The U.S. HVAC systems market size is anticipated to reach USD 23.78 billion by 2028, according to a new study by Grand View Research Inc. It is expected to expand at a 6.0% CAGR from 2021 to 2028. Changing climatic conditions is the primary factor driving HVAC (Heating, Ventilation, and Air Conditioning) equipment demand in the country. Additionally, the adoption of technologically advanced systems that offer smart connectivity and remote operation is expected to be a significant factor influencing the market growth.
Strict
government regulations aimed at reducing energy consumption and carbon
emissions from HVAC systems are anticipated to play an imperative
role in market growth. To help consumers make an informed decision, the U.S.
government has introduced the Energy Star Program that provides energy ratings
that indicate the efficiency performance, and savings for each product. Such
programs, coupled with active efforts taken by HVAC providers to provide
energy-efficient products, are expected to fuel the growth of energy-efficient
equipment over the forecast period.
The
market for HVAC systems in the U.S. is characterized by intense competition,
with several major players dominating the market. Companies adopt different
strategies to maintain their grip on the market. For instance, Carrier
Corporation, a popular name among consumers, completed its separation from
United Technologies Corporation (UTC) in April 2020. Operating independently
will help Carrier Corporation to improve its product offerings and geographical
presence, thus, improving its presence in the market.
Despite
all the above-mentioned benefits and efforts, high installation and maintenance
costs, coupled with the complexity of retrofitting HVAC installations, are
expected to pose a challenge to the market growth. However, companies are
offering discounted repair and maintenance services to attract customers and
promote HVAC sales across the country. Additionally, government regulations to
eliminate the usage of refrigerants such as R-22 or HCFC-22 in cooling systems
are expected to boost sales of newer systems in the next seven years.
For more info visit here: https://www.grandviewresearch.com/industry-analysis/us-hvac-systems-market
U.S. HVAC Systems
Market Report Highlights
- Cooling
systems held the largest revenue share of more than 55% in 2020. The large
revenue share is attributable to the fact that the U.S. is one of the
leading consumers of air conditioning systems in the world
- Owing to the
increasing office spaces, hospitals, hotels, and other commercial
constructions, the commercial segment is anticipated to record the fastest
growth of 6.6% from 2021 to 2028
- The large
population is the primary factor contributing to the large revenue share
and the high CAGR of the Western region
- Companies
operating in the market are investing heavily in research and development
to offer a technologically advanced product in an attempt to beat market
competition via product differentiation
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U.S. HVAC Systems
Market Segmentation
Grand View Research has
segmented the U.S. HVAC systems market based on product, end-use, and region:
U.S. HVAC System
Product Outlook (Revenue, USD Billion, 2017 - 2028)
- Heating
- Ventilation
- Cooling
U.S. HVAC System
End-use Outlook (Revenue, USD Billion, 2017 - 2028)
- Residential
- Commercial
- Industrial
U.S. HVAC System
Regional Outlook (Revenue, USD Billion, 2017 - 2028)
- Northeast
- Southeast
- Midwest
- Southwest
- West
List of Key
Players of U.S. HVAC (Heating, Ventilation, and Air Conditioning) Systems
Market
- Carrier Corporation
- Daikin Industries, Ltd.
- Emerson Electric Co.
- Johnson Controls International plc
- Lennox International, Inc.
- Trane Technologies
About Grand View Research
Grand
View Research, Inc. is a 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. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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