The U.S. HVAC systems market size is projected to account for USD 31.1 billion by 2025, as per a study by Million Insights. It is predicted to exhibit 9.7% CAGR from 2019 to 2025. Increasing demand for energy-efficient heat pumps and air conditioners is driving the growth of the market. The demand for energy-efficient systems is also driven by stringent government regulation aimed at reducing the carbon emission.
HVAC systems are designed in the integration of innovative technologies such as sensors and remote control. These systems are known to offer enhanced consumer experience. Moreover, key market players are offering IoT-enabled air conditioners which can be controlled and monitored remotely.
However, the high cost involved in the installation and maintenance of HVAC systems is estimated to impede market growth. The high cost would encourage customers to opt for low priced HVAC systems which are not energy efficient.
Residential application is likely to witness significant growth owing to the rise in the construction of new houses in the United States. Fueled by rising disposable income, the country is witnessing a significant rise in the construction of smart homes. The residential sector needs compact HVAC systems.
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Further key findings from the report suggest:
• Air conditioner systems were sold more than 15 million units in the United States in 2018.
• In 2018, the inverter AC systems held over 60% of the share in the market owing to the advantages such as energy-efficient.
• Emergence of the geothermal and dual-fuel heat pump is estimated to drive the heat pump segment growth.
• Key players operating in the U.S. HVAC system market are Haier Inc., Trane, Daikin Industries, LG Electronics and Carrier Corporation among others.
Million Insights has segmented the U.S. HVAC systems market based on product, technology, end use, and region:
U.S. HVAC Systems Product Type Outlook (Volume, Million Units; Revenue, USD Billion, 2015 - 2025)
• Air Conditioners
• Packaged Terminal AC (PTAC)
• Heat Pumps
• Packaged Terminal Heat Pumps (PTHP)
U.S. HVAC Systems Technology Outlook (Volume, Million Units; Revenue, USD Billion, 2015 - 2025)
• Air Conditioner
• Heat Pumps
U.S. HVAC Systems End-use Outlook (Volume, Million Units; Revenue, USD Billion, 2015 - 2025)
U.S. HVAC Control Systems Regional Outlook (Volume, Million Units; Revenue, USD Billion, 2015 - 2025)