begin production by July 2024. The facility will serve as the company’s European production base and will aid in augmenting the production in Belgium, Germany, and the Czech Republic. The development will help address the demand for heat pumps in the region, which grew by an average annual rate of 10% in 2021 to reach sales of 1 million units.

U.S. HVAC Systems Market Report Scope

Report Attribute	Details
Market size value in 2024	USD 32.46 billion
Revenue forecast in 2030	USD 49.70 billion
Growth rate	CAGR of 7.4% from 2024 to 2030
Base year for estimation	2023
Historical data	2018 - 2023
Forecast period	2024 - 2030
Report updated	February 2024
Quantitative units	Revenue in USD billion and CAGR from 2024 to 2030
Report coverage	Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered	Equipment, end-use, region
Country scope	Northeast; Southeast; Midwest; Southwest; West
Key companies profiled	Carrier Corporation; Daikin Industries, Ltd.; Emerson Electric Co.; Johnson Controls International plc; Lennox International, Inc.; Trane Technologies; Rheem Manufacturing Company; L.G. Electronics; Haier Group; Mitsubishi Electric U.S. Inc.
Customization scope	Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.
Pricing and purchase options	Avail customized purchase options to meet your exact research needs. Explore purchase options

U.S. HVAC Systems Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the U.S. HVAC systems market report based on equipment, end-use, and region:

Equipment Outlook (Revenue, USD Billion, 2018 - 2030)
- Heat Pump
- Furnace
- Unitary Heaters
- Boilers
- Air Purifier
- Dehumidifier
- Air Handling Units
- Ventilation Fans
- Air Conditioning
- Chillers
- Cooling Towers
- Others
End-use Outlook (Revenue, USD Billion, 2018 - 2030)
- Residential
- Commercial
- Industrial
Regional Outlook (Revenue, USD Billion, 2018 - 2030)
- Northeast
- Southeast
- Midwest
- Southwest
- West

Frequently Asked Questions About This Report

How big is the U.S. HVAC systems market?

b. The U.S. HVAC systems market size was estimated at USD 30.41 billion in 2023 and is expected to be USD 32.46 billion in 2024.

What is the U.S. HVAC systems market growth?

b. The U.S. HVAC systems market, in terms of revenue, is expected to grow at a compound annual growth rate of 7.4% from 2024 to 2030 to reach USD 49.70 billion by 2030.

Which end-use segment is poised to show the fastest growth in the U.S. HVAC systems market?

b. The commercial equipment segment is expected to expand at the fastest CAGR from 2024 to 2030 in the U.S. Increasing demand for energy-efficiency equipment coupled with the growing real estate market is projected to fuel the market.

Which region held the largest share in the U.S. HVAC systems market?

b. West region dominated the market in 2023 by accounting for a revenue share of 24.4% of the market. The growing population is expected to drive the demand for commercial, industrial, and residential projects in the western region projected to drive the demand for HVAC systems over the forecast period.

What are the key factors driving the U.S. HVAC systems market?

b. Increasing demand for energy-efficiency equipment coupled with the growing real estate market is projected to fuel the market.

Who are the key companies/players in the U.S. HVAC systems market?

b. Some of the key players operating in the U.S. HVAC systems market include Carrier Corporation, Daikin Industries, Ltd., Emerson Electric Co., Johnson Controls International plc, Lennox International, Inc., Trane Technologies, Rheem Manufacturing Company, L.G. Electronics, Haier Group, Mitsubishi Electric U.S. Inc.

