U.S. HVAC Systems Market Growth & Trends
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.
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U.S. HVAC Systems Market Report
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
