United States HVAC Market to Surpass USD 19.5 Billion by 2028
Published | 19 April 2022
United States HVAC market is growing at a high CAGR because of the customers' changing lifestyles, increasing disposable money as well as expanding construction of residential, commercial, and industrial buildings due to increased private and governmental investment in infrastructure development, resulting in demand for energy-efficient technologies…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the United States HVAC market was worth USD 12.7 billion in the year 2021. It is estimated to grow at a CAGR of 6.40%, earning revenue of around USD 19.5 billion by the end of 2028. The United States HVAC Market is growing at a rapid pace because of the customers' changing lifestyles and increasing disposable money. Additionally, expanding construction of residential, commercial, and industrial buildings as a result of increased private and governmental investment in infrastructure development, as well as rising demand for energy-efficient technologies, is moving the market in this area forward. The increased incorporation of modern technologies like IoT and AI, as well as the regular launch of new products by HVAC businesses, are expected to present new growth possibilities for the United States HVAC market during the forecast period.
Rising Investment in Infrastructural Development is Driving United States HVAC Market
The United States as a developed country significantly invests in infrastructural development to boost its economy. In the projected period, an increase in the number of residential and commercial facilities, including hotels, shopping malls, offices, and so on, is expected to enhance the demand for HVAC systems. In addition, a high concentration of numerous global manufacturing businesses that are establishing and expanding their production facilities is anticipated to drive market growth during the forecast period.
The HVAC market in the United States has exploded in recent years and is estimated to grow in the forecast period as well. Several global and regional market participants are releasing new products and many new brands are joining this market to capitalize on these prospects. They are also establishing partnerships with the distributors to boost their product penetration. For instance, Lennox Industries recently announced its partnership with HVAC dealers across the US and Canada to install 130 HVAC units in 37 US states and 5 Canadian provinces.
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The United States HVAC market end-user is segmented into residential, commercial, and industrial. And the residential segment accounts for the largest market share due to the high disposable income and purchasing power of the consumers in this region. Consequently, there is a surge in the demand for HVAC products and systems in homes. Now, because of the increasing development of commercial facilities like offices, retail malls, hotels, and other commercial facilities in the country, the commercial category is also expected to increase at the fastest rate throughout the forecast period.
The sudden COVID-19 epidemic had a negative influence on the HVAC market in the United States. As the government ordered a countrywide lockdown to stop the virus from spreading, that limited the manufacture and supply of non-essential things like HVAC equipment., The building of residential, commercial, and industrial structures has been stalled due to the strict rules and a lack of investment. Consumers' purchasing power has also been impacted due to the economic crises. These concerns have combined to cause a major reduction in HVAC system demand in the United States, affecting the total market growth.
The leading market players of the United States HVAC market are EMCOR Services, National HVAC Services, Southland Industrial Energy, ACCO Engineered Systems, United Mechanical, Carrier Corporation, Daikin Industries, Ltd., Trane Technologies, and other prominent players.
The United States HVAC market is slightly consolidated with the presence of a handful of players. The company offers a wide range of components and services regarding HVAC to boost its revenue. They also constantly launch new products with advanced features to boost their sales. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, collaborations, etc., is also prominent in this market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the United States HVAC market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the United States HVAC market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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