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Table of Contents

Chapter 1. U.S. HVAC Systems Market: Methodology and Scope
1.1. Market Segmentation & Scope
1.2. Market Definition
1.3. Information Procurement
1.3.1. Purchased Database
1.3.2. GVR’s Internal Database
1.3.3. Secondary Sources & Third-Party Perspectives
1.3.4. Primary Research
1.4. Information Analysis
1.4.1. Data Analysis Models
1.5. Market Formulation & Data Visualization
1.6. Data Validation & Publishing
Chapter 2. U.S. HVAC Systems Market: Executive Summary
2.1. Market Snapshot
2.2. Segment Snapshot
2.3. Competitive Landscape Snapshot
Chapter 3. U.S. HVAC Systems Market: Variables, Trends & Scope
3.1. Market Lineage Outlook
3.2. Concentration & Growth Prospect Mappin
3.3. Industry Value Chain Analysis
3.3.1. Raw Material Outlook
3.3.2. Manufacturing Outlook
3.3.3. End-user Outlook
3.4. Regulatory Framework
3.5. Technology Framework
3.6. Market Dynamics
3.6.1. Market Driver Analysis
3.6.2. Market Restraint Analysis
3.6.3. Market Challenge Analysis
3.6.4. Market Opportunity Analysis
3.7. Vendor Landscape
3.8. Economic Mega Trend Analysis
3.9. Industry Analysis Tools
3.9.1. Porter’s Five Forces Analysis
3.9.2. Macro-environmental Analysis
Chapter 4. U.S. HVAC Systems Market: Equipment Estimates & Trend Analysis
4.1. Equipment Movement Analysis & Market Share, 2023 & 2030
4.2. U.S. HVAC Systems Market Estimates & Forecast, By Equipment, 2018 to 2030 (USD Billion)
4.3. Heat Pump
4.3.1. Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
4.4. Furnace
4.4.1. Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
4.5. Unitary Heaters
4.5.1. Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
4.6. Boilers
4.6.1. Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
4.7. Air Purifier
4.7.1. Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
4.8. Dehumidifier
4.8.1. Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
4.9. Air Handling Units
4.9.1. Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
4.10. Ventilation Fans
4.10.1. Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
4.11. Air Conditioning
4.11.1. Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
4.12. Chillers
4.12.1. Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
4.13. Cooling Towers
4.13.1. Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
4.14. Others
4.14.1. Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
Chapter 5. U.S. HVAC Systems Market: End-use Estimates & Trend Analysis
5.1. End-use Movement Analysis & Market Share, 2023 & 2030
5.2. U.S. HVAC Systems Market Estimates & Forecast, By End-use, 2018 to 2030 (USD Billion)
5.3. Residential
5.3.1. Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
5.4. Commercial
5.4.1. Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
5.5. Industrial
5.5.1. Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
Chapter 6. U.S. HVAC Systems Market: Regional Estimates & Trend Analysis
6.1. Regional Movement Analysis & Market Share, 2023 & 2030
6.2. U.S. HVAC Systems Market Estimates & Forecast, By Regional, 2018 to 2030 (USD Billion)
6.3. Northeast
6.3.1. Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
6.3.2. Market Revenue Estimates and Forecasts, By Technology, 2018 - 2030 (USD Billion)
6.3.3. Market Revenue Estimates and Forecasts, By End-use, 2018 - 2030 (USD Billion)
6.4. Southeast
6.4.1. Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
6.4.2. Market Revenue Estimates and Forecasts, By Technology, 2018 - 2030 (USD Billion)
6.4.3. Market Revenue Estimates and Forecasts, By End-use, 2018 - 2030 (USD Billion)
6.5. Midwest
6.5.1. Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
6.5.2. Market Revenue Estimates and Forecasts, By Technology, 2018 - 2030 (USD Billion)
6.5.3. Market Revenue Estimates and Forecasts, By End-use, 2018 - 2030 (USD Billion)
6.6. Southwest
6.6.1. Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
6.6.2. Market Revenue Estimates and Forecasts, By Technology, 2018 - 2030 (USD Billion)
6.6.3. Market Revenue Estimates and Forecasts, By End-use, 2018 - 2030 (USD Billion)
6.7. West
6.7.1. Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
6.7.2. Market Revenue Estimates and Forecasts, By Technology, 2018 - 2030 (USD Billion)
6.7.3. Market Revenue Estimates and Forecasts, By End-use, 2018 - 2030 (USD Billion)
Chapter 7. U.S. HVAC Systems Market - Competitive Landscape
7.1. Recent Developments & Impact Analysis, By Key Market Participants
7.2. Company Categorization
7.3. Company Market Share Analysis, 2023
7.4. Company Market Positioning
7.5. Company Heat Map Analysis, 2023
7.6. Strategy Mapping
7.6.1. Expansion
7.6.2. Mergers & Acquisition
7.6.3. Partnerships & Collaborations
7.6.4. New Equipment Launches
7.6.5. Research And Development
7.7. Company Profiles
7.7.1. Carrier Corporation
7.7.1.1. Participant’s overview
7.7.1.2. Financial performance
7.7.1.3. Equipment benchmarking
7.7.1.4. Recent developments
7.7.2. Daikin Industries, Ltd.
7.7.2.1. Participant’s overview
7.7.2.2. Financial performance
7.7.2.3. Equipment benchmarking
7.7.2.4. Recent developments
7.7.3. Emerson Electric Co.
7.7.3.1. Participant’s overview
7.7.3.2. Financial performance
7.7.3.3. Equipment benchmarking
7.7.3.4. Recent developments
7.7.4. Haier Group
7.7.4.1. Participant’s overview
7.7.4.2. Financial performance
7.7.4.3. Equipment benchmarking
7.7.4.4. Recent developments
7.7.5. Johnson Controls International plc
7.7.5.1. Participant’s overview
7.7.5.2. Financial performance
7.7.5.3. Equipment benchmarking
7.7.5.4. Recent developments
7.7.6. L.G. Electronics
7.7.6.1. Participant’s overview
7.7.6.2. Financial performance
7.7.6.3. Equipment benchmarking
7.7.6.4. Recent developments
7.7.7. Lennox International, Inc.
7.7.7.1. Participant’s overview
7.7.7.2. Financial performance
7.7.7.3. Equipment benchmarking
7.7.7.4. Recent developments
7.7.8. Mitsubishi Electric U.S. Inc.
7.7.8.1. Participant’s overview
7.7.8.2. Financial performance
7.7.8.3. Equipment benchmarking
7.7.8.4. Recent developments
7.7.9. Rheem Manufacturing Company
7.7.9.1. Participant’s overview
7.7.9.2. Financial performance
7.7.9.3. Equipment benchmarking
7.7.9.4. Recent developments
7.7.10. Trane Technologies
7.7.10.1. Participant’s overview
7.7.10.2. Financial performance
7.7.10.3. Equipment benchmarking
7.7.10.4. Recent developments

