U.S. HVAC Systems Market Growth & Trends
The U.S. HVAC systems market size is anticipated to reach USD 26.93 billion by 2030, registering a CAGR of 5.6% over the forecast period, according to a new study by Grand View Research, Inc. Diverse and changing climatic conditions across the U.S. remain the prime factor favoring the HVAC equipment demand. Furthermore, to this the U.S. is a large country in terms of a geographic area as such the weather changes from extreme cold to extreme hot throughout the year across states, cities, or coasts, making HVAC installation in residential spaces a mandate.
The need to control building temperature irrespective of the outdoor conditions helps the HVAC business thrive in the country. From the supply-side, stringent norms by regulatory bodies in the country to lower power consumption and carbon emission will play a key role in driving the market growth.
Consumers in recent times are becoming aware of severe threats associated with global warming and hence demand energy-efficient products that keep Greenhouse Gas (GHG) emissions at bay. To further help consumers make informed decisions, the U.S. government offers several tax credit programs that reward consumers who adopt products promoting high energy savings. For this purpose, the Energy Star Program came forth, which essentially aims at giving ratings based on product performance and energy savings. Cut-throat competition in the U.S. market is predominantly because of the strong presence of well-established HVAC vendors in the country.
With strategies to acquire and retain existing customers, several companies in the space are focused on offering cost-effective as well technologically advanced smart products. For instance, innovations in the field of HVAC control systems. Although HVAC is a lucrative market in the U.S., the costs of maintenance and installation have still held the market from reaching its full potential. However, companies are offering discounted repair & maintenance services to attract customers and promote HVAC sales across the country. In addition, government regulations to eliminate the usage of refrigerants, such as R-22 or HCFC-22, in cooling systems are expected to boost the sales of newer systems in the next seven years.
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U.S. HVAC Systems Market Segmentation
Grand View Research has segmented the U.S. HVAC systems market on the basis of product, end-use, and region:
U.S. HVAC Systems Product Outlook (Revenue, USD Billion, 2018 – 2030)
U.S. HVAC Systems End-use Outlook (Revenue, USD Billion, 2018 – 2030)
U.S. HVAC Systems Regional Outlook (Revenue, USD Billion, 2018 – 2030)
List of Key Players in U.S. HVAC Systems Market
- Carrier Corp.
- Daikin Industries, Ltd.
- Emerson Electric Co.
- Johnson Controls International plc
- Lennox International, Inc.
- Trane Technologies
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Grand View Research is an India & U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. Grand View Research database is used by the world's renowned academic institutions and Fortune 500 companies to understand the global and regional business environment. Our database features thousands of statistics and in-depth analysis on 46 industries in 25 major countries worldwide.
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