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The market for HVAC systems in the US was estimated to be worth USD 17.18 billion in 2022, and from 2023 to 2030, it is anticipated to increase at a CAGR of 7.5%. Over the projection period, global warming and the resulting harsh climatic conditions will contribute to an increase in market demand. Over the coming years, demand for HVAC systems in the US will also be maintained by the increasing real estate sector and the desire for energy-efficient equipment. Due to the pandemic's beginning, 2020 was a precarious year with negative effects on various industries throughout the first two quarters.
The American government also provides incentives to encourage energy efficiency or the use of renewable resources. The U.S. government's rules put in place to monitor HVAC system performance in response to growing worries about global warming will be a key factor in increasing demand. Standardising production procedures on the supply side of the market has greatly assisted in lowering environmental risks and carbon emissions, in addition to efficiency standards on the demand side. For instance, tax credits are provided for energy-efficient items, ranging from 20 to 30 percent of the installation cost.
As a result, the HVAC sector also saw a slight setback due to weak sales; nevertheless, the latter two quarters of 2020 saw above-average sales growth. Therefore, without the greatly predicted large sales decline, market growth in 2020 was equal to that of 2017. Customers in the United States have access to advantageous tax credits and rebates, which makes HVAC systems a profitable export for the nation. The inhabitants also gain financially from a number of other factors related to the purchase and installation of environmentally friendly technologies that are energy efficient.
Another recent example is the COOLAdvantage Programme of the state of New Jersey, which attempts to provide tax credits and rebates on using or building central heat pumps or Air Conditioners (ACs) that conserve energy. Long-term product demand growth will be supported by all these financial initiatives and supportive governmental policies. In terms of volume sales, the U.S. AC systems market is the largest after China. According to a survey released by the U.S. Department of Energy (DOE), there are air conditioners installed in over 70% of American homes. As a result, OEMs have a market opportunity of between 20 and 30 percent in terms of both new unit sales and impending replacement demand from ageing goods.
According to statistics, 2-3 million heating and cooling systems are changed annually in the United States, indicating potential for positive growth. In addition to the demand for new and replacement items, maintenance and repair work will increase. Another possible source of income for current OEMs is routine cleaning to prevent damage or system failure. Similar to this, the replacement of parts and components that have a shorter lifespan, such motors, coolants, and filters, would help OEMs survive in the otherwise cutthroat sector. According to research, more than USD 10 billion is spent annually on HVAC repair and maintenance services. Although doing so can open up new opportunities for growth for OEMs by broadening their service portfolio alongside their product line, it might also make it more difficult to sell products.
Report Coverage
Global HVAC Systems research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global HVAC Systems report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and HVAC Systems competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key HVAC Systems market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global HVAC Systems market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, HVAC Systems market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Carrier Corporation; Daikin Industries, Ltd.; Emerson Electric Co.; Johnson Controls International plc; Lennox International, Inc.; Trane Technologies
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global HVAC Systems market based on the below-mentioned segments:
Global HVAC Systems Market, By Product
Heating
Ventilation
Cooling
Global HVAC Systems market, By End-use
Residential
Commercial
Industrial
Global HVAC Systems market, Regional Analysis
The American government also provides incentives to encourage energy efficiency or the use of renewable resources. The U.S. government's rules put in place to monitor HVAC system performance in response to growing worries about global warming will be a key factor in increasing demand. Standardising production procedures on the supply side of the market has greatly assisted in lowering environmental risks and carbon emissions, in addition to efficiency standards on the demand side. For instance, tax credits are provided for energy-efficient items, ranging from 20 to 30 percent of the installation cost.
As a result, the HVAC sector also saw a slight setback due to weak sales; nevertheless, the latter two quarters of 2020 saw above-average sales growth. Therefore, without the greatly predicted large sales decline, market growth in 2020 was equal to that of 2017. Customers in the United States have access to advantageous tax credits and rebates, which makes HVAC systems a profitable export for the nation. The inhabitants also gain financially from a number of other factors related to the purchase and installation of environmentally friendly technologies that are energy efficient.
Another recent example is the COOLAdvantage Programme of the state of New Jersey, which attempts to provide tax credits and rebates on using or building central heat pumps or Air Conditioners (ACs) that conserve energy. Long-term product demand growth will be supported by all these financial initiatives and supportive governmental policies. In terms of volume sales, the U.S. AC systems market is the largest after China. According to a survey released by the U.S. Department of Energy (DOE), there are air conditioners installed in over 70% of American homes. As a result, OEMs have a market opportunity of between 20 and 30 percent in terms of both new unit sales and impending replacement demand from ageing goods.
According to statistics, 2-3 million heating and cooling systems are changed annually in the United States, indicating potential for positive growth. In addition to the demand for new and replacement items, maintenance and repair work will increase. Another possible source of income for current OEMs is routine cleaning to prevent damage or system failure. Similar to this, the replacement of parts and components that have a shorter lifespan, such motors, coolants, and filters, would help OEMs survive in the otherwise cutthroat sector. According to research, more than USD 10 billion is spent annually on HVAC repair and maintenance services. Although doing so can open up new opportunities for growth for OEMs by broadening their service portfolio alongside their product line, it might also make it more difficult to sell products.
Report Coverage
Global HVAC Systems research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global HVAC Systems report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and HVAC Systems competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key HVAC Systems market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2020 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2019 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Carrier Corporation; Daikin Industries, Ltd.; Emerson Electric Co.; Johnson Controls International plc; Lennox International, Inc.; Trane Technologies |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of HVAC Systems Market from 2021 to 2030.
- Market Forecast for HVAC Systems Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, HVAC Systems competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on HVAC Systems
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global HVAC Systems market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, HVAC Systems market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Carrier Corporation; Daikin Industries, Ltd.; Emerson Electric Co.; Johnson Controls International plc; Lennox International, Inc.; Trane Technologies
Primary Target Market
- Market Players of HVAC Systems
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global HVAC Systems market based on the below-mentioned segments:
Global HVAC Systems Market, By Product
Heating
Ventilation
Cooling
Global HVAC Systems market, By End-use
Residential
Commercial
Industrial
Global HVAC Systems market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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