List of Tables

Table 1 Types of heating systems commonly used
Table 2 Types of cooling systems commonly used
Table 3 Types of residential HVAC systems
Table 4 U.S. HVAC Systems market estimates and forecasts, by equipment, 2018 - 2030 (USD Billion)
Table 5 U.S. HVAC Systems market estimates and forecasts, by end-use, 2018 - 2030 (USD Billion)
Table 6 Types of commercial HVAC systems
Table 7 U.S. HVAC Systems market estimates and forecasts, by region, 2018 - 2030 (USD Billion)
Table 8 Northeast HVAC Systems market estimates and forecasts, 2018 - 2030 (USD Billion)
Table 9 Northeast HVAC Systems market estimates and forecasts, by equipment, 2018 - 2030 (USD Billion)
Table 10 Northeast HVAC Systems market estimates and forecasts, by end-use, 2018 - 2030 (USD Billion)
Table 11 Southeast HVAC Systems market estimates and forecasts, 2018 - 2030 (USD Billion)
Table 12 Southeast HVAC Systems market estimates and forecasts, by equipment, 2018 - 2030 (USD Billion)
Table 13 Southeast HVAC Systems market estimates and forecasts, by end-use, 2018 - 2030 (USD Billion)
Table 14 Midwest HVAC Systems market estimates and forecasts, 2018 - 2030 (USD Billion)
Table 15 Midwest HVAC Systems market estimates and forecasts, by equipment, 2018 - 2030 (USD Billion)
Table 16 Midwest HVAC Systems market estimates and forecasts, by end-use, 2018 - 2030 (USD Billion)
Table 17 Southwest HVAC Systems market estimates and forecasts, 2018 - 2030 (USD Billion)
Table 18 Southwest HVAC Systems market estimates and forecasts, by equipment, 2018 - 2030 (USD Billion)
Table 19 Southwest HVAC Systems market estimates and forecasts, by end-use, 2018 - 2030 (USD Billion)
Table 20 West HVAC Systems market estimates and forecasts, 2018 - 2030 (USD Billion)
Table 21 West HVAC Systems market estimates and forecasts, by equipment, 2018 - 2030 (USD Billion)
Table 22 West HVAC Systems market estimates and forecasts, by end-use, 2018 - 2030 (USD Billion)

List of Figures

Fig. 1 Market research process
Fig. 2 Data triangulation techniques
Fig. 3 Primary research pattern
Fig. 4 Market research approaches
Fig. 5 QFD modeling for market share assessment
Fig. 6 Information Procurement
Fig. 7 Market Formulation and Validation
Fig. 8 Data Validating & Publishing
Fig. 9 Market Segmentation & Scope
Fig. 10 U.S. HVAC Systems Market Snapshot
Fig. 11 Equipment Segment Snapshot
Fig. 12 End-use Segment Snapshot
Fig. 13 Competitive Landscape Snapshot
Fig. 14 Parent market outlook
Fig. 15 U.S. HVAC Systems Market Value, 2023 (USD Billion)
Fig. 16 U.S. HVAC Systems Market - Value Chain Analysis
Fig. 17 U.S. HVAC Systems Market - Market Dynamics
Fig. 18 U.S. HVAC Systems Market - PORTER’s Analysis
Fig. 19 U.S. HVAC Systems Market - PESTEL Analysis
Fig. 20 U.S. HVAC Systems Market Estimates & Forecasts, By Equipment: Key Takeaways
Fig. 21 U.S. HVAC Systems Market Share, By Equipment, 2023 & 2030
Fig. 22 Heat Pump Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
Fig. 23 Furnace Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
Fig. 24 Unitary Heaters Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
Fig. 25 Boilers Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
Fig. 26 Air Purifier Heaters Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
Fig. 27 Dehumidifier Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
Fig. 28 Air Handling Units Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
Fig. 29 Ventilation Fans Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
Fig. 30 Air Conditioning Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
Fig. 31 Chillers Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
Fig. 32 Cooling Towers Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
Fig. 33 Other Equipment Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
Fig. 34 U.S. HVAC Systems Market Estimates & Forecasts, By End-use: Key Takeaways
Fig. 35 U.S. HVAC Systems Market Share, By End-use, 2023 & 2030
Fig. 36 U.S. HVAC Systems Market Estimates & Forecasts, In Residential, 2018 - 2030 (USD Billion)
Fig. 37 U.S. HVAC Systems Market Estimates & Forecasts, In Commercial, 2018 - 2030 (USD Billion)
Fig. 38 U.S. HVAC Systems Market Estimates & Forecasts, In Industrial, 2018 - 2030 (USD Billion)
Fig. 39 U.S. HVAC Systems Market Revenue, By Region, 2023 & 2030 (USD Billion)
Fig. 40 U.S. HVAC Systems Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
Fig. 41 Northeast Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
Fig. 42 Southeast Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
Fig. 43 Midwest Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
Fig. 44 Southwest Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
Fig. 45 West Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
Fig. 46 Key Company Categorization
Fig. 47 Company Market Positioning
Fig. 48 Key Company Market Share Analysis, 2023
Fig. 49 Strategy Mapping

Market Segmentation

U.S. HVAC Systems Equipment Outlook (Revenue, USD Billion, 2018 - 2030)
- Heat Pump
- Furnace
- Unitary Heaters
- Boilers
- Air Purifier
- Dehumidifier
- Air Handling Units
- Ventilation Fans
- Air Conditioning
- Chillers
- Cooling Towers
- Others
U.S. HVAC Systems End-use Outlook (Revenue, USD Billion, 2018 - 2030)
- Residential
- Commercial
- Industrial
U.S. HVAC Systems Regional Outlook (Revenue, USD Billion, 2018 - 2030)
- Northeast
  - Northeast HVAC Systems Market, By Equipment
    - Heat Pump
    - Furnace
    - Unitary Heaters
    - Boilers
    - Air Purifier
    - Dehumidifier
    - Air Handling Units
    - Ventilation Fans
    - Air Conditioning
    - Chillers
    - Cooling Towers
    - Others
  - North America U.S. HVAC Systems Market, By End-use
    - Residential
    - Commercial
    - Industrial
- Southeast
  - Southeast HVAC Systems Market, By Equipment
    - Heat Pump
    - Furnace
    - Unitary Heaters
    - Boilers
    - Air Purifier
    - Dehumidifier
    - Air Handling Units
    - Ventilation Fans
    - Air Conditioning
    - Chillers
    - Cooling Towers
    - Others
  - Southeast U.S. HVAC Systems Market, By End-use
    - Residential
    - Commercial
    - Industrial
- Midwest
  - Midwest HVAC Systems Market, By Equipment
    - Heat Pump
    - Furnace
    - Unitary Heaters
    - Boilers
    - Air Purifier
    - Dehumidifier
    - Air Handling Units
    - Ventilation Fans
    - Air Conditioning
    - Chillers
    - Cooling Towers
    - Others
  - Midwest U.S. HVAC Systems Market, By End-use
    - Residential
    - Commercial
    - Industrial
- Southwest
  - Southwest HVAC Systems Market, By Equipment
    - Heat Pump
    - Furnace
    - Unitary Heaters
    - Boilers
    - Air Purifier
    - Dehumidifier
    - Air Handling Units
    - Ventilation Fans
    - Air Conditioning
    - Chillers
    - Cooling Towers
    - Others
  - Southwest U.S. HVAC Systems Market, By End-use
    - Residential
    - Commercial
    - Industrial
- West
  - West HVAC Systems Market, By Equipment
    - Heat Pump
    - Furnace
    - Unitary Heaters
    - Boilers
    - Air Purifier
    - Dehumidifier
    - Air Handling Units
    - Ventilation Fans
    - Air Conditioning
    - Chillers
    - Cooling Towers
    - Others
  - West U.S. HVAC Systems Market, By End-use
    - Residential
    - Commercial
    - Industrial

U.S. HVAC Systems Market Dynamics

Driver: Technological Advancements In HVAC

Rapid technological advancements in HVAC such as several HVAC organizations are focused on developing innovative products which develop products basis the convenience of the user to enhance the overall experience. Growing technological development and the need to enhance consumer experience are anticipated to boost market growth. Furthermore, some of the leading trends in the air conditioning market are stated here:

Smart Thermostats: Rapid proliferation of smart devices such as smartphones, tablets, and others led to an upsurge in connected products. On the contrary, thermostats have been a part of the HVAC industry for a long time. Such growing demand for smart devices is anticipated to boost market growth. Furthermore, the introduction of innovative products such as Amazon Echo and Google Home,enable users to connect the thermostats with their smartphones and control the temperature remotely. Such voice control featuresallow users to control the thermostats.

Integrated solutions for the commercial sector: Growing demand for commercial sector in the U.S. for varied applications such as warehouses, retail, healthcare, and others is boosting the demand for HVAC industry. High demand for integrated solutions such as temperature, humidity, airflow, and more remotely and from various devices coupled with several manufacturer are engaged in developing innovative products is predicted to drive market growth.

Dual-fuel heat pump: This technology combines the aspects of a full-sized gas furnace and an electric heat pump. The technology is expected to attract high demand from homeowners living in areas with low electricity rates and moderate weather conditions, where temperatures do not fall below freezing. During warm weather conditions around 35 degrees, the electric heat pump will warm the indoors, while during the sub-freezing temperature, the pump will switch to gas mode to more efficiently provide heat into the home. With the increasing focus on energy efficiency, such HVAC solutions are expected to drive the HVAC market in the U.S.

Driver: Increasing Refurbishment And Replacement Demand For HVAC Systems

Growing technological advancements in the HVAC industry such as integration of IoT, improved energy efficiency, hybrid technology, and others. lead to improved performance, reduced cost, and increased energy efficiency. The need to replace old HVAC system with new and advanced HVAC systems in order to deliver higher energy efficiency and performance is anticipated to boost market growth in the coming years.The utmost prominent factors for replacement of HVAC unit are the age of the system, building remodeling, poor air quality, and high cost of repair. Furthermore, remodeling of commercial, industrial or residential buildings can lead to a replacement of the HVAC unit due to the possibility of the interruption in the airflow of HVAC systems and increasing running costs. This need for remodeling HVAC system is anticipated to drive market growth.

Restraint: High Installation Cost And Maintenance

The high initial cost of the HVAC system is predicted to hamper market growth. The average life of HVAC systems is about 13 years with proper maintenance. This maintenance includes frequent cleaning to remove any sediment and dust settled on the filters to avoid damage, which can lead to the failure of the entire system. Thus, such initial high cost and maintenance cost is projected to hamper market growth.

What Does This Report Include?

This section will provide insights into the contents included in this U.S. HVAC systems market report and help gain clarity on the structure of the report to assist readers in navigating smoothly.

U.S. HVAC Systems market qualitative analysis

Industry overview
Industry trends
Market drivers and restraints
Market size
Growth prospects
Porter’s analysis
PESTEL analysis
Key market opportunities prioritized
Competitive landscape
- Company overview
- Financial performance
- Product benchmarking
- Latest strategic developments

U.S. HVAC Systems market quantitative analysis

Market size, estimates, and forecast from 2018 to 2030
Market estimates and forecast for product segments up to 2030
Regional market size and forecast for product segments up to 2030
Market estimates and forecast for application segments up to 2030
Regional market size and forecast for application segments up to 2030
Company financial performance

Research Methodology

A three-pronged approach was followed for deducing the U.S. HVAC systems market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for U.S. HVAC systems market to gather the most reliable and current information possible.

We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of U.S. HVAC systems market data depending on the type of information we’re trying to uncover in our research.

Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.
Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.
Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.
Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.
Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.
This step also entails the finalization of the report scope and data representation pattern.
Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

U.S. HVAC Systems Market Categorization:

The U.S. HVAC systems market was categorized into three segments, namely equipment (Heat Pump, Furnace, Unitary Heaters, Boilers, Air Purifier, Dehumidifier, Air Handling Units, Ventilation Fans, Air Conditioning, Chillers, Cooling Towers), end-use (Residential, Commercial, Industrial), and region (Northeast, Southeast, Midwest, Southwest, West).

Segment Market Methodology:

The U.S. HVAC systems market was segmented into equipment, end-use, and region. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

Demand estimation of each product across countries/regions summed up to from the total market.
Variable analysis for demand forecast.
Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.
Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

Used extensively for new product forecasting or analyzing penetration levels.
Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.
Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The U.S. HVAC systems market was analyzed at a regional level. This country was further divided into five regions, namely, Northeast, Southeast, Midwest, Southwest, and West.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

U.S. HVAC Systems market companies & financials:

The U.S. HVAC systems market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

Carrier Corporation - Carrier was founded in 1915 and it is an American multinational heating, ventilation, and air conditioning (HVAC), refrigeration, and fire and security equipment corporation based in Palm Beach Gardens, Florida.
Daikin Industries, Ltd. - Daikin Industries Ltd was founded in 1924 as Ōsaka Metalworking Industries LP. In 1963 the company was renamed Daikin Industries, Ltd. In 2006, Daikin Industries acquired McQuay International, a Minneapolis, MN-based global corporation that designs, manufactures and sells commercial, industrial and institutional heating, ventilation and air conditioning (HVAC) products.
Emerson Electric Co. - Emerson Electric Co. is an American multinational corporation headquartered in Ferguson, Missouri. The Fortune 500 company manufactures products and provides engineering services for industrial, commercial, and consumer markets. Emerson has approximately 86,700 employees and 170 manufacturing locations.
Haier Group Corporation - Haier Group Corporation is a Chinese multinational home appliances and consumer electronics company headquartered in Qingdao, Shandong. It designs, develops, manufactures and sells products including refrigerators, air conditioners, washing machines, dryers, microwave ovens, mobile phones, computers, and televisions.
Johnson Controls International plc - Johnson Controls International is an American, Irish-domiciled multinational conglomerate headquartered in Cork, Ireland, that produces fire, HVAC, and security equipment for buildings. As of mid-2019, it employed 105,000 people in around 2,000 locations across six continents.
L.G. Electronics - LG Corporation, formerly known as Lucky-Goldstar, is a South Korean multinational conglomerate founded by Koo In-hwoi and managed by successive generations of his family. It is the fourth-largest chaebol in South Korea. Its headquarters are in the LG Twin Towers building in Yeouido-dong, Seoul.
Lennox International, Inc. - Lennox International Inc. is a provider of climate control products for the heating, ventilation, air conditioning, and refrigeration markets. The company is based outside Dallas, Texas in the United States and has operations globally. The company was founded in 1895, in Marshalltown, Iowa, by Dave Lennox, the owner of a machine repair business for railroads. Inventors Ezra William Smith and Ernest Bryant brought their idea for a riveted steel coal-fired furnace to his machine shop to build parts for a prototype.
Mitsubishi Electric U.S. Inc. - Mitsubishi Electric is one of the world's leading names in the manufacture and sales of electrical and electric products and systems used in a broad range of fields and applications. As a global, leading green company, we're applying our technologies to contribute to society and daily life around the world.
Rheem Manufacturing Company - Rheem Manufacturing Company is an American privately held manufacturer that produces residential and commercial water heaters and boilers, as well as heating, ventilating and air conditioning equipment. The company also produces and sells products under the Ruud brand name. It is an independent subsidiary of Paloma Industries. What became Rheem started in 1925 as a supplier of packaging to the petroleum industry, and is currently headquartered in Atlanta, Georgia in the United States.
Trane Technologies - Trane Technologies is an American manufacturing company focused on heating, ventilation, and air conditioning (HVAC) and refrigeration systems. The company traces its corporate history back more than 150 years and was created after a series of mergers and spin-offs. In 2008, HVAC manufacturer Trane was acquired by Ingersoll Rand, a US industrial tools manufacturer. In 2020, the tools business was spun off as Ingersoll Rand and the remaining company was renamed Trane Technologies.

Value chain-based sizing & forecasting

Supply Side Estimates

Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.
Segment revenue determination via variable analysis and penetration modeling.
Competitive benchmarking to identify market leaders and their collective revenue shares.
Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

Identifying parent markets and ancillary markets
Segment penetration analysis to obtain pertinent
revenue/volume
Heuristic forecasting with the help of subject matter experts
Forecasting via variable analysis

U.S. HVAC Systems Market Report Objectives:

Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.
Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.
Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2023, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

U.S. HVAC Systems Market Report Assumptions:

The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.
The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.
We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.
All market estimates and forecasts have been validated through primary interviews with the key industry participants.
Inflation has not been accounted for to estimate and forecast the market.
Numbers may not add up due to rounding off.
Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).
Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).
Latin America includes Central American countries and the South American continent
Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.
Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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